Singapore files charges against 3 Chinese nationals, 7 others with ‘Chinese passports’ in US$736 million money-laundering crackdown
- All 10 of the individuals arrested were found in possession of foreign passports ‘believed to be issued’ by China
- Singapore police effectively seized assets including Good Class Bungalows, 250 luxury watches and bags, and 120 electronic devices such as computers and mobile phones
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Published: 9:31pm, 16 Aug, 2023
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Singapore police charge 10 people in massive crime bust worth almost US$736 million. Photo: Shutterstock
Singapore has filed charges against 10 people including three Chinese nationals and seven other foreigners with purported Chinese passports in a major money-laundering crackdown, with nearly S$1 billion (US$736 million) of prime properties, luxury cars and other valuables seized as part of the probe.
The 10 people were charged in court late on Wednesday after their arrest in a nationwide police raid a day earlier.
The properties seized include Good Class Bungalows – the peak of luxury housing in the compact island republic and which can cost tens of millions of dollars. They can only be owned by Singapore citizens.
Of the 10 arrested, three people including a 44-year-old man named Zhang Rujin, a 43-year-old woman named Lun Baoying and a 31-year-old man named Wong Baosen were Chinese nationals.
Singapore Police seizure. Photo: Singapore Police/Facebook
Among the remaining seven, Su Haijin, 40, and Wong Dehai, 34, were Cypriot nationals. Su Baolin, 41, Chen Qingyuan, 33, and Su Wenqiang, 31, were Cambodian nationals, while Vang Shuiming, 42, was a Turkish national and Su Jianfeng, 35, a Ni-Vanuatu national. All of these individuals, aged between 31 and 44 years old, were found in possession of passports “believed to be issued” by China.
National broadcaster CNA reported the names of the 10 people after they were charged in court.
Six of them were arrested at their respective residences at Good Class Bungalows, one was arrested at a bungalow in the ultra-luxurious Sentosa Cove – billed as Singapore’s answer to Monte Carlo – while three were arrested at condominium units.
Twelve others are assisting with police investigations and eight people are wanted by authorities. None of the people involved are Singaporeans.
“The Police received information of possible illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts,” the Singapore Police Force said in a statement.
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“Through extensive investigations and follow-up from intelligence – including the analysis of Suspicious Transaction Reports (STRs) – the Police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling,” it said.
Assets seized by Singapore Police. Photo: Singapore Police/Facebook
Prohibition of disposal orders were issued against 94 properties and 50 vehicles, worth more than S$815 million. Also seized were ornaments, some 250 luxury watches and bags, more than 120 electronic devices such as computers and mobile phones, 270 pieces of jewellery, two gold bars and 11 documents with information on virtual assets.
Among the vehicles seized were Bentley cars. 35 related bank accounts with a total estimated balance of more than S$110 million were seized to prevent transfers of suspected criminal proceeds, the police said. It added that more enforcement action could be undertaken during investigation.
If convicted of money-laundering, the suspects face 10 years in jail, a fine of up to S$500,000 or both. For other offences such as forgery for the purpose of cheating, they also face custodial sentences, fines or both.
High-end investors from around the world, including Hong Kong and mainland China, have flocked to Singapore in recent years to capitalise on its ultra-stable political landscape, rule of law and status as a highly liveable city.
Authorities have sought to tighten anti-money-laundering measures in tandem with the city state’s emergence as one of the go-to Asian wealth management hubs, with the central bank in July saying it was planning to tighten surveillance on family offices.
The number of single family offices in Singapore has surged from 400 at end-2020 to 1,100 at the end of last year, with total assets under management in the republic rising 35 per cent to S$5.4 trillion in the same period.
David Chew, the director of Singapore’s Commercial Affairs Department, said the city state had “zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities”.
“Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he said.
