SG is money-laundering hub

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Billion-dollar money laundering case: 9 out of 10 accused in S’pore have Cambodian links​

The 10 accused are citizens of seven different jurisdictions, including Cambodia. They are believed to have all originated from China. PHOTO: SINGAPORE POLICE FORCE
David Sun and Nadine Chua

SEP 3, 2023

SINGAPORE – The arrest of 10 foreigners in Singapore in a billion-dollar money laundering blitz has thrown the spotlight on their alleged links to business interests in Singapore and overseas, and the number of jurisdictions where some of them hold citizenship.
Using publicly available data, The Straits Times set about exploring their international and local links.
ST was also provided information by a source affiliated with the United Nations, which last Tuesday highlighted the role played by scam centres in South-east Asia in human trafficking.
The 10 accused in the money laundering case here are citizens of seven different jurisdictions, including Cambodia. They are believed to have all originated from China.
According to a gazette published by the Cambodian government, which lists the identity of new citizens, nine of them were granted Cambodian citizenship between Aug 2018 and March 2021. China does not allow dual citizenship status.
The granting of Cambodian citizenship for the nine was first reported by Cyber Scam Monitor, a website run by an anonymous group from the human rights, humanitarian, academic and media fields.

Separately, a search of the 10 accused persons’ business interests here found one common denominator on Accounting and Corporate Regulatory Authority (Acra) records.
The man, identified by ST only as JJ, is listed as director or shareholder of 185 firms in Singapore.
The web of business and personal networks, and the sheer number of assets involved in the Singapore case, have proven a challenge to untangle.

Last week, the prosecution argued successfully for the accused persons’ continued detention, saying that several are allegedly linked to fugitives from overseas jurisdictions and criminal syndicates based overseas.
This information was obtained, in part, from the accused persons themselves.
The 10 accused individuals who were arrested on Aug 15 will appear in court again on Wednesday.

On Aug 27, the Law Ministry wrote to dealers of precious metals and stones and flagged the names of individuals who could be linked to suspicious transactions.
They identified 34 individuals, including the 10 accused persons.

The accused​

Zhang Ruijin, 44, and Lin Baoying, 43​

Zhang Ruijin (left) and Lin Baoying purportedly set up Jinying Invest together in Britain in 2019. ST ILLUSTRATIONS: CEL GULAPA
Charge: Zhang has three forgery charges. Lin is facing two forgery charges and a charge of perverting the course of justice.
Cambodian citizenship: Chinese national Lin was granted Cambodian citizenship on March 18, 2021. There are no records to show that Zhang, who is from China, has Cambodian citizenship or links to firms in the country.
Business links: The lovers Zhang and Lin Baoying do not appear to have any links via businesses registered in Singapore. However, the duo had purportedly set up Jinying Invest together in Britain in 2019.
Jinying appointed as the company secretary British-registered firm, Yunma Tianlong International Consulting, which is linked to more than 9,000 companies worldwide.
In 2020, the New Zealand Financial Markets Authority linked the firm to scam networks and recommended caution when dealing with it.
The company is still active, but checks showed that its accounts are overdue and there is an active proposal to strike off the company from the business registry. Separately, Jinying was dissolved in January 2021.

Su Baolin, 41, and Su Haijin, 40​

Su Baolin (left) is closely linked to Su Haijin via two Singapore companies.
Charge: Su Baolin is facing two forgery charges here. Su Haijin is facing one charge of evading arrest.
Cambodian citizenship: Su Baolin was granted citizenship on Feb 26, 2019. Cypriot national Su Haijin was granted Cambodian citizenship on Dec 17, 2018.
Business links: Yunma is linked to Su Baolin.
Checks by ST showed that he was the director of the now defunct General Equipment UK, which was registered in Britain in June 2016 and dissolved 17 months later. The firm had listed Yunma as the company secretary.
Su Baolin is closely linked to Su Haijin via two Singapore companies. A search of Acra records last week showed Su Baolin was listed as a shareholder of Meining (Asia) International Electronic Commerce and a director of SG-Gree.
Su Haijin was listed as a shareholder of both Meining and SG-Gree. He is also the chairman of Cambodian company Su Zigen Chengmei, where Cambodian national Su Zigen is listed as director.
Acra records showed that Su Zigen is a shareholder of SG-Gree. Su Baolin was also listed as director of general contractor company Sentosa Project for one day on June 1, 2023.

Vang Shuiming, aka Wang Shuiming, 42​

Turkish national Vang Shuiming was granted Cambodian citizenship on March 2, 2019. ST ILLUSTRATION: CEL GULAPA
Charge: The Turkish national is facing a forgery charge here as well as four money laundering charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
Cambodian citizenship: Vang was granted Cambodian citizenship on March 2, 2019.
Business links: Vang Shuiming, also known as Wang Shuiming, is listed as director and shareholder of Zhuo Chi Technology, a firm in Singapore which purportedly deals in software development. He is also the chairman of Cambodian company Daming IT Services.
According to a notice put up by the Chinese authorities in 2023, he is wanted in China to assist in investigations into the Heng Bo Bao Wang gambling syndicate that was uncovered in 2022.
The Chinese authorities are also looking for a Wang Shuiting, who is linked to the same syndicate as well.
Wang Shuiting is one of eight directors of S.C.W.D. Construction, which was registered in Cambodia in 2016. The letters correspond with the surnames of the directors: Su, Chen, Wang and Deng.

Wang Dehai, 34; Su Wenqiang, 31; and Su Jianfeng, 35​

A notice put up by the Chinese authorities links (from left) Wang Dehai to Su Wenqiang and Su Jianfeng. PHOTOS: CHINA POLICE
Charge: Wang Dehai and Su Wenqiang have two money laundering charges each. Vanuatu national Su Jianfeng has four charges for the same offence.
Cambodian citizenship: Cypriot national Wang Dehai was granted Cambodian citizenship on Aug 14, 2018; Su Wenqiang became a Cambodian national on Oct 7, 2019; and Su Jianfeng became a Cambodian national on April 26, 2019.
Business links: Wang Dehai is one of the eight directors of S.C.W.D. According to a notice put up by the Chinese authorities in 2018, he is wanted in China.
The notice links him to Cypriot national Su Wenqiang and Su Jianfeng. The authorities in China have put the three men, alongside a Su Yongcan and Wang Huoqiang, on the wanted list to assist in investigations into an illegal gambling gang that was uncovered in 2017.
Su Jianfeng is director of Cambodian company Great Rise Personnel Consultant. Su Yongcan and Wang Dehai are both separately, but directly, linked to a Chen Zhidong through Cambodian companies.
Su Yongcan is the chairman of Cambodian company Centennial Inception Investment, which lists Chen Zhidong as a director.
Cambodian national Chen Zhidong is also a director of S.C.W.D. But he has links to criminal activities as well, via a Cambodian company Heng He (Cambodia) Commercial Bank.
The firm was set up by one Chen Fuzhou, who was a Chinese national who took on the name Chen Al Len after being granted Cambodian citizenship in 2018. Under the name Chen Al Len, he set up Heng He in 2019, appointing himself chairman.
The company is linked to the Heng He Group, which was reportedly tied to scams, illegal gambling and human trafficking.
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A special report by Al Jazeera in 2022 uncovered Heng He Group’s links to scam compounds in Cambodia. The Sydney Morning Herald reported Heng He Group’s links to human trafficking and illegal gambling operations in Cambodia as well.
Chen Al Len is chairman of Cambodian company P 7 International Trading, which he registered in 2016 under the name Chen Fuzhou.
The board of directors at P 7 International Trading include one Xu Haika, a Chinese national who changed his name to Xu Haita when he became a Cambodian citizen in 2018.
Checks by ST found that Xu Haika used three different people profiles to register his business links to three companies in Singapore. The profiles all listed Xu Haika’s nationality as a citizen of Vanuatu.
The three profiles were registered to different addresses: one in Fujian, China, one at a condominium in Beach Road and the third at an apartment in Tomlinson Road.
The records show that Xu is currently director and shareholder of three companies here.
He is believed to have purchased a shophouse in South Bridge Road in 2021 for $27 million.
Also linked to the Heng He Group is one Wang Mingbin, a Cambodian citizen who is director of Heng He (Cambodia) Commercial Bank. Wang Mingbin is listed as chairman of Cambodian company Miracle Investment.
His address, according to the business records, is a unit in the Chamkar Mon district of Phnom Penh, Cambodia.

Chen Qingyuan, 33​

Chen Qingyuan obtained his Cambodian citizenship on Aug 14, 2018. ST ILLUSTRATION: CEL GULAPA
Charge: Chen Qingyuan is facing four money laundering charges in Singapore.
Cambodian citizenship: He obtained his Cambodian citizenship on Aug 14, 2018.
Business links: Wang Mingbin’s address in Cambodia has also been traced to Chen Qingyuan, who is listed as the chairman of Cambodian company Haocai Investment.
He is also linked to at least two Cambodian companies and five companies in Singapore.
According to a notice issued by the Chinese authorities in 2019, Chen Qingyuan is wanted in China to assist in a case of fraud.

Wang Baosen, 31​

Wang Baosen was granted Cambodian citizenship on April 6, 2020. ST ILLUSTRATION: CEL GULAPA
Charge: The Chinese national has two money laundering charges in Singapore.
Cambodian citizenship: He was granted Cambodian citizenship on April 6, 2020.
Business links: There appear to be no records of business links between Wang Baosen and the nine other accused persons.
However, in court last week, the prosecution said the Chinese national is linked to a fugitive and a gang based overseas.
A report by China news outlet Shi Chang Xing Bao in 2015 had linked him to people involved with the Hongli gambling syndicate, which previously operated in Cambodia.

