Two Singapore men fined over $1 million each

Two men in Singapore have been fined over $1 million each for avoiding taxes on over 15,800 bottles of alcohol. Jake Lam, 59, and Teo Ee Meng, 50, were found guilty of hiding liquor that was supposed to be exported. Instead of paying taxes on it, they sold the alcohol locally. The plan involved storing liquor in a warehouse in Jurong. Lam, who directed a local alcohol retailer, told Teo to swap the stolen liquor with beer before labeling the containers for export. This allowed them to evade about $250,000 in duties. Authorities discovered the scheme during a routine check of two shipping containers from TWI, the company involved. Inspections showed that the contents did not match what was declared. Customs officers later found some of the missing liquor in the warehouse and the retail shop. On March 19, both men pleaded guilty to charges of fraudulent duty evasion. Lam was fined $1,350,000, while Teo faced a $1,050,000 fine. They qualified for additional charges, including nine counts of evasion of duties and 12 counts related to Goods and Services Tax. This case highlights the severe penalties for such fraudulent acts, which can lead to fines of up to 20 times the evaded amount and up to two years in prison. Lam has already paid the owed duties and taxes.