SINGAPORE — A Singapore court has cleared the way for the extradition of Ge Zhi, a Singaporean accused by US authorities of helping lead a global insider trading and money-laundering operation, following a two-year legal process.
District Judge Cheng Yuxi ruled that the legal requirements under Singapore’s Extradition Act had been satisfied and ordered Ge committed to prison while he awaits the warrant required for his surrender to the United States.
Ge faces six US charges involving securities fraud and money laundering. He was arrested in Singapore in July 2024 following a US extradition request and has remained in remand during the proceedings.
Court Finds Legal Requirements Met
In written grounds issued on Oct. 1, Judge Cheng said the requirements for committing Ge to prison pending surrender had been fulfilled.
The ruling does not determine whether Ge is guilty of the US charges. Rather, it concerns whether the legal requirements for extradition under Singapore law have been met.
The court found that the evidence presented by US authorities established a prima facie case for the extradition offences. The Singapore court also determined that the alleged conduct corresponded to offences under Singapore law.
Ge was informed that he could seek a review of his detention by Singapore’s High Court. On Sept. 24, he confirmed that he would not waive that right.
Alleged Global Insider Trading Network
According to evidence presented by US authorities, the alleged operation involved obtaining material non-public information about publicly traded companies and using that information to conduct or facilitate trades.
The companies named in the US evidence included Alexion Pharmaceuticals, Cytokinetics, Gemalto, Ingenico Group, Kindred Healthcare, Medidata Solutions, Pinnacle Foods, Principia Biopharma, Tiffany & Co. and Walgreens Boots Alliance.
US investigators allege that Ge and other participants recruited corporate insiders, including investment bankers and others with access to confidential information about company financial performance and potential mergers and acquisitions.
The US allegations span activities involving participants in several countries.
Burner Phones and Coded Messages
Investigators allege that participants attempted to conceal their communications through disposable phones, encrypted messaging applications and coded language.
According to the FBI evidence presented in Singapore, participants allegedly used terms such as “socks” and “shoes” when referring to disposable phones and SIM cards, while other coded terms were used for money and upcoming corporate announcements.
The alleged use of encrypted and disappearing messages is part of the evidence presented by US authorities to support their case.
Alleged Money Transfers
The court also heard evidence concerning alleged transfers of trading proceeds.
One example involved an alleged US$300,000 transfer to a Hong Kong bank account. According to the US evidence, a participant was allegedly instructed to describe the payment as being for an antique watch dealer.
Another alleged transaction involved a discussion about a US$40,000 kickback, which prosecutors said was referred to using coded language.
These details form part of the allegations that US prosecutors will seek to establish in the American proceedings.
Two-Year Extradition Battle
The extradition case took more than two years to reach its latest stage.
Several scheduled hearings in 2025 and early 2026 were postponed following applications made by Ge and his lawyers. The eventual committal hearing began on Aug. 20, 2026.
Judge Cheng concluded that the delays were attributable to applications made by Ge.
The court’s decision now moves the case closer to the next stage of the extradition process.
What Happens Next?
Under the court order, Ge remains in custody pending the necessary steps for his potential surrender to the United States.
The Singapore ruling establishes that the statutory conditions for extradition have been satisfied; it does not amount to a US conviction or a finding that Ge committed the alleged insider trading offences.
The US case will ultimately determine the allegations against him if he is surrendered and brought before an American court.
For Singapore, the ruling marks a major development in a case involving alleged insider trading, international money movements and confidential corporate information — bringing Ge’s long-running extradition proceedings to a decisive new stage.
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