Money Laundering Copy

Su Baolin

Assets seized: Over S$72M; around S$65M forfeited to the state Cash: S$778,231.50, including S$99,000 in foreign currencies Bank accounts: S$22.5M Financial institutions involved: Accounts with RHB, Bank of Singapore, OCBC, UOB Kay Hian, UOB; Bank of Singapore — creditor to his company Xinbao Investment; Standard Chartered — the bank he tried to cheat with Wang Qiming; Citibank — the bank he tried to cheat by faking his role as an executive director in ZhengJiang Chengnabaili Import & Export Properties: Seven worth over S$30M, including apartments in Grange Road and Orchard, a house in Sentosa ad an office unit in Temasek Boulevard Vehicles: A red Ferrari and five other vehicles worth S$3.1M, including brands such as Toyota, Rolls-Royce and Bentley Passports: Cambodia, China Cryptocurrencies: Ether, Dogecoin and USDT worth S$2.5M Others: 33 luxury bags and watches worth S$2.4M; jewellery worth S$2.1M; luxury watches; country club memberships to Sentosa Golf Club and Tanah Merah Country Club; rental income worth S$147,800 Other people involved: Wang Qiming, an ex-employee of Citibank, allegedly conspired with Su Baolin to cheat StanChart. Ma Ning, his wife and a witness. Se Liang, the person he is alleged to have an agreement with in a forged document he submitted to StanChart. Wang Junjie, a former qualified individual at registered filing agent LW Business Consultancy, who helped him to forge Sentence: 14 months' jail, backdated to Aug 15, 2023.

The laundry list

SINGAPORE’S largest money laundering case that saw 10 foreign nationals nabbed in an August 2023 islandwide blitz has seen assets involved balloon to more than S$3 billion. Of the sum, around S$944.5 million in assets belonging to the 10 and their associates have been forfeited to the state. This includes 60 properties, 36 vehicles, cryptocurrencies worth around 38.7 million, around S$372.8 in 159 bank accounts, 3363 bottles of liquor, several pieces of jewellery, watches and handbags, and other assets. As the case concludes with the sentencing of the last individual on Jun 10, The Business Times takes a look at what has been seized from each accused.

By Megan Cheah

Lin Baoying

Assets seized: Around S$170.5M; S$154M forfeited to the state Cash: S$13.6M Bank account: S$60.6M in 13 bank accounts Financial institutions involved: Accounts with RHB, Industrial and Commercial Bank of China, Citibank, DBS; OCBC — she allegedly tried to cheat the bank with a forged document; Deutsche Bank — creditor to Golden Eagle Assets, where Lin and Zhang are directors; CIMB — she allegedly tried to cheat the bank with a forged document; AIA – insurance policy Properties: Five worth S$72.2M – houses in Sentosa Cove, a shophouse unit at Amoy Street and apartments in Beach Road and Grange Road Vehicles: Two worth S$1.8M – Rolls-Royce Dawn and Toyota Alphard Passports: China, Dominica, Turkey, Cambodia Cryptocurrencies: S$1.8M in cryptocurrencies including USDT, Ether and Dogecoin Others: Club memberships at Tanah Merah Country Club and Sentosa Golf Club worth S$745,300; five luxury watches; 42 luxury bags; 29 jewellery pieces, one AIA insurance policy; 19 Bearbricks figurines Other people involved: Zhang Ruijin, another money launderer in the case - her purported lover. Sentence: 15 months’ jail, backdated to Aug 15, 2023

Su Haijin

Assets seized: S$174M; around S$165M forfeited to the state Cash: S$2.1M Bank accounts: S$46.5M in 23 bank accounts Financial institutions involved: Accounts with DBS, OCBC, UOB, Standard Chartered Bank, UOB Kay Hian and Citibank. Properties: 13 worth S$91.2M Vehicles: Seven worth S$3.4M, including brands such as Ferrari, Toyota and Rolls-Royce. Passports: Cyprus, China, Allegedly Cambodia, Turkey, Saint Lucia Others: 34 watches worth S$19M; 50 Hermes and Chanel bags worth S$2.8M;; several ornaments and plates; Over 700 wine and liquor bottles; 69 Bearbricks; country club memberships from Sentosa Golf Club, Tanah Merah Country Club and Singapore Island Country Club worth S$1.1M He also has overseas wealth from properties and a yacht is about S$19.5 million. He owns a 20 per cent stake in No Signboard. Sentence: 14 months' jail, backdated to Aug 15, 2023

