Yelchur Sreenivas, 51, was robbed by Venkatachalapathy Raman and his two accomplices near Towner Road as he was returning home in May last year.
Sreenivas was carrying a haversack containing about Singapore dollar 6,600 (Rs 3.1 lakh) in cash and assorted jewellery and diamonds worth more than 35,000 dollar (Rs 16.6 lakh), Channel News Asia reported.
Raman grabbed Sreenivas' haversack and fled after his accomplice Srinath Bari Ramdeo Bari hit him with a wooden pole, the report said.
Raman, who worked as a driver, was arrested on the same day.
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The victim's haversack was found in his possession, containing much of the jewellery. Cash to the tune of 6,600 dollars was missing.
Srinath, who has also been charged, would appear before a court later this month. His second aide Hassan has claimed trial.
The punishment for committing robbery is a jail term of at least three years and at least 12 cane strokes.
District Judge Lim Keng Yeow said this case is serious, and clearly calls for a sentence beyond the mandatory minimum.