Two directors of Capital Asia Investments arrested over suspected money laundering offences
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MAS has been reviewing Capital Asia Investments and its activities after receiving information about possible unlawful activities by the company.
PHOTO: THE BUSINESS TIMES
SINGAPORE – Two directors of a fund management company have been arrested over suspected money laundering offences and suspected failure to comply with financial services requirements.
The company, Capital Asia Investments, also had more than $160 million of assets in bank and securities accounts seized.
This follows joint enforcement operations against the company conducted by the police and the Monetary Authority of Singapore (MAS) on March 5, the authorities said in a joint statement on March 9.
MAS has been reviewing Capital Asia Investments and its activities after receiving information about possible unlawful activities by the company, the statement said.
MAS also found serious control failings in the company’s compliance with the regulator’s anti-money laundering requirements, which are mandatory for a capital markets services licence holder under the Financial Services and Markets Act.
Separately, the police received financial intelligence from the Suspicious Transaction Reporting Office regarding the alleged involvement of Capital Asia Investments and its related entities in a transnational money laundering network.
The police then commenced investigations, which are ongoing, and engaged foreign counterparts for information and assistance as the proceeds of crime were allegedly derived from overseas organised crime activities, including scams.
The company was in the spotlight in September 2025 for flipping shares of Thai blue-chip counters and other listed firms through a series of complex deals, The Business Times reported.
Those convicted of money laundering can be jailed for up to 10 years, fined up to $500,000, or both.
Those found guilty of offences under the Financial Services and Markets Act can be fined up to $1 million, with further fines for continuing offences, if applicable.