The associates​

• Su Yongcan
• Wang Huoqiang
• Wang Bingang
• Chen Mulin
• Liu Jiarong
• Wang Shuiting
• Chen Peiyong
• Chen Zhiqiang
• Wu Qin
• Wang Ruiyan
• Ma Ning
• Chen Qiuyan
• Qnag Qiujiao
• Su Caihuang
• He Huifang
• Su Yanping
• Chen Lingling
• Chen Qingqing
• Wang Liyun
• Su Lihong
• Su Jianhua
• Wu Shuiying
• Wu Bihua
• Chen Qiuxiang

 

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Online gambling kingpin has links throughout South-east Asia​

Casino kingpin She Zhijiang was the brains behind an illegal gambling and online scam empire with links to people and firms throughout South-east Asia. PHOTO ILLUSTRATION: UNSPLASH
The Straits Times Crime Desk


SEP 3, 2023

SINGAPORE – He was generous with charities and often dined with the well-connected in Cambodia while pitching himself as a businessman, but casino kingpin She Zhijiang was in fact the brains behind an illegal gambling and online scam empire with links to people and firms throughout South-east Asia.
She’s operations tapped blockchain technology developed by a Singapore-based firm to move cryptocurrency, had investors from Malaysia and Myanmar, and ran casinos in the Philippines and Cambodia, where online gambling was later banned.
The 41-year-old has also been linked to a vast network of companies worldwide, including in Britain, which were used to launder the billions he made since starting out as a small-time businessman in Hunan, China.
She, who is also known by other names including She Kailun and Tang Kailun, according to China-based news website Caixin, has also been linked to scam operations in Myanmar and Cambodia, and human trafficking.
One of She’s firms – Yatai International Holdings – put out recruitment advertisements on Facebook with promises of well-paying jobs amid the Covid-19 pandemic, which saw a rise in unemployment and underemployment.
Hundreds of young people from Asia and Africa took the bait but were instead forced to work in the online gambling houses and scam centres in the Shwe Kokko Special Economic Zone in Myanmar. The United States Institute of Peace said Shwe Kokko’s main backer is She, who invested billions.
A report by the Office of the United Nations High Commissioner for Human Rights, released last Tuesday, said those being kept against their will at such centres include Singaporeans.

She, who was born in China, initially ran an online gambling business in the Philippines targeting Chinese nationals. When the government in China clamped down on online gambling, which is illegal, the 41-year-old ran.
Since 2020, more than 130,000 people linked to 24,000 cases of cross-border gambling have been arrested by the police in China.
She, like many in the online gambling trade, became a fugitive. He moved to Cambodia and received citizenship in 2017.
His associates followed suit, as did many Chinese nationals who were involved in the online gambling trade.
The Straits Times has learnt that of the 10 suspects arrested in Singapore during an islandwide anti-money laundering blitz, nine were granted Cambodian citizenship.

According to the gazette published by the Cambodian government, which lists the identity of new citizens, the nine obtained Cambodian citizenship from August 2018 to March 2021.
The police in Singapore previously said that five of the 10 accused persons – Su Haijin, 40, Su Baolin, 41, Su Wenqiang, 31, Wang Dehai, 34, Chen Qingyuan, 33 – had Cambodian passports.
In 2021, China put out an International Police red notice, and She was arrested in August 2022 in Thailand. He has been fighting deportation to China on citizenship grounds, arguing that he is no longer a Chinese citizen.
With his capture, the police in South-east Asia are beginning to understand the nature of his network and the extent of his influence.
ST launched the public education Stop Scams campaign in January 2022, and has written extensively on the different ruses and the cost to victims, who in 2022 lost a total of $660.7 million.

 

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Bedok resident behind 185 companies; 9 of them linked to billion-dollar money laundering bust​

ST journalists Andrew Wong and Nadine Chua at Bedok resident JJ's (not pictured) HDB flat last month. ST PHOTO: MARK CHEONG
Nadine Chua and Andrew Wong

SEP 3, 2023

SINGAPORE - The listing of a Singapore resident as director, secretary and shareholder of 185 companies here has sparked concerns, after it emerged that several of the firms were linked to three of the 10 money laundering suspects arrested on Aug 15 and subsequently charged.
Experts say it is not possible for an individual to be involved in so many companies, adding that such appointments should raise a red flag.
Foreigners without a Singpass account must engage a registered filing agent, such as a law firm, an accounting practice or a corporate secretarial company, to submit applications on their behalf.
All agents are required to carry out a due diligence check on their clients’ source of wealth and funds.
Bedok resident J.J, who runs a firm that provides secretarial services, was previously appointed as director, secretary or shareholder of 224 companies, including those involved in investment, technology, consultancy and pharmaceutical trade.
A third of the companies have been struck off the Accounting and Corporate Regulatory Authority (Acra) business registry.


Of the 185 companies that are still active, nine list Su Haijin, Su Baolin and Vang Shuiming, who is also known as Wang Shuiming, as director or shareholder.

The three foreign nationals originally from China have been charged in court with various offences including money laundering, forgery and resisting arrest. They were arrested by police during the Aug 15 anti-money laundering blitz.
Acra records showed that J.J. was appointed director, secretary or shareholder of the same nine companies.
His name appeared more than once in two of the companies, which means that he held multiple positions in these firms.

The 41-year-old was not at his Housing Board flat in Bedok when The Straits Times checked on Aug 23. In a call to ST later that night, he said that he was in business with one of the suspects.
“He got me to invest in his company. He asked me to take care of his company. But I have never taken a single cent or shares.
“Not a single cent of the director’s fee, and not a single cent of an employee’s salary,” said J.J. in Mandarin, who added that he will make a police report because he received nothing in return.
The naturalised Singaporean, who moved here from Shanghai when he was in his 20s, said he had contacted the individual a week before the islandwide raids, adding: “I showed him how much he owed me, but he told me he wasn’t able to pay me back.”
J.J. added: “But when I read the news of his arrest, I saw that the police had seized cash from him. So I suspect he had the money but did not want to return what he owed me. I am a victim here.”

The 10 suspects charged in the alleged money laundering case involving $1 billion in cash and assets are (clockwise from top left) Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Vang Shuiming and Wang Baosen. ST ILLUSTRATION: CEL GULAPA
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When asked about his involvement with around 400 companies since 2014, J.J. said: “So what if I’m involved in all these companies? I do secretarial work for companies and they are all legitimate. I’m not doing anything wrong.”
He added: “I live in an HDB flat and drive a second-hand car, which I took out a loan for.”
J.J. said that he was introduced to the individual by Su Haijin, whom he denied having any business connections with.
However, ST found that J.J. holds secretarial positions in Yihao Cyber Technologies, Daily Glory International and Aiqinhai Investment, three firms where Su was listed as a director.
Su was also a shareholder in Meining (Asia) International Electronic Commerce and Sg-Gree, firms where J.J. was appointed as director.
He is also the listed secretary of Singapore company Zhuo Chi Technology, linking him to Vang.

Red flags​

Professor Mak Yuen Teen, professor (practice) of accounting and former vice-dean of the National University of Singapore (NUS) Business School, said it is not unusual for one to have many companies tagged to his name, if he provides corporate secretarial services.
These individuals act as secretary to many different companies, and they are in charge of ensuring the company’s annual returns are filed on time, among other responsibilities.
However, it could be a red flag for someone to hold directorial and secretarial roles in almost 200 companies at one go, added Prof Mak.
Associate professor of finance Hu Jianfeng said it is unusual for an individual to be appointed in executive roles in many companies.
The exception is when they are appointed as nominee directors, who can have positions in multiple companies without being involved in daily operations.
“However, even nominee directors are still responsible for compliance, and that increases the risk and cost of (holding such a role).
“Therefore, it is also not common to see nominee directors taking positions in hundreds of firms,” added Prof Hu, who is with the Singapore Management University.
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NUS business school professor Lawrence Loh said: “It is humanly impossible to commit to being the director and secretary of so many companies, let alone almost 200 at once.”
Prof Loh said there are no legal restrictions on how many companies a person can be involved in, but added that having roles in a large number of companies means “a web of possibilities to move resources, which would then make tracking and monitoring tougher”.
Prof Hu suggested that the purpose of having multiple companies is to move money around, which makes it difficult for regulators to trace the source of funds.
“Unlike interpersonal money transfers, intercompany transfers do not tell you who are the ultimate beneficiaries directly. You need to look into the company’s ownership to find out,” he added.

Proposed limits​

Responding to ST’s queries, Acra said it is not common for individuals to hold numerous directorships in Singapore, but added that there are currently no caps.
A spokesman said the business registry is working on amendments to the Companies Act and Acra Act, to limit the number of nominee directorships that an individual can hold.
The Bill, which is expected to be tabled in Parliament in 2024, could also see an increase in financial penalties on corporate service providers for breaches to do with money laundering and terrorism financing.
In this regard, Acra noted that Singapore adopts a whole-of-government approach to combat illicit activities such as money laundering and terrorism financing, “with various agencies playing distinct roles in ensuring Singapore’s status as a trusted financial and business centre”.
The business registry said it proactively identifies, monitors and strikes off inactive companies.
“Acra leverages data analytics tools to identify individuals likely to be nominee directors of companies that may be used to conduct improper activities and carries out in-depth reviews and checks on higher-risk individuals,” said the spokesman, who added that Acra has acted against errant corporate service providers.
“All directors, regardless of the number of directorships held, are required to discharge their duties responsibly, with honesty and reasonable diligence.
“Those who fail to do so can face enforcement actions, including disqualification and debarment,” the spokesman said.

 

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Weak link in anti-money laundering efforts is compliance, not family offices: Experts​

Rather than a “weak link”, family offices offer easier monitoring and enforcement of anti-money laundering rules, said a lawyer. PHOTO: ST FILE

Angela Tan
Senior Correspondent

SEP 4, 2023

SINGAPORE – Lawyers and tax consultants have urged banks to step up their compliance and monitoring processes in the light of the $1 billion money laundering case here, but to avoid the xenophobic trap of focusing only on Chinese customers.
They also disagreed with some market observers who said the case reflected a need for tougher scrutiny of Chinese family offices, which manage family wealth.
“Money laundering can happen in any company structure. It is not about family offices but regulating unlawful laundering of huge flows of funds into Singapore,” said Mr Danny Ong, managing director of Setia Law, a boutique law firm specialising in financial crime, disputes and corporate distress.
Mr Ong told The Straits Times: “The increase in money laundering risks arises more from the prominence of Singapore as a global financial centre and a private wealth hub, and less from the proliferation of family offices setting up here.”
Fund flows into Singapore have traditionally been from corporations and wealthy individuals, but family offices have accounted for increasing sums in recent years.
There were about 1,100 single-family offices in Singapore at the end of 2022, compared with 700 in 2021 and 400 in 2020. Industry estimates put the number closer to 1,500 now.
Mr Ong said family offices actually offer easier monitoring and enforcement of anti-money laundering rules, instead of being a “weak link” in Singapore’s ecosystem.

