A powerful member of Singapore's Cabinet from the ruling People's Action Party was charged with 27 counts of corruption in a Singapore court Thursday, in a rare political scandal in the Southeast Asian city-state, international media reported.

The case is the first corruption case involving a Cabinet Minister in Singapore since 1986.

Subramaniam Iswaran, 61, who held the portfolio of Minister of Transport, pleaded not guilty in court. He resigned from the Cabinet today (18th).

Iswaran is alleged to have received from property tycoon Ong Beng Seng to the tune of USD 120,000, to advance Ong's business interests. Ong, who was instrumental in bringing the Formula 1 Grand Prix to Singapore, was also arrested.

A member of parliament for 22 years, Iswaran had earlier served as Minister of Communications and Information, Minister of Trade and Industry, 

As Minister of Trade and Industry, he is credited with being the driving force behind the boom in tourism to Singapore.