Woman opens bank accounts that received S$711M, admits she has no clue where the money came from

SINGAPORE: On March 5, Zin Nwe Nyunt, a 58-year-old Singapore citizen, admitted in court that she was unaware of the origins of hundreds of millions of dollars transferred into her company’s bank accounts.

The case revolves around the unlicensed operation of a payment service, with Nyunt working alongside her husband’s childhood friend, Nyan Win, to conduct transactions without the required authorisation from Singapore’s regulatory authorities.

According to the latest Straits Times report, Nyunt has pleaded guilty to two counts of collaborating with Win, a Singapore permanent resident, to run the illicit operation in the name of her firm, Unione, and will face sentencing on April 1.

Massive financial transactions raise red flags

Unione, a wholesale trading company, saw its three corporate bank accounts receive an astonishing US$531 million (S$711 million) in 2020 and 2021, with over $170,000 in “commissions” paid to Nyunt for her role in the operation. Win received more than $110,000 in commissions. The illegal activity was exposed when an Australian investor, victimised by a scam, traced the funds to Singapore, leading to investigations by local authorities.

The operation began in 2019 when Ko Phillip, a Myanmar national running a commodities trading business, approached Win with a proposal. He wanted to use a Singapore-based company to handle substantial sums of money. Win, unable to use his own company’s accounts, turned to Nyunt for assistance. Unione was incorporated, and three corporate accounts were opened in different banks, though Nyunt and Win failed to question the source of the funds that flowed through them.

Despite the growing sums, which included millions in mysterious transactions, Nyunt and Win neither investigated nor reported the suspicious nature of the transfers. In fact, when one of the accounts was closed by a bank due to high-risk activity, Nyunt followed Win’s instructions and opened new accounts to continue the operation. Both defendants will face their respective sentencing hearings in the coming months.