“Family offices have a physical presence and assets here. The entire set-up, with staff, secretary, bankers and advisers, makes it easier for compliance, compared to someone operating from somewhere overseas,” he noted.
Sweeping raids on Aug 15 involving 400 law enforcement personnel led to the arrest of 10 foreigners – nine men and one woman of different nationalities. They are believed to have originated from China.
At least $14 million in cash was found at a Sentosa bungalow that Zhang Ruijin, 44, shared with Lin Baoying, 43. The two were among the 10 arrested.

Checks with the Accounting and Corporate Regulatory Authority (Acra) showed that Zhang has been a director at Golden Eagle Family Office since October 2019.
A tax expert, who did not want to be named, said Singaporeans must not discriminate against wealthy Chinese people residing here just because of some “bad eggs”.
“It is unfortunate the case has given a wrong impression. Some of my Chinese clients with legitimate and clean businesses are worried about how the public perceives them,” he added.

The case comes amid plans by the Monetary Authority of Singapore (MAS) to strengthen regulations surrounding family offices.
Mr Ong believes that the proposed changes “serve to add to the robustness of the existing anti-money laundering regime by imposing positive compliance obligations”.
“As I see it, it is not a question of bolstering the anti-money laundering regulatory framework beyond what exists now and what has been proposed, but rather, as with any sector or industry, it is an issue of compliance and monitoring,” he said.
The MAS published a consultation paper in July that set out a proposed regulatory framework for single-family offices that will allow better surveillance and defences against money laundering.
The proposed rules will require such offices to submit an annual report on their total assets under management and names of MAS-regulated banks that they have business relationships with. The MAS seeks comments on the proposals by Sept 30.

Weak link​

The money laundering case has also sparked concerns among some observers that it may be too easy to register a company here, making Acra a potential weak link in the fight against money laundering.
Mr Ong dismissed this risk, noting that Acra’s registration process merely facilitates the ease of setting up companies.
“It is therefore not the ease of setting up companies that creates weakness in the framework for tackling money laundering, but the less than ideal compliance by some intermediaries that facilitate these fund flows,” he said.
“More importantly, offenders are always seeking new and creative ways to launder, which make detection by even the most compliant intermediaries a real challenge.”
Registering a business can be done online at BizFile on the Acra site.
Foreigners without a Singpass account must engage a registered filing agent, such as a law firm, an accounting practice or a corporate secretarial company, to submit applications on their behalf.

All agents are required to carry out a due diligence check on their clients’ source of wealth and funds.
A foreign entrepreneur looking to set up a business here must appoint a local resident director or authorised representative to manage the company if he continues to reside outside Singapore.
Singapore has also strengthened laws to make it easier to prosecute money mules when they sell their bank payment or Singpass accounts. A Singpass is a digital identity given to Singapore citizens and residents.
The changes to the laws, which were passed in May, see the introduction of new offences of rash and negligent money laundering, and disclosing or dealing in Singpass credentials for criminal activities.

Money mules will no longer be able to claim they did not know they were selling their bank or Singpass accounts to scammers.
Mr Nick Williams, a partner at Hogan Lovells law firm in Singapore, said it was previously difficult to convict money mules as the law required “proving an individual’s knowledge or reasonable belief that they were facilitating criminal activity”.
“Money mules often need only plead ignorance regarding the criminal arrangements that they entered into, to escape prosecution,” he said, adding that the need to establish knowledge or reasonable belief places a heavy burden on law enforcement agencies.
Fewer than 250 individuals were prosecuted out of the 19,000 suspected money mules investigated by the Singapore police from 2020 to 2022, he noted.

 

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Assets involved in money laundering case nearly double to $1.8b: Prosecutors​

Turkish national Vang Shuiming currently faces five charges, one for using a forged document and four for money laundering. PHOTO: ST FILE; ST ILLUSTRATION: CEL GULAPA

Selina Lum
Senior Law Correspondent

Sep 5, 2023

SINGAPORE - The police have taken control of more than $1.8 billion in assets as they continue to investigate one of the largest money laundering cases in Singapore, prosecutors told the High Court on Tuesday.
The update in the value of assets that have been seized, frozen, or issued with prohibition of disposal orders came about at a hearing where one of the 10 people who have been charged in the case argued for bail to be granted.
The order blocks the sale of assets which are the subject of a police investigation.
Turkish national Vang Shuiming, 42, currently faces five charges, one for using a forged document and four for money laundering.
Vang, who is also known as Wang Shuiming, is alleged to have submitted a forged bank statement to Citibank Singapore in March 2021 as supporting documentation.
The four money laundering charges relate to about $2.4 million held in four UOB and RHB bank accounts. The sums are said to be criminal benefits from an unlicensed moneylending business in China, based on charges filed against him.
Vang, who also has passports from China and Vanuatu, was arrested in a good class bungalow in Bishopsgate, which is in the Tanglin area, on Aug 15.

He was among the nine men and one woman, aged between 31 and 44, who were nabbed following an islandwide raid by more than 400 officers led by the Commercial Affairs Department (CAD). At the time, the value of assets involved stood at about $1 billion.
All 10 individuals have been remanded in custody since they were charged in court on Aug 16.
At each subsequent court mention, on Aug 23 and on Aug 30, they were ordered to be remanded for a further period of eight days, after prosecutors raised concerns over collusion and interference with investigations.

Vang filed an application to the High Court, asking for these orders to be revoked and that he be granted bail.
On Tuesday, after hearing arguments, Justice Vincent Hoong dismissed Vang’s bid to be released on bail.
The judge said there was nothing palpably wrong with the orders made by the district court and that there was no “serious injustice” which justified revoking the lower court’s orders.
Justice Hoong said: “In my view, based on the details of the pending investigation, and the CAD’s reasons for its assessment that there was a real risk of collusion and contamination of evidence, there was clearly a need for the applicant to be further remanded for a period of eight days.”
Vang’s lawyer Wendell Wong had argued that his client’s fundamental liberties of freedom and right to counsel are being curtailed by the orders for him to be remanded.
Mr Wong also argued to be granted “liberal access” to his client, should Vang continue to be remanded.
Justice Hoong said that Vang had been granted access to counsel, subject to the operational constraints of the CAD, and there was nothing to stop Mr Wong from writing to the CAD or the prosecution to make specific requests.
Deputy Public Prosecutor Ng Yiwen argued that the orders for Vang to be remanded were correctly made, given that the case involved a complex and wide-scale investigation into serious financial crimes.
He said extensive investigations remained to be carried out, including the need to record further statements and conduct checks with the foreign authorities.
He noted that the charges brought against Vang were only in respect of a small part of the accused’s total assets, for which funds-tracing was ongoing.
The prosecutor said Vang, together with his brother Wang Shuiting, are wanted by the Chinese authorities for illegal gambling activities.
There is also evidence that Vang is closely associated with two of the other accused persons, namely Su Haijin, a Cypriot national, and Su Baolin, a Cambodian national, said the prosecutor.
He added that investigations revealed communications between Vang and another suspect, who is wanted by the police and out of jurisdiction, which appear to be in respect of other illegal activities.
There was a real risk that if Vang was released on bail, he and the suspect would collude to contaminate evidence, given that significant assets were seized from both of them, said the prosecutor.
More than $200 million in assets have been seized from Vang, including $962,000 in cash found at his home. The prosecutor added that Vang has purchased 11 properties.
The assets seized from the suspect amounted to $260 million.
The prosecutor added that foreign intelligence led to the uncovering of more than US$30 million in assets that were previously not known.
The Straits Times has found that Vang is the director and shareholder of Zhuo Chi Technology, a firm in Singapore that purportedly deals in software development.
A search of business records showed that he was also the shareholder of Ming Xin (Singapore) Technologly, which was struck off in 2021.
Vang was granted Cambodian citizenship on in March 2019 and is the chairman of Cambodian company Daming IT Services.
According to a notice put up by the Chinese authorities in 2023, he is wanted in China to assist in investigations into the Heng Bo Bao Wang gambling syndicate that was uncovered in 2022.

 

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Man who jumped from bungalow in money laundering case has $160m of his and wife’s assets frozen​

Su Haijin fractured his hands and legs after jumping from the second-floor balcony of his home at Ewart Park in Bukit Timah, allegedly while trying to escape from the police. PHOTO: ST FILE, CEL GULAPA
Christine Tan and Nadine Chua
UPDATED

SEP 7, 2023

SINGAPORE - Su Haijin, one of the 10 accused in the billion-dollar money laundering case, has been slapped with a new charge of money laundering on Wednesday. The 40-year-old Cypriot national, who previously faced one count of resisting arrest, allegedly has over $4 million in a UOB bank account, which is said to be his benefits from unlawful remote gambling offences.
Deputy Public Prosecutor (DPP) Ng Jean Ting revealed the authorities have seized a total of $160 million in assets from him and his wife.
The prosecutor applied for Su Haijin to be remanded for one more week, as investigations against him have been proceeding at a slightly slower pace compared with the other accused.
There had been six to seven days when Su Haijin could not record statements as he was unwell. He also underwent surgery on Aug 28, said DPP Ng. He had fractured his hands and legs after jumping from the second-floor balcony of his home at Ewart Park in Bukit Timah, allegedly while trying to escape from the police.

Su Haijin, a 40-year-old Cypriot national, was arrested at 16 Ewart Park. PHOTO: ST FILE
Su Haijin appeared in court on Wednesday via video link from Changi General Hospital.
DPP Ng said: “The police still have significant ground to cover with Su. Thirty production orders have been sent to six financial institutions. Documents are pending in respect of 20 bank accounts. Eleven out of 38 seized devices still require forensic examination and review.”
Su Haijin’s lawyer, Mr Julian Tay, objected to the prosecution’s application, noting that the police had already recorded more than 10 statements from his client.

