Singapore porridge shop owner accused of buying Lamborghini with proceeds from $2.9M tax evasion
Buntono, 49, who uses only one name, was also charged last Friday with dealing in the benefits of his alleged criminal conduct, according to a statement by the Singapore Police Force.
The assets allegedly involved in the money laundering case include more than SGD2.4 million in cash, a landed home on Brockhampton Drive in Serangoon Gardens, and a Lamborghini Aventador.
The exterior of Eminent Frog Porridge, and a dish served at the eatery, in Geylang, Singapore. Photos via Google Maps/Doraemon, Ammie Chan |
A total of 30 charges were brought against Buntono, including three counts of money laundering and 27 tax-related offences.
Buntono allegedly understated his business income for the assessment years from 2016 to 2024, resulting in nearly SGD2 million in unpaid income tax.
He is also accused of fraudulently concealing that his businesses were required to register for Goods & Services Tax (GST), leading to approximately SGD1.8 million in underpaid GST.
In a joint statement, the Inland Revenue Authority of Singapore and the Singapore Police Force said the two agencies had launched a joint investigation into the case.
Failure to register for GST is an offence and businesses may face penalties of 10% of GST and fines of up to SGD10,000, the agencies said.
Each money laundering charge carries a maximum penalty of 10 years’ imprisonment, a fine of up to SGD500,000, or both. Buntono is scheduled to return to court in August.
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