Crime
60 real estate agents involved in property sales of assets involved in S$1 billion money laundering case to assist in investigation
The seismic S$1 billion money laundering case has jolted the island. Singapore Police revealed on Friday (18 Aug ) that 11 more properties received disposal prohibition orders, raising the total to 105 properties worth around S$831 million.
According to Lianhe Zaobao, approximately 60 agents who were engaged in property sales linked to the S$1 billion money laundering case are expected to aid in the investigation.
SINGAPORE: On Wednesday (16 Aug), the Singapore Police Force (SPF) announced a raid involving over 400 officers across the island in a crackdown on money laundering and forgery activities, resulting in the historic seizure of assets amounting to roughly S$1 billion (US$736 million).
Ten individuals, with diverse nationalities but a common Fujian heritage, were arrested and charged in court on Wednesday night with forgery, money laundering, and resisting arrest.
Among them, there is a wide range of nationalities represented, including Cypriot, Turkish, Chinese, Cambodian, and Ni-Vanuatu.
Additionally, twelve individuals are aiding with current investigations, and eight are on the police’s wanted list.
On Friday (18 Aug), the Singapore Police announced that an additional eleven properties have been subjected to prohibition of disposal orders in connection with the case.
This brings the total count of properties under such orders to 105, following the previous issuance of 94 properties. These orders effectively prevent the suspects from selling these properties.
The aggregate worth of these 105 properties is approximately S$831 million. Among them are seven detached bungalows situated at Sentosa Cove and 79 condominium units, including 19 that are still in the construction phase.
Moreover, 19 more properties categorized as commercial or industrial spaces have also been placed under the prohibition of disposal orders.
This high-profile money laundering case has sent shockwaves throughout the entire island, prompting questions about why some of the suspects have seemingly been residing in Singapore for extended periods, dating back as early as 2021.
Singapore Chinese media Lianhe Zaobao earlier reported that one of the arrested individuals, a Chinese national from Fujian, is alleged to have acquired 20 units at CanningHill Piers for an estimated S$85 million in June last year.
Notably, one of the suspects, Su Haijin, was reportedly a shareholder or director in multiple companies and had purportedly received S$36.37 million for a pair of adjacent bungalows in Sentosa Cove.
According to Zaobao, real estate implicated in these high-profile cases will be confiscated by the government and auctioned off after the legal proceedings conclude.
Furthermore, real estate agents who fail to disclose suspicious transactions to buyers during property sales could potentially be in violation of the law.
Around 60 real estate agents who were involved in selling properties to the suspects are expected to be requested to assist in the investigation, Zaobao reported.
In accordance with guidelines from the Council for Estate Agencies (CEA), engaging in property transactions while being aware or having reason to believe that the client is using proceeds from drug trafficking or criminal activities to purchase the property is illegal.
Convictions could lead to fines not exceeding S$500,000 or imprisonment for up to 10 years, or both.
In June of this year, the Singapore government implemented a mandate requiring property developers to conduct background checks on buyers.
If suspicious money laundering activities or terrorism financing are identified, they are obligated to report these to the Commercial Affairs Department (CAD).
An anonymous senior figure in the real estate industry told Zaobao that the government is likely to phase the auctioning of these confiscated properties rather than conducting a mass auction.
This approach ensures that even with the seizure of nearly 100 properties, it won’t disrupt the equilibrium between supply and demand in the auction market.
Chinese buyers dominated the market for non-landed luxury homes in the first half of the year
During the first half of the year, non-landed luxury homes and overall non-landed private homes were most popular among Chinese buyers.
Based on a recent research report by Edmund Tie, the average transaction price for non-landed luxury homes in the first half of the year stood at S$16.9 million, reflecting a 9.6% increase from the second half of the previous year.
This rise can be attributed mainly to the escalating demand for luxury homes among high-net-worth individuals and affluent new immigrants.
However, the situation differs slightly for landed private homes, where the average price experienced a decline of 4.6% to S$20.5 million, compared to a 10.9% increase in the second half of the previous year.