District Judge Brenda Tan granted the prosecution’s application for Su Haijin to be remanded further to make up for lost time in investigations. His case will be heard again on Sept 13.

Su Haijin and his wife (pictured) have had $160m in assets seized by the authorities, said Deputy Public Prosecutor (DPP) Ng Jean Ting. ST PHOTO: KELVIN CHNG
All 10 accused persons appeared in court on Wednesday in a hearing that stretched over three hours.
Details of Su Haijin’s relationship with another accused, Su Baolin, were revealed in court for the first time. DPP Ng said Su Baolin, a 41-year-old Cambodian national, had made payments in 2021 amounting to $2.2 million in Su Haijin’s name towards two properties in Beach Road.

In 2022, Su Baolin, Su Haijin and two other people paid for a yacht, which was registered in the name of a fifth person. The three unnamed people left Singapore before or soon after investigations began.
On Aug 30, Su Baolin’s lawyer, Mr Sunil Sudheesan, had said some of the co-accused were barely acquaintances.
But DPP Ng had replied: “Investigations so far have strengthened the links between them. They are certainly not mere acquaintances.”
On Wednesday, DPP Ng applied for no bail for Su Baolin, saying he had refused to divulge the true extent of his relationship with Su Haijin, and giving him bail would heighten the risk of collusion.
Su Baolin faces two charges in total. His second charge, which was recently amended, states he had allegedly conspired with one Wang Qiming to make a false document to cheat Standard Chartered Bank in December 2020.

Su Baolin, a 41-year-old Cambodian national, faces two charges in total. ST ILLUSTRATION: CEL GULAPA
Mr Sudheesan said Wang Qiming was a Citibank employee who had been under investigation since 2021, but had not been charged yet.
A Citi spokesman said: “The individual in question has not been in our employ since April 2022. We do not comment on matters that are before the courts.”
Noting his client’s congenital heart condition, which requires a doctor to attend to him, Mr Sudheesan argued for him to be released on bail, but bound by e-tagging or have a proximity ban that stops him from approaching airports and seaports.
Judge Tan said there was a real and high flight risk for Su Baolin, as there was evidence he owns a condominium in China and has the means to relocate. She accepted the risk of collusion and did not grant Su Baolin bail. His case is scheduled for a pre-trial conference on Oct 4.

Separately, a cousin of one of the accused persons Wang Baosen, was revealed to be on the authorities’ wanted list. This cousin, known as Subject Y, whom both prosecutors and Wang Baosen’s defence lawyer, Mr Adrian Wee, brought up in court on Wednesday, has had $100 million worth of assets frozen.
DPP Foo Shi Hao said Chinese national Wang Baosen, who faces two money laundering charges, should not be offered bail as there is a risk of collusion and witness tampering with Subject Y.
Noting that Wang Baosen’s wife is also under investigation by the Commercial Affairs Department (CAD), and that he was a high flight risk, Judge Tan denied him bail.
Wang Baosen’s case will be mentioned again on Oct 4.

A cousin of Wang Baosen (pictured) has had $100 million worth of assets frozen and is on the authorities’ wanted list. ST ILLUSTRATION: CEL GULAPA

DPP Foo added that Zhang Ruisheng, the brother of another accused person Zhang Ruijin, is involved in investigations, saying his statement was recorded in August.
This was revealed when Zhang Ruijin’s defence lawyer, Mr Loo Choon Chiaw, applied for his family members to visit him.
Citing ongoing investigations, DPP Foo said Zhang Ruisheng should not be allowed to visit his brother, who faces three charges of forgery.
Zhang Ruijin, a 44-year-old Chinese national whose lawyer said suffered from clinical depression, complained about his ailments.
He said in Mandarin: “I sleep only one to two hours a night. My hands tremble for 20 to 30 minutes, and I feel pain all over my body. My medical condition is getting worse.”
DPP Foo said he could inform the prison doctor about his condition. His case has been adjourned to Oct 18.

Zhang Ruijin’s lover Lin Baoying, 43, the only woman among the 10 accused, was not offered bail on Wednesday.
Mr Loo, who also represents Lin, said he would make immediate arrangements to meet her, and for her family members to have access to her. Lin’s case has been adjourned to Oct 18.
The wife of another accused, Wang Dehai, 34, is also under investigation.
Prosecutors revealed this when the lawyer of Wang Dehai, a Cypriot national, requested for his client to see his family members.
Wang Dehai, who faces two charges under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act, will continue to be in remand. His case was adjourned to Oct 18.
Su Jianfeng, 35, who faces four money laundering charges, was also not offered bail on Wednesday.
DPP Edwin Soh said they had just filed an affidavit from an investigation officer in the case.
Su Jianfeng’s lawyer, Mr Ravindran Ramasamy, requested three weeks to file an affidavit in reply, citing the need to obtain documents from overseas, and that the matters raised were very detailed.
The lawyer noted that Su Jianfeng, a Vanuatu national, said he was being interviewed only for one to 1½ hours every day.
Based on this, the lawyer said he hoped the CAD could be more liberal to allow them to take detailed instructions from his client.

The lawyer of Vang Shuiming, 42, who faces the most number of charges among the 10 accused, requested for more time to take directions from his client regarding the prosecution’s application to deny him bail.
Mr Wendell Wong said he had been reviewing Justice Vincent Hoong’s decision to dismiss Vang’s bid for bail on Tuesday.
Vang, a Turkish national who faces one charge of using a forged document and four charges of money laundering, will have a bail review hearing on Sept 14.
Vang allegedly has more than $200 million in assets in Singapore, including four properties and three vehicles, according to an affidavit filed by a CAD investigation officer.
He allegedly financed 10 condominium units at Canninghill Piers, and one condominium unit at Park Nova, which are all currently under construction and served with prohibition of disposal orders. The orders mean they cannot be sold by the accused persons.
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Su Wenqiang, 31, denied he was related to the other suspects when he appeared in court via video link.
The Cambodian national, who faces two money laundering charges, spoke up after his case was adjourned for a bail hearing on Oct 18.
He said in Mandarin: “The investigations should show that I am not related to the other accused persons. I have not many other interactions with them, including financial interactions. This involves my own problem, and I have told the investigation officers all of this.”
His lawyer, Mr Nandwani Manoj Prakash, said they would arrange to see him in the next few days and address his concerns.
Cambodian national Chen Qingyuan, 31, requested to see his family members when he appeared in court.
He said in Mandarin: “I have been remanded for 23 days. My children are starting school, and I do not know if they are facing any difficulties. I am very worried.”
The prosecution directed his lawyer, Mr Mark Tan, to write in with the list of visitors who wished to see him.
Chen Qingyuan faces four charges under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act. His case has been adjourned to Oct 18.
The authorities have seized assets amounting to $1.8 billion in what is described as one of Singapore’s largest money laundering cases.
These assets, which were owned by the individuals under investigation or by companies and people linked to them, include 105 properties worth $831 million.
The properties comprise seven detached bungalows in Sentosa Cove, 79 condominium units and 19 commercial or industrial spaces.

 

[LITTLEREDDOT]

Company set up so wife of accused in $1.8b money laundering case can get employment pass: CAD​

Wang Baosen (left) and Su Baolin are among the 10 foreign nationals charged in the billion-dollar money laundering case. ST ILLUSTRATIONS: CEL GULAPA

Nadine Chua

SEP 7, 2023

SINGAPORE – The company owned by the wife of one of the accused in the $1.8 billion money laundering case was set up so that she could get an employment pass (EP) here.
This was revealed by Mr Seah Li Hao, a Commercial Affairs Department (CAD) officer, in an affidavit to support the prosecution’s application on Wednesday that no bail be granted to her husband, Wang Baosen.
The 31-year-old Chinese national faces two money laundering charges.
Assets worth more than $18 million have been seized or subjected to prohibition of disposal orders relating to his case. The orders mean they cannot be sold by the accused.
They include a black Toyota Alphard worth $284,000, more than $3.3 million in four bank accounts and one property worth $14.76 million.
These assets owned by Wang; his wife, He Huifang; and Hui Xia Technology Investment were seized or frozen.
The officer said He Huifang owns Hui Xia Technology Investment, where she is the sole director and shareholder.

Mr Seah said He Huifang claimed she is an investment consultant in the company, but his investigations revealed that the company was set up for the main purpose of obtaining an EP for her in Singapore.
The Straits Times reported on Aug 18 that all 10 of the foreign nationals charged in this case held either an EP or a dependant’s pass (DP), and were originally from the Fujian province in China.
The officer added Wang holds a DP linked to He Huifang’s supposed employment in Singapore.

Mr Seah noted that Wang has two passports, issued by China and Vanuatu.
The CAD officer said Wang is a high flight risk as his parents and brother live in China. Apart from his wife, Wang has no other direct family members in Singapore.
He Huifang’s two children from a previous relationship and her mother are in Singapore.
Mr Seah said according to Wang’s account, he has overseas sources of income, including one million yuan (S$189,230) of profits earned from his family’s tea plantation business in China between 2019 and 2023.

ST reported on Aug 23 that Anxi County in Fujian is a tea-growing area known for its Iron Buddha (Tieguanyin) tea. The village is also the last known address of Chen Qingyuan, one of the 10 accused.
Fujian has long been linked to crime, from “snakehead” organisations that smuggled people into the United States by boat to triads in Hong Kong. In the late 1990s, telecoms scams that had gained traction in Taiwan moved to Fujian.
Highlighting the two money laundering charges that Wang faces, Mr Seah said the accused faces serious charges for offences for which there is early credible evidence.
“It would therefore be a great injustice should the accused manage to abscond and evade his charges,” added Mr Seah.
Acknowledging that He is also under investigation by the CAD, and that Wang was a high flight risk, District Judge Brenda Tan denied him bail on Wednesday.
He Huifang’s name was among the 34 names, including those of the 10 accused, that the Ministry of Law had sent to dealers of precious metals and stones in an e-mail seen by ST on Aug 28.

