Singapore police are investigating an Indonesian businessman over the alleged use of 34 counterfeit S$10,000 notes, worth S$340,000, at the Resorts World Sentosa casino during three visits in June. The notes were allegedly accepted and exchanged for casino chips before being identified as suspect.
The Singapore Police Force confirmed that a report had been lodged and that investigations were ongoing. The Straits Times said the man, identified only as Steven, had surrendered his passport and mobile phone and was told he would need to remain in Singapore for three to six months while the inquiry continued.
Steven was questioned at the Police Cantonment Complex over suspected failure to declare a large cash sum, circulating counterfeit currency and using counterfeit currency. Singapore’s Immigration and Checkpoints Authority says travellers entering or leaving the country with more than S$20,000 in physical currency and bearer negotiable instruments must submit a full and accurate declaration to police. Failure to do so is an offence under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.
His lawyer, Yosia Ginting, said Steven had been defrauded and did not know that the notes were counterfeit. Steven said he received the cash as payment connected to the sale of a shophouse in South Tangerang, near Jakarta. According to his account, a man called Anthony first gave him one note on June 8 and later handed him 33 more, claiming the money was an inheritance.
Steven said a money changer declined the first note because of its size, while a bank required him to open an account before changing it into smaller denominations. At Resorts World Sentosa, he was introduced to a VIP host and the note was allegedly verified and exchanged for chips. He later deposited 27 notes into a casino account, while six remained in Indonesia and were used toward a house purchase before difficulties emerged in changing them.
On June 26, Steven returned to Singapore with his family and the house seller’s daughter. After he took part in a baccarat tournament, casino security and police stopped him, according to his lawyer. He was told that serial numbers on some of six notes matched notes exchanged on two earlier trips.
Indonesian and Singaporean police held an online meeting on Sept. 14 that included the Singapore Police Force attaché in Jakarta. South Tangerang police chief Superintendent Boy Jumalolo said Indonesian investigators had sought a letter from Singapore confirming that the seized 1973 S$10,000 notes were counterfeit. They had received only a seizure receipt describing them as “believed to be non genuine”, while investigators continued summoning witnesses.
Singapore first issued the S$10,000 note in 1973 and discontinued it in 2014. The Monetary Authority of Singapore said in 2020 that ending issuance of the S$10,000 and S$1,000 denominations was intended to reduce money-laundering and terrorism-financing risks associated with high-value notes. Singapore stopped issuing the S$1,000 note in 2021.
Those convicted of using forged or counterfeit banknotes in Singapore can face up to 20 years in jail. In February, an Indonesian man was sentenced to seven months in prison after trying to deposit a counterfeit S$10,000 note into his uncle’s bank account.
