Singapore’s money laundering case sees assets seized or frozen surge to over S$2.4 billion

SINGAPORE:  As per the Singapore Police Force, the colossal international money laundering investigation has seen substantial growth, now involving over S$2.4 billion (approximately US$1.8 billion) in assets that have been seized or frozen.

This marks a significant increase from the initial total value of S$1 billion, which included luxury cars, houses, cash, and other assets discovered on 15 August when Singapore police conducted raids at various locations across the island and apprehended 10 Fujian-born foreigners.

The ten individuals have been charged with various offences in court, all stemming from their suspected participation in laundering the proceeds of their international organized crime operations. These activities encompass scams and online gambling operations.

On 5 September, prosecutors in court revised the figure to S$1.8 billion.

On Wednesday (20 Sept), the police announced that they had carried out additional operations, resulting in the seizure of more assets and the issuance of prohibition of disposal orders.

These assets now comprise bank accounts with an estimated total value of more than S$1.127 billion and cash, including foreign currencies, exceeding S$76 million.

This represents a substantial increase from the initial amounts seized in August, which were over S$110 million and S$23 million, respectively.

The police have also taken possession of 68 gold bars, up from just two, as well as 294 luxury bags and 164 luxury watches.

Additionally, 546 pieces of jewellery, up from more than 270 previously, and 204 electronic devices, such as computers and mobile phones, have been seized.

Prohibition of disposal orders now covers over 110 properties and 62 vehicles valued at S$1.242 billion

In connection with the investigation, more than 110 properties and 62 vehicles, with a combined estimated value exceeding S$1.242 billion, have been issued with prohibition of disposal orders.

This marks an increase from the previous counts of 105 properties and 50 vehicles.

Furthermore, cryptocurrencies valued at more than S$38 million, along with bottles of liquor, wine, and numerous ornaments, were confiscated.

The police have stated that the total value of seized assets and assets issued with the prohibition of disposal orders now exceeds S$2.4 billion, and investigations are ongoing.

None of ten accused in the case granted bail amidst ongoing probe

The ten accused, including nine men and one woman aged between 31 and 44, were apprehended during an islandwide raid on 15 August conducted by over 400 officers led by the Commercial Affairs Department (CAD).

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

Some of the 10 suspects involved in the scandal had established ties to Singapore prior to 2020, according to local business filings.

Despite the efforts of their counsels to contest the prosecutor’s request for continued remand, none of the ten accused were granted bail.

Some sought by Chinese authorities for involvement in multifarious illegal activities

Singaporean authorities are also intensifying their scrutiny of the assets and family connections of foreign suspects involved in this high-profile case.

In a recent court hearing, the prosecution unveiled that among the suspects are wives and relatives of the 10 accused.

Additionally, it was disclosed that some of the accused are sought by Chinese authorities for their roles in diverse illegal activities, including illicit gambling and fraud.

The amassed wealth of these accused individuals has left Singaporeans astonished, prompting questions about the extended duration of their residency in Singapore and their substantial acquisition of local properties with considerable financial resources.

Notably, Kuik Shiao-yin, a Former Nominated Member of Parliament (NMP), and veteran journalist Bertha Henson have voiced their concerns earlier.

They question how such activities could persist undetected for so long and emphasize the urgency of proactive measures in addition to arrests.

One of the suspects in the case, Vang Shui Ming, had financed the acquisition of 10 luxury units at CanningHill Piers. According to Shin Min Daily News, Vang also purportedly amassed his wealth a decade ago by launching a gambling website in the Philippines.

Meanwhile, Su Haijin, a key suspect in the case, reportedly held shares or directorships in multiple companies in Singapore.

He recently disclosed in court that he possesses “substantial wealth overseas,” including a property at 38 Oxford Street in London and a yacht in Phuket, Thailand.

Singapore Ministries to address the high-profile case ‘comprehensively’ in October Ministerial Statement

On Monday (18 Sept), more than 20 Members of Parliament filed 32 Parliamentary Questions, covering a wide spectrum of issues related to the money laundering case.

Minister of State for Home Affairs, Sun Xueling, informed the Parliament that several ministries will provide a comprehensive response in ministerial statement scheduled for October.