$55 Million GST Fraud: Accused Person Convicted in Missing Trader Scheme

• Tan Nuan Seng Francis convicted in $55 million GST Missing Trader Fraud case
• Tan sentenced to four years and two months in prison for fraudulent trading, forgery, and criminal breach of trust
• Yeo Soon Teck Kelvin previously sentenced to five years in prison for fraudulent trading and forgery
• Sia Hock Chuan fined $5,000 and disqualified as director for involvement in the fraud
• Perpetrators used false transactions to make fraudulent GST refund claims
• Tan and Yeo operated shell companies to commit the fraud
• $55 million in fictitious sales invoices were forged
• Approximately $7.53 million in fraudulent GST refund claims were submitted
• IRAS paid out about $2.04 million in fraudulent GST refunds
• Police and IRAS take a serious stance against GST Missing Trader Fraud

Source: iras.gov.sg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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