A 33-year-old Singaporean man, Ge Zhi, has been arrested in Singapore under the Extradition Act following a request from the United States in June regarding allegations of leading an international insider trading and money laundering scheme. Ge was apprehended on July 3 and appeared in the State Courts the next day, where he was ordered to be detained pending extradition.

The U.S. authorities are set to file extradition papers for Ge to be taken to a district court in Massachusetts. Ge and his alleged co-conspirators are accused of profiting illegally by obtaining non-public information about at least ten companies traded on U.S. stock exchanges. This information allegedly included details about the firms’ financial performance and merger activities, which they obtained from insiders.

Reports indicate that Ge was involved in recruiting others to trade based on this confidential information, guiding them on trading strategies and timing for cashing out. The U.S. investigators also allege that the illegal profits were laundered through various methods, including cash transactions and international wire transfers, to obscure the origins of the funds and the identities of those involved.

One instance cited involves Ge directing a co-conspirator to transfer S$300,000 in illicit proceeds to a bank account in Hong Kong, disguising the transaction as payment to an antique watch dealer.

The Singapore Police Force confirmed that a warrant for Ge’s arrest was issued on June 28, 2024, for offenses related to those committed in the U.S. Ge’s legal representation declined to comment on the ongoing case, which is currently before the courts.

During a court hearing on July 4, State Counsel Anupriya A Daniel requested a seven-day remand for Ge to await the extradition request. While the U.S. has an extradition treaty with Singapore, Ge has expressed his intention not to consent to extradition, maintaining this position in subsequent court appearances.

Ge is scheduled to return to court on July 16, where further developments regarding the extradition process are expected.