Singapore: A 36-year-old Indian man has been jailed in Singapore for 10 months for operating an unlicensed remittance business in which he transferred 502.5 million dollars.
Jalaludeen Gulam Hussain operated out of Singapore's Little India precinct from January 2010 to July 2015 without license from the Monetary Authority of Singapore, the de-facto central bank.
He gained 5,22,750 dollars, one of the largest profits made by such an offender.
In 2012, Hussain had fallen victim to a 1.3-million dollars gang robbery in the precinct along with two other compatriots by a gang of five that also included two Indians, The Straits Times reported today.
He collected money from Indian nationals who came from the same area or village and remitted them in India. He also remitted money from India to Singapore.
His average monthly profit was 8,250 dollars.
The maximum penalty for the offence is a fine of 1,00,000 dollars and two years' jail.
Jalaludeen Gulam Hussain operated out of Singapore's Little India precinct from January 2010 to July 2015 without license from the Monetary Authority of Singapore, the de-facto central bank.
He gained 5,22,750 dollars, one of the largest profits made by such an offender.
In 2012, Hussain had fallen victim to a 1.3-million dollars gang robbery in the precinct along with two other compatriots by a gang of five that also included two Indians, The Straits Times reported today.
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He collected money from Indian nationals who came from the same area or village and remitted them in India. He also remitted money from India to Singapore.
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His average monthly profit was 8,250 dollars.
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The maximum penalty for the offence is a fine of 1,00,000 dollars and two years' jail.
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