Indonesian businessman questioned over S$340k in counterfeit notes at Singapore casino

An Indonesian businessman identified as Steven is cooperating with Singapore authorities in an investigation centered on 34 counterfeit S$10,000 notes that were allegedly exchanged for casino chips at Resorts World Sentosa over three separate visits in June. The notes, which date from 1973 and were discontinued by Singapore's central bank in 2014, were accepted and converted to chips before casino staff detected they were fake.

According to Steven's lawyer, Yosia Ginting, his client received the Singapore currency as payment for a shophouse he was selling in South Tangerang, a town outside Jakarta. The notes came from a man named Anthony, who was introduced through one of Steven's friends called Rangga. At a June 8 meeting at a Jakarta café, Anthony handed Steven a single S$10,000 note, claiming he wanted to exchange it because it was old. Rangga assured Steven the note had been verified as genuine at an OCBC branch in Indonesia. When Steven traveled to Singapore the next day, a money changer refused to accept the note due to its large denomination. A bank told him he would need to open an account to exchange it for smaller bills, which he declined to do. Instead, a VIP host at Resorts World Sentosa suggested he change the note at the casino, where it was allegedly verified and exchanged for chips.

Three days later, on June 11, Anthony met Steven again in Jakarta and handed him 33 additional S$10,000 notes, claiming they were an inheritance from his parents. Anthony indicated he wanted to purchase Steven's shophouse, which was listed at 4.5 billion rupiah, approximately S$323,500. He said he would pay once Steven returned from Singapore with the currency converted to smaller denominations. On June 12, Steven traveled to Singapore and deposited 27 of the counterfeit notes into his casino account. He kept six notes in Indonesia.

When Anthony later asked for the money in smaller denominations, Steven suggested they travel to Singapore together to collect it. Anthony refused, saying he lacked a passport and had business obligations in Indonesia. On June 22, Steven used six of the counterfeit notes he had kept at home as partial payment for a house in Pamulang, in Banteng province, which he had purchased in May 2025. The seller's daughter encountered difficulty exchanging the notes with a money changer in Jakarta.

On June 26, Steven flew to Singapore with his wife, their children, and the seller's daughter, intending to complete the house payment. He told the seller that the S$10,000 notes could only be converted to smaller denominations at the casino in Singapore. When the seller's daughter realized she could not legally bring more than S$6,000 into Indonesia, she asked Steven to arrange a bank transfer instead. That afternoon, after Steven participated in a baccarat tournament at the casino, security and police stopped him. Casino staff informed him that the serial numbers on six of the notes matched some of the 28 notes he had exchanged during his earlier visits.

Steven was taken to Police Cantonment Complex for questioning. He was informed he was being investigated for bringing in a large sum of cash without declaration, circulating counterfeit currency, and using counterfeit notes. He surrendered his passport and mobile phone and was told he would need to remain in Singapore for three to six months while police completed their investigation. His lawyer maintains that Steven is a victim of fraud orchestrated by Anthony and has no connection to any counterfeit money operation. South Tangerang police have been coordinating with Singapore authorities, though Indonesian investigators have so far received only a seizure receipt describing the notes as "believed to be non genuine" rather than an official confirmation of counterfeiting.

The S$10,000 note, first issued in 1973, was discontinued in 2014 as part of Singapore's effort to reduce money laundering and terrorism financing risks. The Monetary Authority of Singapore has noted that discontinuing high-denomination notes is standard practice in other jurisdictions. Over recent years, multiple individuals have faced prosecution in Singapore for attempting to use counterfeit versions of these large-denomination notes. In February, a 22-year-old Indonesian man was sentenced to seven months in jail after attempting to deposit a counterfeit S$10,000 note in his uncle's bank account. Those convicted of using forged or counterfeit banknotes in Singapore face potential sentences of up to 20 years imprisonment.