SINGAPORE, Nov 23 — The son of a former Singapore National Kidney Foundation (NKF) chief executive is a wanted man in the United States, accused of being a key player in a sophisticated international insider trading network that allegedly raked in tens of millions of dollars in illegal profits.
Dev Ananth Durai, 39, is one of eight suspects charged by US prosecutors in Boston for their roles in the criminal ring, reported The Straits Times.
An arrest warrant has been issued for him, while a second Singaporean, Ge Zhi, 34, has already been arrested and is being held under the Extradition Act.
According to prosecutors, the group, led by French national Samy Khouadja, operated a global network that recruited corporate insiders and investment bankers to leak confidential information about publicly traded companies between 2016 and 2024.
Key members held meetings in cities from Paris to Singapore, using burner phones and code words to conceal their activities.
The illicit profits were then laundered through cash payments, shell companies, and international transactions, including through a firm set up in Singapore by Ge.
The Singaporean connection
Dev allegedly joined the network in 2018, acting as a key node for moving funds and executing trades on behalf of other members.
In one text message, he allegedly told an associate he had made US$250,000 (RM1.1 million) in a single trade and had agreed to split the profits in exchange for the insider tips.
He is also accused of helping to wire over US$100,000 in illicit proceeds from Europe to Singapore and Hong Kong.
Text messages cited by prosecutors allegedly show Dev was aware his actions were illegal.
When one of his wire transfers was rejected by a bank due to money laundering concerns, he and another suspect allegedly created a “sham loan agreement” to disguise the transaction as a loan repayment.
He later allegedly warned an associate to stop using major banks and to open an online brokerage account instead.
“Cannot use UBS anymore. Banks are required to declare suspicious trading activity. This is a serious matter,” he allegedly wrote.
A former university classmate described Dev as a “nice and pleasant guy” who excelled academically but always seemed to have a “chip on his shoulder” due to the intense media scrutiny surrounding his father’s NKF scandal in 2005.
“He is obviously a smart guy… if he had taken the legitimate route, I am certain he would have done well,” the former acquaintance said.
Dev remains at large. US authorities have extradited one suspect from Zurich, while several others, including the alleged ringleader, are also still at large.