$3b money laundering case: $1.85b in assets surrendered by 15 suspects on the run

Assets worth about $1.85 billion have been surrendered to the state by 15 foreigners who are on the run from the police in Singapore’s largest money laundering case.

This brings the total amount of assets surrendered in the case to almost $2.8 billion so far, with $944 million in assets previously surrendered by 10 money launderers who were jailed and deported.

On Nov 18, the police said 15 of the 17 suspects who are on the run have been “dealt with” and have agreed to surrender their assets. They have also been barred from returning to Singapore.

In response to media queries, the police named the 15 as Su Yongcan, Wang Huoqiang, Su Fuxiang, Su Binghai, Wang Bingang, Su Shuiming, Su Shuijun, Ke Wendi, Wang Shuiting, Chen Zhiqiang, Liu Jiarong, Chen Peiyong, Zhao Dongying, Chen Mulin and Hu Chengmei.

Their lawyers had contacted the Attorney-General’s Chambers (AGC) and agreed to surrender their assets in return for the withdrawal of the Interpol Red and Blue Notices against them.

Red Notices seek the location and arrest of a person, while a Blue Notice is to collect additional information about a person’s identity, location or activities in relation to a criminal investigation.   

The police agreed to this in consultation with the AGC, which advised that it will be difficult to have the 17 foreign nationals extradited as their whereabouts are unknown and the evidence available may not be sufficient for extradition.

Investigations into the other two people on the run are ongoing, and their assets worth about $144.9 million remain seized or the subject of prohibition of disposal orders.

The police identified the two as Xu Haika and Xu Hainan, and said their lawyers have not made contact with the AGC, and so their assets will be dealt with under the Anti-Money Laundering and Other Matters Act, which was passed in August.

This will take some time, added the police.

The $3 billion money laundering case saw an initial 10 foreign nationals jailed in 2024 after they were arrested in multiple raids on Aug 15, 2023.

In June 2024, the police said that besides the 10 who were caught, another 17 people are under investigation in relation to the case.

None of the 17, who had left Singapore, has returned since the start of the probe.

In the early hours of Aug 15, 2023, more than 400 police officers conducted simultaneous islandwide raids, nabbing nine men and one woman who were linked to organised crime, including scams and online gambling.

The locations included a Sentosa Cove bungalow; good class bungalows in Lewis Road, Third Avenue, Bishopsgate, Nassim Road and Ewart Park; and condominiums in Tomlinson Road, Leonie Hill Road and Paterson Hill.

The 10 convicted were Su Haijin, Su Baolin, Vang Shuiming, Wang Dehai, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Zhang Ruijin and his lover Lin Baoying.

All are Chinese nationals who also hold citizenships of countries like Cambodia, Dominica, Vanuatu and Turkey. They were jailed and deported.

The Ministry of Home Affairs said in July 2024 that no foreign government or agency has made claims for the forfeited cash and assets from the 10 people. The assets include luxury cars, property, watches, handbags, jewellery, alcohol and Bearbrick ornaments.

Another 24 people were named in a list circulated by the authorities to financial institutions and dealers of precious stones and metals, for them to report any transactions involving these individuals.

Among the 24 names are those of the wives and girlfriends of the 10.

The list also includes Su Yongcan and Wang Huoqiang, who both had Interpol Red Notices issued against them for money laundering offences.

Investigations by The Straits Times uncovered the names of other individuals linked to the group, including Su Fuxiang, Su Binghai, Su Shuiming and Su Shuijun.

All of them were among the 17 on the run.

In August 2024, Su Binghai’s personal driver, Liew Yik Kit, 41, was the first Singaporean charged in relation to the money laundering case.

Liew allegedly lied to police that Su Binghai did not leave any valuables in his possession, when he actually had the businessman’s four luxury cars – a Rolls-Royce Phantom, a Rolls-Royce Cullinan, a Ferrari F8 Spider and a Ferrari Stradale.

He allegedly disposed of the four cars, causing the police to miss out on seizing them, and obstructed the course of justice.

Two Chinese nationals who are former relationship managers at banks were also charged in August.

Liu Kai, 35, who was a relationship manager at Swiss private bank Julius Baer, was charged with abetting Lin Baoying in submitting a forged tax document in November 2020.

Wang Qiming, 26, a former Citibank relationship manager, was charged with laundering $481,678 in cash he collected on behalf of Su Baolin, and forging a loan document to deceive Citibank about the source of Vang Shuiming’s funds.

The police said investigations and court proceedings against others who have allegedly facilitated the money laundering activities are ongoing.

The forfeited assets and cash from the case will go into the Consolidated Fund, which is similar to a bank account held by the Government, out of which government expenditures are made.

After news of the money laundering case broke in August 2023, an inter-ministerial committee was set up to review Singapore’s financial system and strengthen its anti-money laundering regime.

The Inter-Ministerial Committee on Anti-Money Laundering published a report on Oct 4, 2024, detailing new measures to tighten anti-money laundering efforts, including advising dealers of high-value goods on how to identify red flags in suspicious transactions.

On Nov 18, the police said the Government will continue to enhance Singapore’s defences against money laundering to safeguard the country’s hard-earned reputation as a trusted and reputable international financial centre governed by the rule of law.

They added: “We will continue to welcome legitimate businesses and investors, but will spare no effort to take down criminals who seek to exploit the Singapore ecosystem for criminal gains.”

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

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