The three most expensive transactions for landed private homes encompassed three premium bungalows on Nassim Road, amounting to a total of S$206.7 million, with a per-square-foot price of S$4,500. The buyers were an Indonesian family.
Notably, Chinese buyers were the largest demographic purchasing non-landed luxury homes during the first half of this year.
Furthermore, they also accounted for the greatest demand for overall non-landed private homes.
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『有得震，無得睏』 “Yau tak chun🥶 mou tak fun😵💫” Chua TP of Jinjiang, FJ descent and his associates at the sCCCI – most notably his very closest, one who goes by the nicknames『矮佬黄』、『短舌成』、『短根成』、”Shorty Short-tongued👅Wong (KS)” of that MAS (not central bank lah, please, alamak🤦🏻) fiasco before he was ‘de-cabinated’ – as well as also not a few from the Hokkien Huay Kuan must right now be shaking & trembling with nonstop fright and having sleepless nights in the last few days lor so and/or waking up in cold sweat🥶 with their bedsheets fully soaked in their own wee and pee🫢🤭😄 not knowing… Read more »
koff… how many of the properties were related to Temasux Holdings?
Whether the agents know or had suspected d the funds are illegal is a VERY GRAY LINE. To pin a liablity on them is rather difficult since most of such funds are inter bank transfer. Of course if one money washing ah Tiong present a brief case full of dollars notes to the tune of millions if not hundred of thousands ,then it should out right trigger the suspicion that the money could be ‘black money’! Guess the one truly seeing such transfer in millions ,thru years is the MAS. But as you know, in a ownself check ownself system…they… Read more »
I shared my concern in an open letter on 18 May 2023 that my company bank account with OCBC was taken over by someone without my authority and knowledge. Until today, I still have not heard from OCBC how this could have happened.
In light of the seriousness of the billion-dollar money laundering case recently, I beg and urge OCBC to let me know what had happened to the stolen bank account.
https://www.theonlinecitizen.com/2023/05/18/unexplained-unauthorized-takeover-of-company-account-at-ocbc-raises-concerns-over-new-law/?fbclid=IwAR0quumf2v1hiaT5PXpV-ux2dKWw7r6a4cHiLQIq1Xhk6kxo44rCZlMsOeI
I remember before the ’80, whenever we want to buy any big tickets items, be it a car or a house, we need to make sure we could justify where the money came from and clear up any undeclared taxes!
Why now no question asked with million $ transaction?
Hopes this is a ” Complex ” case and all innocent
The storms are here….love scandals, money laundering scandals, cyber crime scams, worker lorry incidents. Approaching are more dark clouds….falling economy, recession, retrenchments, lack of new investments. Fasten your financial seat belts.
Real Estate Agents should not be allowed to sell Public Housing. HDB should set up its own website and just charge $500/- for the service. It will be a saving all round and speculation in Public Housing will also be reduced, making it more affordable.
This sort of issue is nothing new but what’s new is the news which many have not been told before
hahha jail them all!!! even better, deport all to commie china and ban them forever.
MND/Govt should focus on Heritage/Conservation shophouses which have ZERO ABSD and SSD. FOREIGNERS LOVE TO BUY THESE OK! Prices been going up on these shophouses yet F&B Tenants depending on their culinary skillset to survive are suffering so much to pay for the HIGH rent Ultra rich Foreign Investors/Family offices, corporations and even collective real estate agents buying these up If ABSD and SSd are implemented, it would contribute to our NATIONAL COFFERS! why there is ZERO ABSD and SSD, it just beats many people, now knowing these shophouses/commercial offices could be owned with laundered money or by CRYPTO RICHES,… Read more »
What will be of these property people if found guilty of colluding with the scumbags?
At very best, everyone will say even if they knew, there was big bucks involved so they just let the transactions run!
Singapore has become a money laundering hub? Wait for the US government to confirm.
MND should also be held responsible for not recognising the red flags. The Ministry of Law is a complete failure in having allowed these undesirables into Singapore. No response from the Maharajah of Ridout Road? LHL not asking for resignation?