SINGAPORE, Nov 23 — The son of a former Singapore National Kidney Foundation (NKF) chief executive is a wanted man in the United States, accused of being a key player in a sophisticated international insider trading network that allegedly raked in tens of millions of dollars in illegal profits.

Dev Ananth Durai, 39, is one of eight suspects charged by US prosecutors in Boston for their roles in the criminal ring, reported The Straits Times.

An arrest warrant has been issued for him, while a second Singaporean, Ge Zhi, 34, has already been arrested and is being held under the Extradition Act.

According to prosecutors, the group, led by French national Samy Khouadja, operated a global network that recruited corporate insiders and investment bankers to leak confidential information about publicly traded companies between 2016 and 2024.

Key members held meetings in cities from Paris to Singapore, using burner phones and code words to conceal their activities. 

The illicit profits were then laundered through cash payments, shell companies, and international transactions, including through a firm set up in Singapore by Ge.