The dealers were told to review transactions and business relations to assess if there was suspected criminal conduct, including money laundering, in connection to the police investigation of the current case.
In an affidavit filed to support the prosecution’s application that no bail be granted to another accused, Su Baolin, CAD officer Louis Tey said there was a risk that Su Baolin would collude with witnesses, especially his wife, Ma Ning.
Mr Tey said bank accounts containing more than $33 million, over $57 million worth of properties, and around $4.9 million worth of vehicles in the couple’s name were seized or subjected to prohibition of disposal orders.
Su Baolin faces two charges in total. His second charge, which was recently amended, states that he had allegedly conspired with Wang Qiming to make a false document to cheat Standard Chartered Bank in December 2020.
Su Baolin was not granted bail on Wednesday.
“To release Su Baolin on bail would be to run the serious risk of these persons colluding in order to defeat investigations,” said Mr Tey, referring to Su Haijin, whose connection with Su Baolin was detailed in court on Wednesday.

 

[k1976]

Well, we are a victim of our own success... 道tall one foot, 魔taller by 1 yard mah

 

[LITTLEREDDOT]

Suspects nabbed in money laundering case can be held without bail until police probe is over: Lawyers​

(From left) Lin Baoying, Zhang Ruijin and Su Baolin have been slapped with forgery for the purpose of cheating charges, a non-bailable offence. ST ILLUSTRATIONS: CEL GULAPA
Andrew Wong and Nadine Chua

Sep 10, 2023

SINGAPORE – Suspects arrested for serious crimes, including forgery for the purpose of cheating, can be held without bail until police complete their investigations, lawyers said. Examples of non-bailable crimes include capital offences such as murder and drug trafficking.
The court may also not grant bail to those charged with a bailable offence if there is reason to believe they will not turn up for the scheduled hearing or investigations when told to do so and will not submit to custody.
More than three weeks have passed since 10 foreigners, who are all believed to be originally from China, were arrested on Aug 15 in connection with a money laundering probe that saw police seize control of more than $1.8 billion in assets.
Lawyers said suspects can be held for up to 48 hours by the police before they are charged in court or brought before a magistrate. Any further detention is then decided by the judge.
There are exceptions, and these largely relate to national security issues.
For example, an individual can be detained under the Internal Security Act for up to two years, said Mr John Lim, managing director of LIMN Law. He added that extensions of up to the same period of time is allowed under the same law.
Mr Azri Imran Tan, partner at IRB Law, said that unless the accused person is charged with a non-bailable offence, bail must be offered as a right.

“If the offence is non-bailable, the court retains the discretion as to whether he should be released on bail. The onus is then on the accused person to show why he should be granted bail. For example, in the case where an accused person is a high flight risk, bail may not be offered,” he said, adding that prolonged remand may also be needed for complex investigations.
The individuals in the money laundering probe have been denied bail since they were initially charged with various offences on Aug 16.
Three of them – the only woman among the 10, Lin Baoying, her lover Zhang Ruijin and Su Baolin – have been slapped with forgery for the purpose of cheating charges, a non-bailable offence.

The court agreed with the prosecution, which had raised concerns over possible collusion, interference with investigations and flight risks, with some of the suspects holding substantial assets overseas.
Mr Daniel Goh, managing director at Characterist law firm, said the court will consider factors such as whether the accused is a citizen or permanent resident of Singapore, or domiciled in Singapore.

Other considerations include the accused’s background, his association with other individuals, the likely sentence he will receive on conviction as well as the strength of the prosecution’s evidence, Mr Goh added.
LIMN Law’s Mr Lim said the prosecution can apply for the accused to be further remanded for not more than eight days at a time for investigation purposes, if it appears likely that further evidence may be obtained by a remand.
Vang Shuiming, also known as Wang Shuiming, had appealed in the High Court to have the State Courts’ order to deny him bail revoked. The 42-year-old Turkish national currently faces one forgery charge and four money laundering charges.
On Sept 5, Justice Vincent Hoong dismissed his bid to be released on bail.
Mr Lim said the High Court had considered the stage of which the investigations were at and found there was justification for continued remand based on the need to conduct further investigations into a complex case.
The High Court had also considered the risk of collusion because of the connection between the suspect and other persons wanted by the police, added Mr Lim.

 

[LITTLEREDDOT]

Wider network of suspects linked to 10 nabbed in billion-dollar money laundering bust​

Police here conducted a second raid on Sept 1, based on intelligence from the foreign authorities that had uncovered assets belonging to the 10 that were previously hidden. PHOTO: SINGAPORE POLICE FORCE
David Sun, Andrew Wong and Nadine Chua

Sep 10, 2023

SINGAPORE - Documents filed in the State Courts showed a wider network of suspects may be linked to the 10 arrested in Singapore in a money laundering case that now involves assets worth more than $1.8 billion.
Some of these suspects are connected to organised crime syndicates operating overseas involved in online gambling, scam centres and illegal moneylending.
In applying for the continued detention without bail for the 10 accused, prosecutors argued that the individuals are linked not just to each other, but also to suspects who fled Singapore and some who are based overseas.
After the bust on Aug 15, police here conducted a second raid on Sept 1, based on intelligence from the foreign authorities that had uncovered assets belonging to the 10 that were previously hidden.
Thus far, police have identified two individuals in court – Suspect X and Subject Y.

Subject Y​

On Sept 6, the court heard that Subject Y is the cousin of Wang Baosen, a 31-year-old Chinese national who is currently facing two money laundering charges here relating to monies from illegal remote gambling.
Assets worth more than $18 million have been seized or subjected to prohibition of disposal orders relating to Wang Baosen’s case.

Police also took control of assets owned by his wife, He Huifang, who is a director of two firms registered in Singapore – Huixia Technology and Huixia Technology Investment.
The court was told that one property owned by He Huifang, who claimed to be an investment consultant, was worth more than $14 million.
In an affidavit filed by the Commercial Affairs Department (CAD), the investigation officer said Wang Baosen is a high flight risk as he does not have employment in Singapore and has sources of income overseas, including 1 million yuan (S$189,000) he received from his family’s tea plantation business in China.

The investigating officer, who submitted the affidavit to have Wang Baosen denied bail, wrote: “I believe the accused faces serious offences for which there is early credible evidence. It would therefore be a great injustice should the accused manage to abscond and evade his charges.”
The officer also said the Singapore Police Force is trying to get information from counterparts overseas on the location and activities of Subject Y, who is currently on the run.
The affidavit added that more than $100 million worth of assets in Singapore belonging to Subject Y had been seized or issued prohibition of disposal orders.

The Straits Times had on Sept 3 revealed that Wang Baosen has close links to members of the Hongli gambling syndicate in Cambodia.
They include 34-year-old Wang Bingang and 36-year-old Wang Cailin, who set up the Hongli300 online gambling website in the Philippines in 2013.
The website mainly operated “live” video online gambling for popular games such as baccarat and blackjack. It also dabbled in betting projects for sports and e-sports.
It was reported by the Chinese media that the syndicate recruited family members to be part of the gambling website’s operations, with Wang Bingang allegedly recruiting Wang Baosen to assist with the finance operations of the website in early 2014.
This was just before Hongli’s operations were moved to Cambodia in March 2014.
The authorities shut down the illegal gambling website in October 2014. By then, it was already churning about 980 million yuan in transactions.
Wang Bingang and Wang Cailin were later jailed for three years each by a district court in China in 2015. Wang Baosen was investigated in relation to the case.
The police did not identify Subject Y, but checks by ST showed that Wang Bingang is a person of interest to the Singapore authorities in relation to the money laundering case.
He is an associate of the 10 accused, according to a list sent by the Ministry of Law (MinLaw) to dealers of precious metals and stones. The list, which contains a total of 34 names including the 10 accused, was sent out on Aug 27 with instructions to dealers to review “transactions and business relations to assess if there are any reasonable grounds to suspect criminal conduct, including money laundering, in connection to the police investigation”.
ST found that Wang Bingang is a member of Sentosa Golf Club, having obtained membership in early 2022. At least four of the 10 accused are also members of the exclusive club, which costs around $950,000 for foreigners to join.
Accounting and Corporate Regulatory Authority records showed Wang Bingang did not have any current or past appointments with registered businesses here.
His registered address was in Rochalie Drive in Tanglin, where good class bungalows are located.
Wang Bingang shares an address with Wang Liyun, another associate of the 10 accused, according to the MinLaw list.
Wang Liyun is listed as director of two consultancy companies set up in 2020, and is also the shareholder of a bridal house, a photo studio and a restaurant.
The restaurant at Orchard Plaza, Jiang Hu Xia Ke, was previously asked to temporarily close in 2020 after staff were caught serving beer from metal teapots and flouting Covid-19 safety rules amid the pandemic.

Suspect X​

Prosecutors on Sept 5 revealed that one of the accused – Vang Shuiming, or Wang Shuiming – had communicated with a Suspect X, who is no longer in Singapore, about illegal activities.
Vang, a 42-year-old Turkish national, currently faces one forgery charge and four money laundering charges.
The investigator said that on Aug 31, CAD received information on at least $3 million in assets that were moved in Vang’s name by a person of interest.
This was done after his arrest.
These assets were linked to others previously not known to CAD, and amount to more than US$30 million (S$41 million).
The police here have seized more than $260 million worth of assets belonging to Suspect X.
The police here did not identify Suspect X, but said he is wanted in connection to the ongoing probe, and in China for online gambling activities.
Vang’s brother, Wang Shuiting, is on the MinLaw list. He is also one of eight suspects on the run from the probe here.
ST reported on Sept 3 that the brothers have alleged links to the Heng Bo Bao Wang gambling syndicate, which had a base in Cambodia. The syndicate was behind the operations of illegal gambling services.
According to a notice issued by the Chinese authorities in August 2023, the group developed and maintained several online casinos, and either provided the services directly or leased the gambling services out to others to operate.
The syndicate was uncovered and dismantled in May 2022, with the authorities in China arresting 131 suspects and seizing more than 10 million yuan.
Nine suspects linked to the group, who were living abroad, became fugitives.
They allegedly include Wang Shuiting and Vang, who the police said is closely associated with two of the 10 accused – Su Haijin and Su Baolin.
The notice from the authorities in China urged the nine to return to the country, saying if they did so voluntarily before Oct 10, 2023, they may be granted leniency.
Checks by ST found that the brothers have Cambodian citizenship, with Vang being granted his in March 2019, and Wang Shuiting in November 2018.
Wang Shuiting is also a Sentosa Golf Club member, having gained his membership in the first half of 2022.

