Indian National Charged in Singapore for Operating $38 Million Unlicensed Remittance Network

Raju Krishnamoorthi faces charges for an unlicensed $38M money transfer business in Singapore. Cash and ATM cards seized in Little India raid.

By: AXL Media

Published: Apr 24, 2026, 8:00 AM EDT

Source: Information for this report was sourced from The Straits Times

Massive Underground Financial Network Dismantled in Little India

Singapore authorities have charged Raju Krishnamoorthi, an Indian national, for allegedly orchestrating a sophisticated unlicensed money transfer operation that handled tens of millions of dollars over a 13-month period. According to court documents, the 45-year-old was handed four charges on April 24, including two counts of operating an unlicensed cross-border money transfer business. The scale of the operation became clear after a police raid in the Norris Road area of Little India, which uncovered evidence of a network that purportedly bypassed official financial regulatory frameworks to move vast sums of capital out of the country.

Multi-Million Dollar Transactions Targeted for Indian Recipients

Between March 2024 and February 2025, Krishnamoorthi allegedly accepted more than $10 million in Singapore dollars specifically for transmission to individuals located in India. The investigation further suggests that the scale of the operation surged in early 2025, with court records alleging a second conspiracy involving a person identified only as “Syed.” This subsequent phase of the business is linked to an additional $28 million in unauthorized transfers processed between late February and early April, bringing the total estimated value of the illicit activity to approximately $38 million.

Work Pass Fraud Alleged to Facilitate Illegal Stay

In addition to financial crimes, Krishnamoorthi is accused of circumventing Singapore’s labor laws to maintain his presence in the country while operating his business. Prosecutors allege that he conspired with a company director, Manickam Suresh Kumar, to provide false information on a work pass application in July 2024. According to the charge sheet, Krishnamoorthi claimed he would be employed as a coordinator for Sky-V Engineering & Construction, a declaration authorities assert was a lie intended to secure legal residency while he functioned as a self-employed foreigner without a valid permit.