Son of ex-NKF CEO wanted by US over securities fraud & money laundering linked to insider-trading scheme

Singaporean Dev Ananth Durai has been linked by US prosecutors to a series of insider trades allegedly conducted between 2018 and 2020.

According to the US Department of Justice, the trades form part of a broader insider trading scheme that operated from 2016 to 2024.

US authorities said the network generated tens of millions of dollars in profits through advance knowledge of company finances and merger plans.

Prosecutors unveiled charges on 18 November 2025 against eight men accused of participating in the global operation.

The scheme was allegedly led by former Merrill Lynch banker Samy Khouadja, restaurant co-owner Emma Safi and Singapore citizen Zhi Ge.

The trio are said to have overseen a dispersed group of insiders and traders spanning multiple jurisdictions.

Safi has been taken into US custody and has pleaded not guilty.

Ge was provisionally arrested in Singapore in July 2024 and remains subject to extradition proceedings.

Khouadja and five other defendants, including Dev, are considered fugitives by US authorities.

The indictment lists additional defendants: Christophe Dong; Julien Liu; Patrick Chou; Cheuk Yue Lee; and Dev.

The Straits Times reported that Dev is the son of T.T. Durai, a former chief executive of the National Kidney Foundation.

The organisation was embroiled in controversy in 2005 over alleged excesses during T.T. Durai’s tenure.

Dev is wanted in the US after a warrant was issued by the District Court of Massachusetts.

Prosecutors cited text messages and financial transfers as key evidence of his alleged involvement.

In one alleged exchange, Dev told an unnamed individual, identified as CC12, that he had earned US$250,000 (S$327,000) from a single trade.

CC12 was one of 12 individuals linked to the probe who were not fully identified.

Court filings state that Dev communicated primarily with Liu and Dong for insider information.

Prosecutors also said Dev appeared aware of the illegality of his actions, based on text exchanges retrieved during the investigation.

In one message to CC12 dated 27 August 2018, Dev allegedly explained that he shared trade tips so CC12 could “help me subsidise my payment to him”.

This referred to a suspect from whom Dev allegedly received privileged information.

Several suspects allegedly relied on Dev to execute trades.

In October 2018, Dong reportedly asked Dev to conduct a US$200,000 trade on behalf of other members of the group.

It is unclear from the court documents whether Dev personally profited from that trade.

Around the same period, Dev allegedly wired €60,000 (S$90,300) in proceeds from Liu’s trades to Belleby Holding, a Singapore firm owned and controlled by Ge.

Ge’s spouse is now the sole director of Belleby Holding.

Prosecutors said the firm was one of several corporate vehicles used to move illicit funds.

In January 2019, Dev allegedly attempted to transfer more than US$100,000 to a Hong Kong account controlled by Dong.

When the transaction was rejected, he allegedly received a fabricated loan agreement from Dong to justify the transfer.

According to prosecutors, Dev expressed growing concerns in late 2019 that banks would detect suspicious trading patterns.

He allegedly advised CC12 to stop routing trades through a brokerage account managed by a major investment bank.

He later urged CC12 to open an online brokerage account, warning that banks were obliged to declare suspicious transactions.

One alleged message read: “Cannot use UBS anymore. Banks are required to declare suspicious trading activity.”

Despite these concerns, prosecutors said the group continued to trade on insider information into 2024.

The trades allegedly produced tens of millions of dollars in cumulative profits.

Meetings among key members reportedly took place in cities including Vienna, Prague, Paris, Dubai, Hong Kong and Singapore.

Investigators said the group used burner phones and coded language to shield their activities.

According to prosecutors, Ge recruited individuals to trade on privileged information and briefed them on when to withdraw proceeds.

They alleged that funds were laundered through cash, international transfers and shell companies.

The Singapore Police Force told The Straits Times that only Ge is currently being investigated in Singapore.

Police said they are awaiting additional information from US authorities to assess whether any offences under Singapore law may have been committed.

Dev remains at large as the US investigation continues to unfold.