
Behind Bars: Second-in-Command of Illicit Cross-Border Crypto Operation Sentenced
2025-06-27
Author: John Tan
Shocking Crime Unveiled in Singapore's Cryptocurrency Scene
SINGAPORE – A clandestine operation based in Geylang has been exposed, where a team engaged in illegal buy-sell transactions of foreign currency and cryptocurrency. The scheme, running between February 1 and 23, 2023, involved a staggering $35 million over at least 430 transfers.
Mastermind Flees as Authorities Strike
The operation came crashing down after a police raid on February 23, 2023. While the mastermind, 44-year-old Low Han Chuan, managed to escape the country, his right-hand man, Javiour Chia Kit Hou, 34, faced the music and was sentenced to 10 months in jail.
Unauthorized Money Lending: A Recipe for Disaster
Chia, who pleaded guilty to aiding in the unlicensed payment service, was pivotal in daily operations. Low had negotiated with a local money exchange company, Sir Money Changer, allowing him to operate under its name while independently conducting illegal money transfer services. However, without a license from the Monetary Authority of Singapore (MAS), this enterprise was a ticking time bomb.
How They Operated: A Web of Deceit
From September 2021 to February 2023, Chia and his crew bought and sold significant amounts of foreign currency and the unstable USDT cryptocurrency. Chia led the operations and engaged customers through WhatsApp and Telegram, completely disregarding necessary regulatory requirements such as know-your-customer checks.
The Chain Reaction: How a Scam Exposed Their Operations
The downfall commenced when a 58-year-old woman reported a police impersonation scam where she lost $200,000. Investigations linked Chia to the crime, revealing that he had interacted with a suspect who withdrew $90,000 from the scam. This connection led authorities to uncover the illicit operation.
Impending Justice: The Court's Verdict
Chia's lawyers argued for a lighter sentence, emphasizing that he merely executed Low's commands. Yet the prosecution insisted on a harsher penalty given the sophistication of the operation and Chia's knowledge of the legal requirements. The court ultimately settled on a 10-month jail sentence for Chia, leaving substantial questions about his accomplices and their next moves.
The Trail Continues: Low on the Run
As the investigation unfolds, the mastermind remains at large, with his future uncertain. Authorities continue to probe the entire network, determined to dismantle the operation's remnants. What will become of the others involved? Stay tuned as this story develops.