SINGAPORE, June 29 -- Nearly a decade after investigators began unravelling an elaborate tax fraud built on forged invoices, phantom sales and paper transactions, Singapore has concluded one of its largest prosecutions involving goods and services tax (GST) fraud.

A court today sentenced 44-year-old Luke Giam Zi Hin to six years' imprisonment for his role in a missing trader fraud (MTF) scheme that generated about S$114 million (RM358 million) in fictitious sales and led the Inland Revenue Authority of Singapore (IRAS) to pay out nearly S$764,000 in fraudulent GST refunds, according to The Straits Times (ST).

Giam pleaded guilty to one count of fraudulent trading, with a second similar charge taken into consideration during sentencing. ...