Singapore, August 17, 2023 – Singapore authorities have made a significant breakthrough in their fight against financial crime with the recent arrest of 10 foreign nationals believed to be involved in a sophisticated money laundering and forgery operation. The arrests took place on August 15th and are reported to be linked to property transactions totaling approximately 1 billion Singapore dollars, making it one of the largest criminal activities of its kind in Singapore’s history.
The operation was executed by more than 400 investigators from various law enforcement agencies, including the Commercial Affairs Bureau, the Criminal Investigation Bureau, the Special Operations Command of the Police Force, and the Police Intelligence Bureau. They conducted raids at multiple locations across the island, including upscale bungalows and apartments, resulting in the apprehension of nine men and one woman. Authorities also seized substantial amounts of cash, luxury vehicles, high-end goods, and froze numerous bank accounts associated with the suspects.
The suspects are believed to have originated from Fujian, China, with three of them retaining their Chinese citizenship. The remaining individuals held Chinese passports but possessed different nationalities. Notably, one of the arrested individuals is suspected to be the Chinese buyer who acquired 20 units in the Corning River development for a staggering S$85 million in May of the previous year.
Eight additional individuals are currently wanted by the police, while 12 others are assisting in the ongoing investigation. None of those involved in the alleged criminal activities hold Singaporean citizenship or permanent residency.
The 10 arrested individuals, ranging in age from 31 to 44, appeared before the National Court of Singapore on August 16th to face a range of charges. Among the charges are accusations of money laundering through stolen assets from online gambling operators, with five men facing charges under the Corruption, Drug Trafficking, and Serious Crimes (Confiscation of Benefits) Act.
Additionally, one suspect was charged with resisting arrest, following an attempt to evade law enforcement by jumping from the second floor of a bungalow, resulting in injuries that required hospitalization.
Furthermore, two men are accused of submitting forged documents to Citibank, while a couple is suspected of using fraudulent documents to deceive CIMB Bank.
As of August 16th, the police had issued restraining orders on 94 assets and 50 vehicles, collectively valued at over 815 million Singapore dollars, along with a significant quantity of jewelry and wine. Authorities also seized over 35 associated bank accounts containing a total balance exceeding 110 million Singapore dollars. These actions are part of an ongoing effort to prevent the illicitly obtained assets from being transferred elsewhere.
In addition to the financial assets, authorities also seized more than 23 million yuan in cash, including various foreign currencies, over 250 designer bags and watches, more than 120 pieces of electronic equipment, 270 items of jewelry, two gold bars, and 11 documents related to virtual assets.
To expedite legal proceedings, a special session of the National Court of Singapore was convened on the evening of August 16th, where the 10 individuals were individually interviewed via video conferencing. The interviews lasted until around 10:40 pm.
The suspects have been identified as follows:
- Su Haijin (40 years old) – Charged under Section 225A(b) of the Criminal Code.
- Wang Dehai (34 years old), Su Jianfeng (35 years old), Su Wenqiang (31 years old), Wang Baosen (31 years old), and Chen Qingyuan (33 years old) – Each charged with one count under the Corruption, Drug Trafficking, and Serious Crimes (Confiscation of Benefits) Act.
- Su Baolin (41 years old) and Wan Shuiming (42 years old) – Each charged with one count of forgery.
- Zhang Ruijin (44 years old) and Lin Baoying (43 years old) – A couple facing charges of forging documents with intent to deceive.
The judge ordered the suspects to be remanded in the central police station for one week. During this period, they may be taken out of the police station to assist in the ongoing investigation. The case exhibition is scheduled for August 23rd, where further details of the charges are expected to be presented.
This high-profile case underscores Singapore’s commitment to combat financial crime and maintain the integrity of its financial sector. Authorities continue to work diligently to uncover and prosecute individuals involved in money laundering and related criminal activities.
Please note that the names provided are transliterations and may not represent the actual names of the individuals involved.