SINGAPORE: A Singaporean man wanted in the United States for being the alleged leader of a global insider trading scheme and money laundering has been denied bail again by a Singapore court.
Ge Zhi, 34, was arrested in July 2024 by officers from the Commercial Affairs Department of the Singapore Police Force, as part of a request made by the US for securities-related offences.
The US government issued a formal extradition request for him in August 2024, and he was indicted on and had an outstanding warrant of arrest for six charges, including conspiracy to commit securities fraud and conspiracy to commit money laundering.
The US government alleged that Ge was the leader of an international syndicate between November 2016 and February 2024, engaging in an insider trading scheme and money laundering to conceal proceeds from securities fraud.
Ge, whose wife is a Singapore permanent resident and they have two daughters, describes himself as a “trader by profession” and “entrepreneur”. He contested the extradition, maintaining his innocence of the allegations.
He applied to the State Courts on Nov 6, 2024 to be released on bail, saying he was sick or infirm.
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