Further checks showed that Wang Shuiting is one of eight directors of Cambodian company S.C.W.D Construction.
The letters in the company’s name correspond with the surnames of the directors: Su, Chen, Wang and Deng.
Wang Dehai, one of the 10 arrested in Singapore, is also a director of the same company.
The Cypriot national faces two money laundering charges here, and is wanted in China for alleged links to a gambling gang that was uncovered in 2017.
Meanwhile, police have taken control of more than $200 million in assets tied to Vang. They include four properties and three vehicles, worth more than $29 million in total, almost $1 million in cash, and 11 condominium units still under construction.
Some of these assets are jointly held with his wife Wang Ruiyan, who is the director of Ming Huang Investments and Ming Huang Management, firms registered in Singapore.
Wang Ruiyan is also a person of interest in the case, according to the MinLaw list.

 

[blackmondy]

Why all these fucking tiongs have cartoon faces?

 

[LITTLEREDDOT]

Wives of 10 arrested in money laundering case among suspects linked to probe​

In a subsequent hearing in court, the prosecution revealed that the suspects include wives and relatives of the 10 accused people (above). ST ILLUSTRATIONS: CEL GULAPA
Nadine Chua and Andrew Wong

Sep 10, 2023

SINGAPORE - Investigators are having a closer look at the people linked to the foreigners arrested here in a money laundering probe, with the police digging into assets they own and businesses they are involved in.
The Ministry of Law had sent a notice on Aug 27 to dealers of precious metals and stones to check against their records for possible suspicious transactions by these 24 individuals.
In a subsequent hearing in court, the prosecution revealed that the suspects include wives and relatives of the 10 accused.

1. Su Yongcan​

He is a shareholder of Craft Digital, a company located at Millenia Tower in Singapore.
Su Yongcan’s registered address is at South Beach Residences, the same condominium estate as Wu Shuiying, who is also listed as an associate of the 10 accused.
Su Yongcan is a member of the Sentosa Golf Club, where a few others in the alleged network, including Su Haijin and Su Baolin, are members. Su Haijin and Su Baolin were arrested on Aug 15 in the probe.
Su Yongcan is wanted by the Chinese authorities for his involvement in a gambling gang uncovered in 2017. Su Jianfeng, Su Wenqiang and Wang Dehai – who are among the 10 charged here – were allegedly part of the same gang.

2. Wang Shuiting​

Wang Shuiting’s brother is Vang Shuiming, also known as Wang Shuiming, another one of the 10 accused.
Wang Shuiting, who is also a member of the Sentosa Golf Club, is wanted by the Chinese authorities for his involvement in the Heng Bo Bao Wang gambling syndicate, which was uncovered in 2022.
His brother, Shuiming, is also wanted in China, allegedly for the same reason.

3. Wang Ruiyan​

Wang Ruiyan is married to Vang Shuiming. Her registered address is 7B Bishopsgate, the same residence where her husband was arrested on Aug 15.
She is the director of two companies in Singapore, Ming Huang Investments and Ming Huang Management.

4. Wu Qin​

Wu Qin married Su Haijin on Valentine’s Day in 2019. Company records showed her address as 16 Ewart Park, the residence from which her husband jumped, allegedly trying to flee during the police raid.
She holds director roles in two companies here: Hirohisa Vending and Culbert Management. J.J., a man who The Straits Times reported was director or secretary of 185 companies in Singapore, is the secretary of Hirohisa Vending.

5. Ma Ning​

Ma Ning is Su Baolin’s wife. Almost $100 million worth of assets, including $57 million worth of properties, $33.6 million in bank accounts and $4.9 million worth of vehicles, belonging to Su Baolin and Ma Ning were taken control of by the authorities. Ma Ning lives in Gramercy Park, a condominium in Grange Road, the registered address of Su Haijin.

6. Chen Qiuyan​

Chen Qiuyan’s registered address is a unit at 8 Saint Thomas, a condominium in River Valley, where Su Jianfeng lived. Chen Qiuyan is the director of two companies here: Qingfeng Assets and Qingfeng Investment.

7. Wang Qiujiao​

Wang Qiujiao is the director of two companies in Singapore: King Shine Capital and King Shine Consulting. Wang Qiujiao’s registered address is a condominium unit at New Futura, the same unit that Chen Qingyuan bought in 2018 for $10.2 million, according to The Business Times. King Shine Capital is also a shareholder in Pinkee, where Chen Qingyuan, who was arrested in the raid in Singapore, is director.

8. Su Caihuang​

Su Caihuang lives in the same unit at The Marq on Paterson Hill that Wang Dehai allegedly bought using $23 million of benefits from his criminal conduct. Su Caihuang is the director of two companies in Singapore: Horizon Win and Horizon Win Management.

9. He Huifang​

He Huifang is the wife of Wang Baosen, who faces two money laundering charges here. She owns Hui Xia Technology Investment, which was set up so she could get an employment pass in Singapore.
Assets worth more than $18 million have been seized or subjected to prohibition of disposal orders, including a black Toyota Alphard worth $284,000, more than $3.3 million in four bank accounts and one property worth $14.76 million. These assets were owned by Wang Baosen, his wife and Hui Xia Technology Investment.
He Huifang’s registered address is a condo in Tomlinson Road. The police said Wang Baosen was arrested on Aug 15 at his residence in Tomlinson Road.

10. Su Lihong​

Su Lihong is the director of two companies in Singapore: Lihong Investment Management and Lihong Investment. Su Lihong’s registered residence is 40 Belmont Road, according to Accounting and Corporate Regulatory Authority records.

The other associates are:​

• Su Yanping
• Chen Lingling
• Chen Qingqing
• Wang Liyun
• Su Jianhua
• Wu Shuiying
• Wu Bihua
• Chen Qiuxiang
• Wang Huoqiang
• Chen Mulin
• Liu Jiarong
• Chen Peiyong
• Chen Zhiqiang
• Wang Bingang

 

[LITTLEREDDOT]

Bangladeshi tycoon’s alleged US$1 billion money laundering empire in Singapore exposed​

June Moh
24 August 2023

SINGAPORE: Last Tuesday, the Singapore Police Force’s operation against a money laundering group that saw ten individuals arrested and assets with an estimated combined value of around S$1 billion (equivalent to US$737 million) seized sent shockwaves across the city-state.
What many in Singapore are not aware of, however, is a shocking development that took place earlier in the same month, where a Bangladeshi tycoon, Mohammed Saiful Alam, the owner of S Alam Group, has reportedly established a business empire in Singapore worth approximately US$1 billion, without obtaining any permission from Bangladesh Bank (BB) for investments or fund transfers abroad — an offence that carries a penalty of up to 12 years in jail and a fine double the amount transferred abroad.
The report entitled “S Alam’s Aladdin’s Lamp,” published by Bangladeshi English-language daily newspaper, The Daily Star on 4 August, highlighted that although the central bank had granted permission for 17 companies to invest abroad, the S Alam Group’s name was notably missing from the list.
It has been alleged that Saiful Alam acquired multiple properties, including hotels and homes, in Singapore while attempting to conceal his involvement.
The publication pointed out that as of 10 January this year, the BB sanctioned around US$40.15 million for global foreign investments, a far cry from Saiful’s reported US$411.8 million on two hotels and a retail space in Singapore since 2009.

The report indicated that Saiful Alam and his wife were listed as directors of Wilkinson International Pte Ltd, a company registered in Singapore. This company had assets valued at nearly USD 1 billion in 2021 and exhibited expenditures exceeding its earnings.
“While financing could mean both equity and borrowing, analysts looking at the statements noted that since Alam and his wife were the sole shareholders at least until the end of 2020, this amount would potentially have to be bank borrowings or cash loans, and not equity.” – The Daily Star
The report also highlighted that the couple possesses properties in Singapore that have been transferred to trust funds.
Since Singapore abolished estate duty in 2008, income distributions from Singaporean trusts are tax-exempt. Additionally, successors can be added as beneficiaries of a Singaporean trust without incurring any estate duty.
Following the report and public outcry, the Bangladesh High Court ordered a comprehensive investigation on 6 August into the alleged establishment of Saiful’s business empire in Singapore.

According to the Bangladeshi daily newspaper, The Business Standard, the bench, led by Justice Md Nazrul Islam Talukder and Justice Khizir Hayat, directed the Bangladesh Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) to conduct a thorough inquiry into the matter and submit a comprehensive report within two months from 6 August 2023.
The High Court has also summoned the editor of The Daily Star to present the documents that formed the basis of the published report within the following four weeks.
ACC lawyer Khurshid Alam Khan said that the court had scheduled the next hearing for 10 October.
Transparency International Bangladesh’s executive director stated that this scenario might indicate illicit financial transfers, particularly if legitimate foreign income sources are lacking.
It was revealed that S Alam Group’s chairman and managing director, Saiful, resides in Singapore, according to newspaper reports.

Recovering smuggled capital from Bangladesh is time consuming​

On top of the alleged monies transferred by Saiful Alam, around US$1 billion owned by a former minister convicted of war crimes, is alleged to be residing in a Singaporean bank.
This was said by ACC lawyer Khurshid to The Business Standard back in 2020. Although this information is confirmed by ACC and other agencies, no official acknowledgement has been made.
The lawyer said the laundered capital is recovered through due legal process and mutual cooperation between the countries.
When questioned about the complexities in reclaiming the laundered money, Khurshid mentioned, “Typically, bank accounts have designated nominees, yet this particular account lacks one.”
Furthermore, he said, “No claims on the funds have been made by his heirs, hindering our efforts to recover the money.”

Insiders suggest that relevant agencies are steadily progressing as per the legal protocols.
The ACC representative clarified their limited involvement, saying they cannot act on the funds in Singapore unless the owner seeks them. The chance of recovering the funds under these circumstances is slim.
However, Khurshid added, “We’ve consulted the legal frameworks and alerted the Singaporean government about the nature of the funds. They’ve requested the necessary documentation from us.”
However, no public report or update on the matter has appeared to have been published since then.
A report from Global Financial Integrity in 2019 suggests that US$52.74 billion has been laundered from Bangladesh over the past seven years, primarily through import-export fraud.

