$3b money laundering case: Second S’porean charged; allegedly committed forgery to cheat DBS

A man allegedly linked to Singapore’s largest money laundering case involving $3 billion in cash and assets was handed 15 charges on Jan 23 for offences including forgery.

Naturalised Singaporean Wang Junjie, 42, is accused of multiple offences linked to two of the 10 foreigners who were earlier convicted and sentenced over the case.

Around October 2021, he allegedly engaged in a conspiracy with Su Baolin to make false representations to the Inland Revenue Authority of Singapore (Iras) regarding the accurate values of Xinbao Investments Holdings’ revenue, gross profits and trade receivables for the firm’s 2020 financial year.

And around March 2022, Wang, who was then an officer at Yihao Cyber Technologies, also allegedly engaged in a conspiracy with Su Haijin to commit forgery to cheat DBS Bank.

Wang is accused of forging a document purporting to be an e-commerce software development agreement between Yihao Cyber Technologies and another firm called SG-Gree.

Wang also faces 13 other charges, including the falsification of accounts and using forged documents as genuine copies.

He was the second Singaporean to be charged over the money laundering case.

In August 2024, Liew Yik Kit, 42, was the first one charged in relation to it.

He was the personal driver to Cambodian national Su Binghai, who fled during the probe and is wanted for his involvement in alleged money laundering offences.

Liew’s case is pending.

In 2023, The Straits Times reported that Wang, a registered qualified individual (RQI), had been named secretary or director of 185 companies.

They included several linked to Su Haijin and Su Baolin.

Su Haijin, then 41, was found with passports from Cyprus, China and Cambodia, and was jailed for 14 months on April 4, 2024. He had pleaded guilty to one charge of resisting arrest and two money laundering charges.

The Cypriot had forfeited more than $165 million worth of assets to the state and was deported to Cambodia on May 28, 2024.

Su Baolin, then 42, was found with passports from China, Cambodia and Vanuatu after his arrest.

The Cambodian was sentenced to 14 months’ jail on April 29, 2024. He had pleaded guilty to two money laundering charges and one charge for abetting false representations.

He had forfeited about $65 million of his assets to the state and was deported to Cambodia on May 25, 2024.

The police said in a statement on Jan 23 that Wang was a director at Xinbao Investment Holdings between August 2018 and December 2023.

He was also a director at Yihao Cyber Technologies from January 2021 to February 2022.

A police spokesperson said: “Wang had allegedly engaged in a conspiracy with Su Haijin to falsify the revenue, gross profit and trade receivables of Yihao’s financial accounts for the financial years from 2019 to 2022.

“Wang then allegedly made false representations to Iras and (the Ministry of Manpower) on four occasions about Yihao’s financials.”

According to the police, Wang had allegedly engaged in a conspiracy with Su Baolin to make false representations to Iras about the revenue, gross profit and trade receivables of Xinbao’s financial accounts for the financial years from 2019 to 2021.

Wang is also said to have submitted false documents to OCBC Bank in response to its queries on certain transactions.

On Jan 19, 2024, the Accounting and Corporate Regulatory Authority (Acra) said Wang had his registration as a RQI cancelled on Jan 18 that year, as part of its investigations into the money laundering probe.

Acra said Wang was the RQI and director of registered filing agent (RFA) LW Business Consultancy (LWBC).

Acra said RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under Acra’s purview.

RQIs and RFAs must perform customer due diligence measures and guard against breaches in anti-money laundering and countering the financing of terrorism (AML/CFT) controls.

Acra said the registrations of Wang and LWBC were cancelled because of breaches of AML/CFT controls under the Acra (Filing Agents and Qualified Individuals) Regulations 2015.

Acra said one of the AML/CFT breaches committed by LWBC was failing to perform additional customer due diligence measures when a customer is not physically present during the onboarding process.

Other breaches included not inquiring if there were other beneficial owners linked to its clients, and failing to perform risk assessments on some of its customers.

Wang was also named in earlier charges relating to Su Haijin and Su Baolin, for allegedly conspiring with the two men separately to make false and inflated representations to Iras.

Singapore’s largest money laundering case involved nine men and one woman who were all originally from Fujian, China, and were arrested in August 2023 during islandwide raids at various luxury homes.

They were sentenced to between 13 and 17 months’ jail on charges relating to money laundering, fraud and forgery. All have been deported, and barred from re-entering Singapore after serving their jail terms.

The police’s Commercial Affairs Department and Criminal Investigation Department also went after 17 other suspects, but they had fled the country during investigations.

In November 2024, the police announced that 15 of them had surrendered about $1.85 billion in cash and assets to the state.

Wang is represented by lawyer Choo Si Sen.

On Jan 23, Wang’s bail was set at $50,000 and his case has been adjourned to March 6.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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