Su Jianfeng

Assets seized: S$187M; S$179M forfeited to the state Cash: S$18.4M in local and foreign currencies (S$18.4M; foreign currencies include Australia dollars, Chinese renminbi, Euros, Hong Kong dollars, Indonesian rupiah, Pound Sterling) Bank accounts: S$52M in 36 accounts Financial institutions involved: Accounts with RHB, UOB Kay Hian, Citibank, CIMB, HSBC, Standard Chartered Bank, OCBC, UOB, DBS, LGT Bank Certis Cisco Security — cash was held here in safe deposit boxes; Bank of Singapore — submitted forged annual reports of a company, Xiamen Zhou Hang Mao Yi You Xian Gong Si; Standard Chartered Bank — submitted forged annual reports of a company, Xiamen Zhou Hang Mao Yi You Xian Gong Si; OCBC — submitted forged documents to explain multiple deposits; Maybank Singapore —submitted forged documents to explain multiple deposits Properties: 12 worth S$63.9M – including shophouses in Telok Ayer and Chinatown, apartments in Newton, Orchard, Tanglin and Beach Road Vehicles: Seven worth S$5.2M Passports: Vanuatu, China Cryptocurrencies: S$26.5M in cryptocurrencies, including ether, Bitcoin and Dogecoin Others: Pieces of jewellery worth S$1.1M; Watches worth S$7.9M in total; bags worth S$2.4M; two gold bars; Club memberships from Sentosa Golf Club and Singapore Island Country Club worth S$506,650; Donations and rental income worth S$357,573. Other people involved: Chen Qiuyan, his wife. The forged annual reports were meant to show she had legitimate sources of wealth. Sentence: 17 months’ jail, backdated to Aug 15, 2023

Su Wenqiang

Assets seized: S$5.9M; all forfeited to the state Cash: S$601,706 Bank accounts: Over S$2M in one bank account Financial institutions involved: Accounts with UOB; Has a cashier's order worth S$1.8M with OCBC Vehicles: Two – including a Mercedes-Benz AMG C63S worth S$502,431; a Toyota Alphard worth S$234,720 Passports: Cambodia, China, Vanuatu Others: 16 luxury bags and watches; 38 luxury bags, pieces of jewellery and watches; at least 30 bottles of Kweichow Moutai and 12 bottles of 18 years Macallan Scotch Whiskey; 171 bottles of alcohol Sentence: 13 months' jail, backdated to Aug 15, 2023

Vang Shuiming

Assets seized: S$199M; around S$179M forfeited to the state Cash: Over S$966,900 in local and foreign currencies (S$962,732, 12,010 Chinese renminbi, HK$6,380; 37,000 Philippine peso) Bank accounts: Over S$122.1M in 27 bank accounts Financial institutions involved: Accounts with Julius Baer, Credit Suisse, RHB, Maybank Singapore, Standard Chartered Bank, UOB Kay Hian and UOB; Citibank — he had allegedly forged a China Merchant Bank document to cheat Citibank. Properties: 15 worth over S$29.7M – Four apartments in Beach Road. He also owns 10 units at Canninghill Piers in Clarke Quay and one unit at Park Nova at Tomlinson Road, all under construction. Vehicles: Three — Toyota Alphard, Rolls-Royce Phantom and a Bentley Flying Spur Passports: Turkey, China, Vanuatu Others: Donations worth S$137,700; proceeds of Blue Ocean Invest Group VCC fund worth close to US$3M; multiple bottles of liquor and wine; 25 bags; eight watches Other people involved: Wang Shuiting, his brother. Both are wanted by Chinese authorities. Wang Ruiyan, his wife. Some assets seized are under her name. Sentence: 13 months and six weeks’ jail, backdated to Aug 15, 2023

