A Singapore judge has approved the extradition of Singaporean Ge Zhi to the United States to stand trial for his role in an alleged global insider trading ring that used burner phones, encrypted messaging apps and coded language to evade detection. The decision moves Ge closer to facing six US charges of securities fraud and money laundering, each carrying a maximum jail term of between five and 25 years in the United States.
District Judge Cheng Yuxi issued written grounds of decision on October 1, ruling that all legal requirements under Singapore's Extradition Act had been met for Ge's committal to prison to await the Law Minister's warrant for his surrender to the US. The decision followed a two-year legal process marked by the fugitive's multiple bids to delay the matter. Ge was arrested by Singapore police in July 2024 following a US extradition request and remains in remand. The judge informed Ge on September 22 that he could apply to Singapore's High Court for a review of his detention or waive that right; on September 24, Ge said he would not waive his right to seek a review.
During a committal hearing in August 2026, the Attorney-General's Chambers presented an affidavit by a special agent from the US Federal Bureau of Investigation setting out the evidence obtained against Ge. According to the affidavit, Ge was allegedly recruited in Paris in November 2016 by one Eamma Safi and another co-conspirator identified as CC-1. They allegedly ran an insider trading scheme using material non-public information about publicly traded companies, which involved participants in the US and other countries. Companies referenced in the evidence included Tiffany & Co, Alexion Pharmaceuticals, Medidata Solutions, Pinnacle Foods and Walgreens Boots Alliance.
US investigators allege that the network used burner phones, encrypted messaging apps and coded language to avoid detection. Terms including "socks" and "shoes" allegedly referred to disposable phones and SIM cards, while "greens" referred to money and "races" to upcoming corporate announcements. The FBI affidavit also alleged that Ge, Safi and others received kickbacks — a percentage of trading profits — from people to whom they provided confidential information. One of the participants recruited by Ge, identified as CW-1, admitted to participating in the scheme from around 2017 to 2020 to trade in stocks and pleaded guilty in the US in December 2023.
The ruling does not determine Ge's guilt on the US charges, which would have to be decided through the American legal process. For Singapore, the case highlights how local courts handle international extradition requests involving complex financial crimes, while showing how cross-border investigations increasingly rely on cooperation between jurisdictions.