$3b money laundering probe widens: 17 other foreigners linked to bulk of cash, assets seized
Source: Straits Times
Article Date: 06 Jun 2024
Author: Nadine Chua
The police will maintain the prohibition against disposal and custody of the seized assets until the assets are dealt with by the court at the conclusion of the case.
The $3 billion in cash and assets seized or issued with prohibition of disposal orders in Singapore’s largest money laundering case belonged to 27 individuals, and not just the 10 hauled to court on various charges.
In response to queries from The Straits Times, the police on June 5 said 17 other individuals are under investigation in relation to the case.
The police added that they will maintain the prohibition against disposal and custody of seized assets until the assets are dealt with by the court at the conclusion of the case.
Of the 10 foreigners arrested in a series of raids on Aug 15, 2023, eight have been convicted and sentenced to between 13 and 15 months’ jail each.
Two others – Su Jianfeng and Wang Dehai – are expected to plead guilty this week.
Based on court documents and affidavits, the 10 foreigners arrested had accounted for more than $900 million in cash and assets seized or forfeited to the state.
This means the 17 other individuals are linked to around $2.1 billion in cash and assets.
ST understands the suspects who fled the country amid the probe include Su Shuiming, 39, and Su Shuijun, 37.
More than $530 million in cash and assets, including 28 properties, were seized from both men after they fled the country.
The other suspects are Su Yongcan, 33, and Wang Huoqiang, 29, who had Interpol Red Notices issued against them for money laundering offences, and Su Binghai and Su Fuxiang, who have both not been seen in Singapore since September 2023.
ST reported in December 2023 that Su Binghai left Singapore abruptly as the Commercial Affairs Department started digging into the network of relationships.
Su Binghai had business dealings both here and in Hong Kong with Wang Dehai, who faces money laundering charges and charges under the Employment of Foreign Manpower Act.
He is expected to plead guilty on June 7.
Su Binghai and Su Fuxiang are shareholders of New Future Holdings, the firm that nominated Wang Dehai for his membership to Sentosa Golf Club.
ST understands Wang Bingang, who made millions as the founder of the Hongli gambling syndicate in China, is also among the 17 foreigners under investigation.
He was convicted in China in 2015 for being involved in a criminal organisation.
Wang Bingang’s cousin is Wang Baosen, who was sentenced to 13 months’ jail in April after admitting to two charges of money laundering.
As part of his plea offer, the 32-year-old forfeited his assets, worth around $8 million, to the state. He was deported to Cambodia in May and is barred from re-entering Singapore.
Four other money launderers who were convicted have also been deported after completing their jail terms.
They are Su Wenqiang, Su Baolin and Su Haijin, who were deported to Cambodia, and Vang Shuiming, who was deported to Japan.
Source: Straits Times © SPH Media Limited. Permission required for reproduction.
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