Police spend S$646k to date to maintain assets seized in S$3B money laundering case

SINGAPORE: Minister for Home Affairs K. Shanmugam revealed that Singapore authorities have allocated nearly S$650,000 for the maintenance of assets seized in connection with the landmark S$3 billion largest money laundering case.

On Tuesday (7 May), in a written reply to a Parliamentary question filed by PAP MP Saktiandi Supaat, Minister Shanmugam revealed that t these expenses cover the storage, upkeep, and protection of various seized assets, including properties, vehicles, and luxury items like branded bags, watches, and alcohol.

Specialized services from industry partners are also engaged to ensure the proper handling and preservation of these assets.

"As of March 2024, police have incurred about $646,282 in such expenses. These expenses are borne by the state, " said Shanmugam.

"They are covered by the forfeited cash, and the proceeds of sale of the forfeited non-cash assets, which are channelled to the state."

Mr Saktiandi Supaat asked the MHA Minister about the costs associated with preserving assets seized in Singapore's largest anti-money laundering operations and the financial arrangements to cover these expenses.

To date, assets valued at over S$3 billion have been confiscated, encompassing 207 properties, 77 vehicles, and more than S$1.45 billion in bank accounts, along with an array of other items, including thousands of bottles of liquor, cryptocurrency, gold bars, luxury bags, watches, jewellery, and collectable figurines like Bearbricks.

Preserving the value of luxury items, such as the designer handbags seized in the case, necessitates meticulous storage and handling to ensure their worth is maintained.

Forfeited assets surrendered to Singapore authorities

10 Fujian-origin individuals were apprehended in an islandwide police operation in August 2023, following approximately two years of investigative efforts prompted by tipoffs regarding potential illicit activities involving a group of foreign nationals.

Subsequent legal actions led to the imprisonment of five individuals as of last month.

Notably, Su Wenqiang, Su Haijin, Wang Baosen, Su Baolin, and Zhang Ruijin received jail sentences ranging from 13 to 15 months for their involvement in money laundering activities.

Su Wenqiang, aged 32, was the first individual addressed in the case, receiving a 13-month jail sentence on 2 April after admitting guilt to two counts of money laundering.

Additionally, nine other charges were considered in the sentencing process.

He relinquished assets valued at S$5.9 million to the state, comprising over $2 million in a bank account, more than $600,000 in cash, a Mercedes-Benz car, a Toyota Alphard, more than 200 bottles of alcohol, and luxury items like bags, jewellery, and watches.

Cypriot national Su Haijin, aged 41, was sentenced to 14 months in jail on 4 April after pleading guilty to one count of resisting arrest and two charges of money laundering. An additional 11 charges were taken into consideration during sentencing.

He surrendered assets valued at approximately S$165 million to the state, which included 13 properties estimated at S$91 million, S$45 million in bank accounts, S$2.1 million in cash, S$3.3 million in proceeds from the sale of seven cars, including a Ferrari Spider, and 69 Bearbrick figurines.

Wang Baosen, aged 32, received a 13-month jail term on 16 April after admitting guilt to two counts of money laundering, with an additional six charges considered.

He relinquished approximately S$8 million in assets to the state, including S$4.4 million allocated for a luxury condominium unit, over S$3.2 million in bank accounts, a Toyota Alphard valued at S$284,000, and more than S$112,000 in cash.

Su Baolin, aged 42, was sentenced to 14 months in jail on 29 April. He pleaded guilty to two counts of money laundering and one charge for aiding false representations to the Inland Revenue Authority of Singapore, with another 10 charges taken into account for sentencing.

He forfeited approximately S$65 million, or around 90 per cent of his assets, to the state. These assets included over S$30 million in seven properties, more than S$22 million in bank accounts, and jewellery, watches, and bags collectively valued at over S$4 million.

Zhang Ruijin, aged 45, received a 15-month jail term on 30 April after pleading guilty to one count of money laundering and two forgery charges, with five additional charges considered during sentencing.

He surrendered about S$118 million, or approximately 90 per cent of his assets, to the state. These assets comprised S$51 million in properties, S$38.4 million in bank accounts, S$14.6 million in cash, S$6.3 million in vehicles, S$2.2 million in cryptocurrency, a S$4.3 million Patek Philippe watch, and 1,084 bottles of alcohol.

Su Wenqiang and Wang were deported to Cambodia by the Immigration and Checkpoints Authority on Monday (6 May) and are prohibited from re-entering Singapore.

Separately, Vang Shuiming (王水明),  also implicated in the S$3 billion money laundering case, is scheduled to enter his guilty pleas on 15 May.

The accused individuals had amassed substantial wealth, not only investing in existing companies but also founding their ventures, fostering diverse networks within the country.

Furthermore, these individuals were involved in local charitable activities and led lavish lifestyles, contributing donations to causes like the President’s Challenge and ComChest.

It was revealed that some of the accused in the S$3 billion money laundering case, are wanted by Chinese authorities for their involvement in various unlawful activities, such as illegal gambling or fraud.

A comparison with Chinese media reports suggests that some of these suspects have been sought by Chinese authorities for their alleged involvement in criminal activities dating as far back as 2015.

In 2015,  the Guiyang County Public Security Bureau discovered that Su Jianfeng, along with other individuals, Wang Dehai, Su Wenqiang, Wang Huoqiang, and Su Yongcan were suspects of a major crime, and they were fugitives at that time.