The gold was sold by the precious metals dealer Singapore Precious Metals Exchange (SGPMX), which stores the bullions at Le Freeport, a secured logistics hub in Changi North Crescent.
SGPMX is a privately run trading and storage company headquar tered in Singapore. It allows its clients to trade in actual gold in an online global exchange, much like how shares are traded on the stock exchange. Clients can physically check on their gold at the facility at any time.
Russian national Feliks Medvedev, 42, was charged in the United States on April 11, 2023, with one count of operating an unlicensed money transmitting business and 39 counts of money laundering.
On Feb 22, he pleaded guilty to the charges. He admitted to running an unlicensed money transmitting business in the US, and moving over US$150 million of illicit funds in more than 1,300 transactions, Of this, more than US$65 million was used to buy the gold from SGPMX.
SGPMX told The Sunday Times that due to privacy laws, it could not provide details on the matter.
"SGPMX adheres to the highest standards of checks and due diligence and is bound to strict confidentiality clauses as dictated by local regulations and Personal Data Protection Act laws," a spokesman added. ST understands the Singapore Police Force are aware of the case.
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