Accused in S$1.8 billion money laundering case set up company to secure wife’s Employment Pass

SINGAPORE: Singapore authorities have uncovered that Wang Baosen, one of the ten individuals implicated in the S$1.8 billion money laundering case, had orchestrated the establishment of his wife’s company to secure her an employment pass (EP) in the country.

This revelation came to light through Mr Seah Li Hao, an officer with the Commercial Affairs Department (CAD), who presented an affidavit supporting the prosecution’s plea to deny Wang bail in court on Wednesday (6 Sept).

Wang Baosen, a 31-year-old Chinese national, is currently facing two money laundering charges.

As part of the ongoing investigation, assets valued at over S$18 million have either been seized or placed under the prohibition of disposal orders, preventing their sale by the accused.

These assets encompass a black Toyota Alphard worth S$284,000, more than S$3.3 million spread across four bank accounts, and a property valued at S$14.76 million.

These assets were held jointly by Wang, his wife He Huifang, and Hui Xia Technology Investment, all of which have been subjected to seizure or freezing.

Officer Seah further disclosed that He Huifang is the sole director and shareholder of Hui Xia Technology Investment.

Contrary to He Huifang’s assertion of being an investment consultant in the company, the investigations revealed that the company’s primary purpose was to facilitate her EP application in Singapore.

Additionally, it was noted by Mr Seah that Wang holds a Dependent Pass linked to He Huifang’s purported employment in Singapore.

Furthermore, Wang possesses two passports, one issued by China and the other by Vanuatu.

All ten accused held EP and DP

On 18 August, the Ministry of Manpower (MOM) disclosed that the 10 foreigners, consisting of nine men and one woman aged between 31 and 44, held Employment (EP) and Dependant Passes (DP).

The ten accused were apprehended during an islandwide raid on 15 August conducted by over 400 officers led by the CAD.

These individuals have different nationalities but share a common origin in Fujian.

Judge denies bail for Wang Baosen, citing high flight risk and international connections

The CAD officer emphasized Wang Baosen’s substantial flight risk due to his familial ties in China.

Wang’s parents and brother reside in China, and apart from his wife, he lacks any immediate family members in Singapore.

On the other hand, He Huifang, Wang’s wife, has two children from a previous relationship, along with her mother, who is currently in Singapore.

Furthermore, the prosecutor disclosed that, according to Wang’s statements, he possesses sources of income from overseas, including one million yuan (equivalent to S$189,230) in profits generated from his family’s tea plantation business in China between 2019 and 2023.

Singapore Chinese media Lianhe Zaobao previously reported that Anxi County in Fujian is renowned for its Iron Buddha (Tieguanyin) tea production, and it is also the last known residence of Chen Qingyuan, one of the ten accused.

Mr Seah underscored the seriousness of the two money laundering charges against Wang, emphasizing the presence of substantial credible evidence for these offenses.

He added that it would be a grave injustice if Wang were to manage to evade his charges.