Wang Baosen

Assets seized: Over S$8M; all forfeited to the state Cash: Over S$112,800 Bank accounts: S$3.3M in four bank accounts Financial institutions involved: Accounts with OCBC, DBS, HSBC, Maybank Singapore Properties: More than S$8M in one property owned by his wife Vehicles: One – a black Toyota Alphard Hybrid Elegance worth S$284,000 Passports: China, Vanuatu Other people involved: He Huifang, his wife. Her company, Huixia Technology Investment, was allegedly set up solely for her to get an employment pass. Wang Baosen has a dependent's pass on his wife’s EP. Subject Y, his cousin who is on the run from authorities. Over S$100M of Y’s assets were frozen. Sentence: 13 months' jail, backdated to Aug 15, 2023

Wang Dehai

Assets seized: S$54.5M; over S$49.3 forfeited to the state Cash: S$2.3M Banks accounts: Over S$16.5M in 17 bank accounts Financial institutions involved: Accounts with DBS, UOB, OCBC, UBS, CIMB, Credit Suisse Properties: One apartment at The Marq on Paterson Hill worth over S$23M Vehicles: Two Toyota Alphard cars and a deposit for the purchase of a Ferrari, worth S$772,688 in total Passports: Cyprus, China, Cambodia, Vanuatu Cryptocurrencies: 17 different currencies worth S$3.7M Others: 11 bags; 42 pieces of jewellery; 8 watches; one iPhone 13 Pro Max; 14 sculptures; 97 bottles of liquor; one Rimowa luggage Other people involved: Su Yongcan, his brother-in-law, who is on the run. Wang Huoqiang, his cousin, who is on the run. Sentence: 16 months’ jail, backdated to Aug 15, 2023

Zhang Ruijin

Assets seized: Over S$131M; around S$118M forfeited to the state Cash: S$14.7M in local and foreign currencies (S$14.6M, RM70,500) Bank accounts: S$39M in 12 bank accounts Financial institutions involved: Accounts with OCBC, Industrial and Commercial Bank of China, Citibank, DBS; CIMB — he tried to cheat the bank with a forged document; Standard Chartered Bank — he tried to cheat the bank with a forged document; Deutsche Bank — creditor to Golden Eagle Assets where Lin and Zhang are directors Properties: Five worth S$51.1M – including houses in Sentosa and apartments in Tanjong Pagar and Orchard Vehicles: Three Rolls-Royce cars worth S$6.2M. Passports: China, St Kitts & Nevis Cryptocurrencies: Cryptocurrencies worth S$2.2M, including Dogecoin, ether and USDT Others: Club memberships worth S$760,000 in total; one gold coin; one Patek Philippe watch worth S$4.3M; 1,084 bottles of alcohol; donations worth S$122,000 Other people involved: Zhang Ruisheng, his elder brother and a witness. He was not allowed to see the accused in remand. Li Liansheng, an individual who helped Zhang obtain forged documents. A person only known by their surname Xu, who owned one of the forfeited properties in Zhang's case. Lin Baoying, another money launderer in the case - she is his purported lover Sentence: 15 months' jail, backdated to Aug 15, 2023

Chen Qingyuan

Assets seized: Over S$23.5M; around S$21.3M forfeited to the state Cash: Over S$614.750 in local and foreign currencies (S$598,316, 2,510 Chinese yuan, NT$14,900, 24,000 Japanese yen, 81,000 Philippine peso, HK$500, 200 Macanese pataca, US$2.854. RM320. 6,020 Euros, 9,970 Thai baht) Bank accounts: S$8.6M in 17 bank accounts Financial institutions involved: Accounts with Citibank, CIMB, Standard Chartered Bank, Credit Suisse, DBS Standard Chartered Bank — he allegedly attempted to submit forged documents Properties: One apartment in River Valley worth S$6.5M Vehicles: Three worth over S$2.2M – a blue Bentley Continental, a black Toyota Alphard and a white Land Rover Range Rover Passports: Cambodia, China, Dominica Cryptocurrencies: Several different currencies worth S$1.8M Others: 23 pieces of jewellery; five watches; donations Other people involved: Wang Qiujiao, his girlfriend and a witness. Some assets under her name were seized. Sentence: 15 months' jail, backdated to Aug 15, 2023

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BTVisual: Hannah Kwah Illustrations: Celestino Gulapa

*Countries underlined are their reported nationalities