 

[LITTLEREDDOT]

Money laundering probe sparked by suspicious transaction reports, not external pressure: Shanmugam​

The probe into the money laundering case had been going on for months, said Home Affairs and Law Minister K. Shanmugam. ST PHOTO: JASON QUAH

Grace Leong
Senior Business Correspondent

SEP 10, 2023

SINGAPORE – Investigations into the billion-dollar money laundering case here did not arise from external pressure and were triggered by suspicious transaction reports filed by financial institutions, said Home Affairs and Law Minister K. Shanmugam, stressing that the probe had been ongoing for months.
That the authorities took action right away when they became aware of the facts sends a clear signal that Singapore is a reputable financial centre that will act against people who try to launder money here, he added.
He said this in an exclusive interview published in Chinese newspaper Lianhe Zaobao on Sunday.
“The key point is that we identified and took action against a sizeable network, and seized a very large amount of assets. What message does it send?” he said.
“It sends a clear message that we will act firmly against these kinds of illegal activities in Singapore.”
The investigations came to light in August, after police arrested 10 foreigners – nine men and one woman, aged between 31 and 44 – following an islandwide raid by more than 400 officers led by the Commercial Affairs Department.
The police have taken control of more than $1.8 billion in assets, raising eyebrows and questions over how the 10 had managed to accumulate so much.

Probe not triggered by China​

Quashing speculation among some that the arrests were linked to a visit by China’s Foreign Minister Wang Yi on Aug 10, Mr Shanmugam said there was absolutely no connection between the two events.
“We started the investigations because we had reason to believe that these people had committed offences in Singapore,” he said.
“We didn’t start the investigations at the request of some foreign country or party or because of external pressure.”

He added that Singapore does not yield to pressure from any country.
“Just because a country says arrest so-and-so doesn’t mean we go and arrest. It’s got to be illegal in Singapore. We need to be satisfied and we need to know that things have happened which are contrary to our laws, then we will take action – regardless of what others say,” he said.
In fact, the probe had been going on for months, with the police having to trace any illegal activity here and overseas as well as those involved and the flow of funds, he added.
In this case, the police started looking into the matter based on suspicious transaction reports filed by financial institutions, as well as intelligence and other pieces of information.
There was no way that tracing such investigations could have been done in a matter of days or weeks, and those familiar with such work would know, he added.

No action if money is clean​

That the 10 arrested are believed to have originated from China also spooked some other Chinese nationals in Singapore, worried about being implicated.
Responding to Lianhe Zaobao’s query on this, Mr Shanmugam said those with proper, legitimate businesses who are bringing in legitimate money need not worry.
As a major financial hub, Singapore has seen the inflow of huge amounts of money over many years, whether it is brought in by Chinese, South-east Asians, Europeans or Americans, he noted.
“Action hasn’t been taken in respect of a lot of other money,” he said.
In this case, the group of 10 are suspected to be involved in organised crime overseas, including scams and illegal online gambling, and are suspected of trying to launder the proceeds of those crimes in Singapore, he added.
“So the basic point is this: if you do anything illegal in Singapore, like forge documents or commit crimes, or do illegal things overseas and then try to launder your criminal proceeds here, action will be taken,” he said.
“But if you have a proper, legitimate business, and you bring in legitimate money here and don’t break our laws like forging documents – there is nothing to worry about.”

Courts will decide how assets are dealt with​

Police seized more than $23 million in cash and hundreds of luxury items, and issued prohibition of disposal orders on dozens of cars and multiple bottles of liquor and wine. PHOTOS: SINGAPORE POLICE FORCE
Mr Shanmugam was also asked about how the assets will be dealt with once the court case is concluded, and said it will be handled similarly to other cases which involve seizure of assets.
Ultimately, the courts have the final say, he added.
For now, the assets are in police custody, based on standard procedures set out in the law. If the 10 are found guilty, and the assets are traced to criminal activities, the courts will have to determine how the assets will be dealt with, he said.
On what will happen to the 10 foreigners once they are convicted and sentenced, Mr Shanmugam said they will have to serve the sentence, and after that “supposing it’s a custodial sentence... he or she may be deported out of Singapore to wherever the passport will allow the person to go”.
However, he added that if there is an extradition request from a country which has such a treaty with Singapore, then the authorities here will comply with the agreement.

Robust anti-money laundering controls​

Mr Shanmugam said Singapore has put in place a robust, comprehensive anti-money laundering framework, including taking in international best practices.
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions, he added. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.
“Our laws make it a duty for anyone – including bankers, property developers – to report suspicious transactions,” he said.
He added that the Financial Action Task Force (FATF), a global body that sets the standards and oversees efforts to combat money laundering and financing of terrorism, had assessed Singapore’s legal and institutional framework before the money laundering syndicate bust, and concluded that it is robust.
Among the conclusions of the FATF is that Singapore has strong licensing controls, strong detection and supervision, good coordination between agencies, good sharing of data and financial intelligence, and swift and firm law enforcement when criminal activities are uncovered, he said.
Despite this, it does not mean that people will not try to launder money here, he acknowledged.
“They will try. You have to be alert, try and pick it up and deal with it. I would say the fact that we took such action in this case actually enhances our reputation,” he said.
“There are many international financial centres... (and) there are trillions of dollars floating around the world. Not all of it is clean,” he added.
“How many times have you seen such action being taken?”

Must stay open as financial hub​

The financial services sector here accounts for 14 per cent of Singapore’s gross domestic product, employs about 200,000 people, and affects growth in other sectors, he noted.
Given this, it is important to ensure that Singapore “upholds its reputation as a place with trusted, sound regulation, good governance, strong rule of law” while staying open, he said.
Singapore cannot afford to close the window to its financial centre as this would mean that even legitimate funds will be kept out, he added.
This also means that some criminals will try their luck by mixing illegal transactions with legitimate ones to evade detection, he said, noting this happens in financial centres all over the world, such as in London, Hong Kong and Australia.
“And inevitably, when you are a major financial centre, a lot of money comes in, some ‘flies’ will also come in... But everyone, not just us, has to do our best,” he said.

 

[LITTLEREDDOT]

‘One of the most serious if not the worst money laundering case in Singapore’: DPP​

Su Haijin had fractured his hands and legs after jumping from the second-floor balcony of his Bukit Timah home on Aug 15. PHOTOS: ST READER, WECHAT

Samuel Devaraj

Sep 13, 2023

SINGAPORE - Su Haijin, one of the 10 accused in the billion-dollar money laundering case, is an extreme flight risk and could have passports issued by as many as five countries, said the prosecution on Wednesday.
During a court session that lasted more than two hours, Deputy Public Prosecutor Eric Hu said that apart from Cypriot and Chinese passports, Su has Cambodian and Turkish passports that have not been recovered by the police.
The DPP added that the police found a photo of a passport from St Lucia – a small island-state in the Caribbean – in his phone under the name Su Junjie, and he did not tell the police about this.
These passports mean that Su can leave Singapore easily, DPP Hu said.
The 40-year-old Cypriot national already faces one charge of money laundering and another for resisting arrest.
Su allegedly has over $4 million in a UOB bank account, said to be benefits from unlawful remote gambling offences.
DPP Hu said the investigating officer’s affidavit showed that at least a part of this sum is proceeds from an online gambling business operating in the Philippines, targeting gamblers from Taiwan or China.

Su has been in remand since Aug 15 and was applying on Wednesday for bail, appearing in court via video-link from Changi Medical Centre. The application for bail was rejected.
He fractured his hands and legs after jumping from the second-floor balcony of his home at Ewart Park in Bukit Timah on Aug 15, allegedly while trying to escape from the police.
DPP Hu said Su was a flight risk and added: “Despite breaking both legs and injuring his wrists, he still mustered the will to leave his house to hide in a drain from the police.”

In arguing against bail, DPP Hu said there was early credible evidence that Su committed the offences and there would be significant risk of collusion should he be released.
DPP Hu added: “This case is one of the most serious, if not the worst, money laundering case in Singapore. We see huge amounts of assets, including many of which are overseas, and time must be given for investigators to do their job.”

Su Haijin was injured after jumping from the second-floor balcony of his home at Ewart Park on Aug 15. PHOTO: ST FILE
Su’s lawyer, Mr Julian Tay, said his client had voluntarily disclosed the existence of his Cambodian and Turkish passports, and that there were valid business and investment reasons for him to have them.
He added that there was no allegation that these passports were fake or illegally obtained.
As for the St Lucian passport, the lawyer said it had already been cancelled and that Su Junjie had been his client’s alias since primary school, and was not an attempt to hide his name.
He added that his client’s Chinese passport had been cancelled.

DPP Hu said the authorities are verifying with their international counterparts the claim that some of these passports have been cancelled.
Arguing for bail for his client, Mr Tay cited the case of alleged nickel trading scammer Ng Yu Zhi, who faces 105 criminal charges. Ng, who is at the centre of an alleged $1 billion scam, was first offered $1.5 million in bail, then $4 million, and later $6 million.
Mr Tay said Ng had family and substantial assets overseas.
DPP Hu said Ng is a Singaporean, but stressed that each case arguing for bail must be taken on its own merit.
In denying bail, District Judge Brenda Tan said she was satisfied Su was a flight risk, as there was evidence he had multiple passports and resources to relocate comfortably, referring to his considerable wealth overseas in Cambodia, Cyprus and London.
She had earlier clarified with the prosecution that a property mentioned in the investigating officer’s affidavit in Oxford Street was in fact in London.
Responding to a question from the judge about Su’s links to Singapore, DPP Hu said his wife and four children – aged between seven months and 19 years old – were here, but they were not citizens or permanent residents.
The authorities have seized more than $170 million in assets from Su and his wife.

