Singapore’s largest money laundering case hits S$3bn, 2 more suspects sought

Singapore’s ongoing battle against a monumental money laundering case reached a new height as authorities intensified their search for two more suspects.

The case, initially uncovered in August last year, has now seen the total value of assets seized or frozen surpass a staggering S$3 billion (US$2.2 billion).

The Singapore Police Force (SPF) has issued a prohibition of disposal orders for an additional 55 properties and 15 vehicles linked to the case. Furthermore, a haul of 189 luxury bags, 34 pieces of jewellery, and five luxury watches were seized.

The latest development involves Cambodian nationals Su Yongcan, 33, and Wang Huoqiang, 29, both wanted for money laundering offences. Singapore police issued arrest warrants and Interpol Red Notices after the duo left the country prior to police operations commencing on 15 August last year.

Regarding Su Yongcan, a former holder of a China-issued passport, authorities have seized over S$16 million in cash and other foreign currencies. Additionally, prohibition of disposal orders have been issued for seven properties and 10 vehicles associated with him.

Police have also frozen bank accounts linked to Su, with a combined balance exceeding S$145 million.

In the case of Wang Huoqiang, also a previous holder of a Chinese passport, the police have seized approximately S$188,000 in cash and other foreign currencies. A prohibition of disposal order has been issued for one vehicle related to Wang.

Furthermore, Wang’s bank accounts, with a total balance surpassing S$5 million, have been frozen as well.

This comes on top of the 152 properties and 62 vehicles worth over S$1.24 billion to more than S$1.45 billion in bank accounts seized during the simultaneous raids on 15 August 2023, which resulted in the arrest of 10 foreigners from luxurious locales across Singapore, including Sentosa Cove, Tanglin, Orchard, Holland, and River Valley. The suspects, of Chinese origin but holding various nationalities, have been charged with money laundering offences and are currently in remand.

Additionally, over S$76 million in cash, cryptocurrencies valued at more than S$38 million, and an array of luxury items, including liquor, wine, gold bars, Bearbrick figures, luxury bags, high-end watches, and jewellery, have also been confiscated.

Singapore’s Second Minister for Home Affairs, Josephine Teo, earlier reported to Parliament in October last year the remarkable escalation of the case from S$1 billion to S$2.8 billion.

The case has since surpassed this figure, making it not only Singapore’s but one of the world’s largest anti-money laundering operations.

The SPF has urged the public to provide any information on the whereabouts of these individuals through their hotline or online platforms.