Man allegedly behind global insider trading scheme arrested in S’pore; US says he pocketed millions

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Singapore News

US,Insider Trading,Extradition

NEW DELHI (Reuters) - Being on the wrong side of 30 in the brutally demanding sport of badminton, HS Prannoy prefers his matches to be short and sweet.

SINGAPORE: A Singaporean man accused of being the leader of an international insider trading and money laundering scheme has been arrested here, following a request in June from the US.

Ge and his alleged co-conspirators are accused by the US authorities of pocketing tens of millions of dollars in illegal profits on the back of a securities fraud scheme. Ge is said to have recruited others to trade in the stocks, purportedly directing them on how to trade on the information and when to withdraw their proceeds.

A Singapore Police Force spokesperson declined to provide specifics when contacted by ST, but said a warrant of arrest was issued for a 33-year-old Singaporean man on June 28, 2024, for offences allegedly committed in the US.Ge’s lawyer, Favian Kang from Adelphi Law Chambers, also declined to comment on the matter.In court on July 4, State Counsel Anupriya A. Daniel applied for Ge to be remanded for seven days, pending an extradition request from the US.

 

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