Su Haijin’s wife outside the State Courts on Aug 23. PHOTO: ST FILE

So far, nine men and one woman, aged between 31 and 44, have been nabbed following islandwide raids on Aug 15 by more than 400 officers led by the Commercial Affairs Department.
Prosecutors told the High Court last week that the police have taken control of more than $1.8 billion in assets to date. All 10 have been remanded in custody since they were charged in court on Aug 16.
One of the 10 charged was Su Baolin, who faces two charges in total.
His second charge, which was recently amended, states he had allegedly conspired with one Wang Qiming to make a false document to cheat Standard Chartered Bank in December 2020.
On Wednesday, DPP Hu said Su Haijin had not been forthcoming with the full extent of financial dealings with other suspects, notably Su Baolin.

Su Baolin faces two charges in total.
Details of Su Haijin’s relationship with Su Baolin were revealed in court for the first time on Sept 6.
DPP Ng Jean Ting had said Su Baolin, a 41-year-old Cambodian national, had made payments in 2021 amounting to $2.2 million in Su Haijin’s name towards two properties in Beach Road.
In 2022, Su Baolin, Su Haijin and two other people paid for a yacht, which was registered in the name of a fifth person. The three unnamed people left Singapore before or soon after investigations began.
DPP Ng had applied for no bail for Su Baolin, saying he had refused to divulge the true extent of his relationship with Su Haijin, and giving him bail would heighten the risk of collusion.

Judge Tan had said there was a real and high flight risk for Su Baolin, as there is evidence he owns a condominium in China and has the means to relocate.
She accepted the risk of collusion and did not grant Su Baolin bail. His case is scheduled for a pre-trial conference on Oct 4.
Su Haijin’s case is scheduled for a pre-trial conference on Oct 11.

 

[LITTLEREDDOT]

Son of money laundering accused led police raid to parents’ room before father jumped off balcony​

Su Haijin's eldest son led officers to the door of his parents’ bedroom at their Ewart Park home and called for his father to come to the door, which was locked. ST PHOTO: KUA CHEE SIONG
Andrew Wong

Sep 13, 2023

SINGAPORE – The eldest son of Su Haijin, one of the accused in the $1.8 billion money laundering case, led police officers to his parents’ bedroom during the islandwide blitz on Aug 15.
A team of officers had entered Su Haijin’s home at Ewart Park in Bukit Timah at around 6.40am, where they met his eldest son.
The son led them to the door of his parents’ bedroom and called for his father to come to the door, which was locked, said Mr Thia Yang Shen, a Commercial Affairs Department officer, in his affidavit on Sept 8.
He said Su Haijin did not respond and officers told him to step out of the room.
Despite warnings the team would storm in if he failed to comply, Su Haijin still did not respond.
The officers stormed the room and did not find him there.
Suspecting Su Haijin had jumped off the second-floor balcony, they searched around his home, and found him hiding in a drain outside.

Su Haijin faces one charge of resisting arrest, and one charge under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act for possessing over $4 million in a UOB account.
In his affidavit to support the prosecution’s application that no bail be granted to the accused, Mr Thia said the circumstances surrounding Su Haijin’s arrest were telling.
Mr Thia said Su Haijin’s son had asked him to come to the door without any indication of danger, but he immediately became unresponsive and chose to make a quick exit.

The 40-year-old fractured his feet and wrist after jumping from his balcony.
Said Mr Thia: “Yet, the accused still made considerable effort to descend a flight of steps to exit the premises from a side gate and hid in a drain.”

Su Haijin fractured his hands and legs after jumping from the second-floor balcony of his Bukit Timah home, on Aug 15. PHOTOS: ST READER, WECHAT
According to Mr Thia’s affidavit, the police seized or issued prohibition of disposal orders to the assets of Su Haijin and his wife, Wu Qin, worth $171,340,000.
The assets include more than $120 million in properties and more than $2.6 million in vehicles.
Su Haijin’s family is believed to be moving out of the good class bungalow at Ewart Park.
Large boxes and movers have been spotted at the house since Sept 4.
When The Straits Times visited their home on Sept 11, a moving truck was seen bringing boxes from the house to Gramercy Park, a condominium in the Orchard area.

Business records of Su Haijin show his registered address is a unit at the condo.
In the affidavit, Su Haijin also admitted to having 10 properties abroad worth more than $14.2 million.
They included one condo in Cambodia, three condos in Cyprus, one property at Oxford Street, London, and five condos in Macau.
He also has partial ownership of a yacht named Family which is valued at US$4 million (S$5.45 million).
He is alleged to have made payments for the yacht with Su Baolin, a co-accused in the money laundering case, and two others in 2022.

Su Baolin is a co-accused in the money laundering case. ST ILLUSTRATION: CEL GULAPA
The court was told the yacht was registered in the name of a fifth individual.
The three unidentified people linked to the vessel had left Singapore either before or soon after investigations commenced.
Mr Thia said Su Haijin had not been forthcoming about his dealings with Su Baolin in relation to the yacht and other properties, and had only come clean after being confronted by the police.
ST previously reported in August about the luxury yacht which had been docked at One°15 Marina in Sentosa Cove.

The yacht, which is not owned by any of the 10 arrested in the money laundering case, was cleared to depart on Aug 19. ST PHOTO: JASON QUAH
The 38m-long vessel was built in 2020 in Italy, and features four decks made of fibreglass and carbon fibre.
It can carry up to 10 passengers and sails under the flag of the Cook Islands, a nation in the South Pacific.
An online advertisement for a similar yacht in Turkey has an asking price of about €15.6 million (S$23 million).
Previous checks by ST found that Family was initially not allowed to leave the marina on Aug 18, but was cleared to depart on Aug 19.

The court was told on Wednesday the vessel had last been traced to Phuket, Thailand.
But according to a vessel finder website, Family left Phuket on Aug 24, and has been anchored at Langkawi, Malaysia, since Aug 25.
When ST contacted Craft Docket, an agent company that manages the vessel, on Wednesday, a representative said the vessel is registered to an individual whose name does not match any of the 10 accused in the money laundering case.
She declined to reveal the name of the individual.

 

[blackmondy]

Catch their wives no use cos most of the dirty money is stashed with their 小三 lah. Which corrupted tiong has no mistress? That's why Iimpeh say this dirty-money case is just a wayang, or as tiongs love to call it "走过场".
Piss And Poop just wanna act clean and untainted to dispel sinkies' skeptism of them.

 

[k1976]

Catch their wives no use cos most of the dirty money is stashed with their 小三 lah. Which corrupted tiong has no mistress? That's why Iimpeh say this dirty-money case is just a wayang, or as tiongs love to call it "走过场".
Piss And Poop just wanna act clean and untainted to dispel sinkies' skeptism of them.

Eg Holy Virgin Slut?

 

[LITTLEREDDOT]

Money laundering case: Accused Su Haijin linked to London buildings bought for $73m​

One of the two buildings in London that were sold together for more than $73m to New Yihao, a company that lists Su Haijin as shareholder. PHOTOS: SCREENGRAB FROM GOOGLE MAPS, WECHAT

Samuel Devaraj

Sep 14, 2023

SINGAPORE – A company partly owned by Su Haijin, one of the accused in the money laundering case here, paid more than $73 million for two buildings in London, checks by The Straits Times showed.
The buildings at 283 Oxford Street and 11 Princes Street, which back into each other, were sold for £43.3 million (S$73.5m) on Dec 17, 2021 to New Yihao, according to property records in Britain.
A Foot Locker store is currently located at the building in Oxford Street, Europe’s busiest shopping street.
New Yihao was registered in tax-haven Jersey, an island country near the coast of north-west France. The company was set up just two months before the purchases.
It lists Su Haijin as a beneficial owner, with more than 25 per cent stake in a trust that controls the company. Another entity, Fiduchi Trustees Limited, also has more than 25 per cent stake in New Yihao.
Su Haijin’s link to the sale of the properties was first reported on Wednesday by American media company Radio Free Asia and investigative reporting platform Organised Crime and Corruption Reporting Project.

The 40-year-old, who was born in China, faces one charge of money laundering and another for resisting arrest in Singapore. He allegedly has over $4 million in a UOB bank account, said to be benefits from unlawful remote gambling offences.

The authorities have seized more than $170 million in assets from Su Haijin and his wife.
His ownership of a property in Oxford Street, London, was mentioned in court on Wednesday, at a hearing where the Cypriot national was denied bail.
According to an affidavit filed by the police, Su Haijin, who had five passports, had admitted to having 10 properties abroad worth more than $14.2 million. Aside from the London property, he said he owned a condo in Cambodia, three condos in Cyprus, and five condos in Macau.

Meanwhile, his wife and four children are believed to be moving out of the good class bungalow in Bukit Timah that they were renting, to relocate to Gramercy Park, a condominium in the Orchard Road area.

Su Haijin’s home in Singapore at Ewart Park. ST PHOTO: KUA CHEE SIONG
Business records of Su show his registered address is a unit at the condo.
Radio Free Asia reported that another accused in the money laundering case, Lin Baoying, had purchased a penthouse apartment in a 65-storey luxury residential skyscraper in Canary Wharf, London’s premier financial district, for £1.78 million.
Lin allegedly purchased the unit in 2021, just days before the Oxford Street sale was finalised.
The 43-year-old Chinese national is facing two forgery charges and a charge of perverting the course of justice in Singapore.
The authorities here have seized assets belonging to Lin worth around $200 million – one of the highest amounts among the 10 accused in the case.

Yacht left Sentosa​

Separately, Radio Free Asia reported that New Yihao was set up by the Fiduchi Group, which lists luxury yacht-broker Imperial Yachts and its owner, Mr Evgeniy Kochman, as clients.
Imperial Yachts and Mr Kochman, a Russian national, were sanctioned in 2022 by the United States Treasury for assisting Russian oligarchs to “hide, move and maintain their wealth and luxury assets”.

A mega yacht valued at US$4 million, which is partly owned by Su, sailed westwards from Singapore before the tracking device was apparently turned off. ST PHOTO: JASON QUAH
Separately, a mega yacht valued at US$4 million (S$5.45 million), which is partly owned by Su, had left Singapore waters on Aug 19. It was previously berthed at One°15 Marina in Sentosa Cove.
The last tracking information showed it sailed westwards from Singapore before the tracking device was apparently turned off.

 

[laksaboy]

Why persecute them? What is Sinkieland without dirty Tiong money? Our economic growth depends on them.