Owner of Eminent Frog Porridge Charged with Tax Evasion and Money Laundering

The owner of Eminent Frog Porridge, a well-known late-night dining establishment in Singapore, has been charged with tax evasion and money laundering, following a joint investigation by the Inland Revenue Authority of Singapore (IRAS) and the Commercial Affairs Department. Buntono, 49, faces a total of 30 charges, including allegations of evading S$3.8 million in taxes.

According to court records, Buntono is accused of systematically understating his trade income from 2016 to 2024, which led to approximately S$2 million in undercharged income tax. Additionally, he allegedly failed to register his businesses for Goods and Services Tax (GST), resulting in another S$1.8 million in undercharged GST during the same period. Singapore law mandates GST registration for businesses with taxable turnover exceeding S$1 million within a 12-month timeframe.

“Concealing or possessing benefits derived from criminal conduct carries severe penalties, including fines of up to S$500,000.”IRAS statement

Luxury Assets Under Scrutiny

The charges against Buntono also include money laundering, with authorities alleging that he possesses luxury assets that represent the benefits derived from his alleged tax evasion. These assets reportedly include over S$2.4 million in cash, a Lamborghini Aventador supercar, and a landed residential property.

Under Singapore's stringent laws, concealing or possessing benefits from criminal conduct can lead to severe penalties, including fines up to S$500,000 and imprisonment for up to 10 years. Tax evasion itself can incur penalties of up to four times the amount of tax evaded, alongside potential jail time.

Regulatory Environment and Warnings

IRAS has issued a broader warning to local business owners regarding the importance of maintaining proper bookkeeping and compliance with tax regulations. The authority emphasized that business records must be retained for at least five years to avoid penalties.

Additionally, IRAS reiterated its cash reward program, which offers informants up to 15% of recovered taxes, capped at S$100,000, for information leading to the exposure of tax fraud. This initiative reflects Singapore's ongoing commitment to combat financial crimes and ensure compliance within the business community.