7th man in S$3B money laundering case jailed 15 months, forfeits S$21.3M

Chen Qingyuan, the seventh convict in Singapore's landmark S$3 billion money laundering case, received a 15-month jail sentence on Thursday. His counsel argued for leniency, highlighting Chen's economic and social contributions to Singapore since relocating in 2019, and contended that a higher sentence would be disproportionate.

Yee Loon23 May 2024

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SINGAPORE: Chen Qingyuan, one of the accused in Singapore's landmark S$3 billion money laundering case, was convicted of two money laundering charges and one forgery-related charge, resulting in a 15-month jail sentence on Thursday (23 May).

Chen, a Cambodian national originally from Fujian, China, is the seventh individual convicted in the case in a Singapore court. He is also wanted by China authorities over fraud allegations.

Chen faced a total of 10 charges, including four for money laundering. The remaining six charges are forgery-related, as reported by Singapore state media CNA.

Following his arrest on 15 August last year in an islandwide operation by Singapore authorities, over S$23 million in assets were seized from Chen, with approximately 90% – or S$21.3 million – to be forfeited to Singapore.

Chen’s forfeited assets include an apartment in the River Valley area worth more than S$10 million, cryptocurrencies with an estimated value of more than S$1.8 million; over S$8 million in bank accounts, more than S$1 million in luxury watches, and S$2.2 million in cars.

The court heard that Chen paid for false documents from a person via WeChat to submit to Standard Chartered in response to the bank's queries about the source of his funds.

In September 2019, Chen transferred US$100,000 to his girlfriend Wang Qiujiao's bank account.

In July 2021, he arranged for two remittances of around S$3 million to be sent from Indonesia to his account. Standard Chartered then made two related queries regarding the source of these funds.

To address these queries, Chen helped create false documents. One of these was an income certificate purportedly issued by a company in China called Sunshine Coast.

The certificate claimed that Wang had been employed by Sunshine Coast while she was in China between 2010 and 2012, earning 800,000 yuan (US$113,000) during this period.

Wang admitted during investigations that she was never employed by Sunshine Coast.

When requesting the forged document, Chen provided the details and instructed how they should appear on the document, the court heard.

He agreed to pay 200 yuan for the document, which was dated 11 July 2021, and submitted it to Standard Chartered.

Additionally, Chen instructed the creation of three other forged documents, which were also submitted to the bank.

Despite the prosecution arguing for Chen to be jailed for between 15 and 17 months, Chen's lawyer, Mr. Gary Low from Drew and Napier, argued for a 14-month sentence, highlighting that the circumstances of his client's case did not warrant the harshest penalty.

Deputy Public Prosecutor Foo Shi Hao noted that the amount seized in Chen's money laundering offences was the second-highest among the accused. He also pointed out that while Chen retained about 10 % of his assets, others, including Wang Baosen, had surrendered everything.

The prosecution cited several aggravating factors, such as Chen's "calculated and intentional" use of forged documents, the "substantial" amount involved in his money laundering offences, and its transnational nature.

Chen's lawyer disagreed with the sentence sought by the prosecution, arguing that his client's case did not warrant a jail term at the highest end.

Mr Low pointed out that his client had pleaded guilty at an early stage, saving resources that would have been spent on a lengthy trial.

As we all know, money laundering offences with its transnational elements are complex cases which will necessitate a lengthy and complex trial."

"His early (plea of guilt) is a reflection of his sincere and utmost remorse and is a significant mitigating factor."

Defence counsel highlighted Chen's economic and social contributions to Singapore

Mr Low also highlighted Chen's economic and social contributions to Singapore since relocating there in 2019.

He said Chen's company employed 25 to 28 people in Singapore, including Singaporeans, and its economic performance positively contributed to the country.

Mr Low also claimed that Chen actively engaged in charity, serving as the deputy chairman of Lions Club of Singapore Mandarin and frequently organizing social activities for the elderly.

"Mr Chen's contributions both financially and socially in Singapore are not insignificant. They reflect a genuine desire by Mr Chen to avoid any illegal activities ever since his relocation from China, as well as to be a positive force in society," said Mr Low.

The prosecution argued that Chen's sentence should deter potential offenders and noted his likely deportation after the case.

Mr Low countered, insisting that Chen's sentence should match those previously given, calling the prosecution's proposed 15 to 17 months unfair and inappropriate.

He highlighted that Chen did not have the most charges or highest asset value seized compared to others, such as Vang Shuiming, who received 13 months and six weeks in jail despite facing more charges.

Mr Low argued that a higher sentence for Chen would be "completely disproportionate"

In passing the sentence, Senior District Judge Ong Hian Sun stated that he had taken all factors into consideration and backdated the jail term to Chen's arrest on 15 August 2023.

Forgery carries a jail term of up to four years, a fine, or both. For possessing the benefits of criminal conduct, a person may be fined up to S$150,000 or jailed for up to three years, or both.

Wanted by China authorities

Sixth of the arrested in the S$3B case: Su Wenqiang, Su Haijin, Wang Baosen, Su Baolin, Zhang Ruijin and Vang Shuiming, already pleaded guilty earlier, all of whom received jail sentences ranging from 13 to 15 months for their involvement in money laundering activities.

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

In August last year, an investigation done by the Phnom Penh Post using the Royal Gazette revealed that both Su Baolin and Su Wenqiang obtained Cambodian citizenship through naturalization in 2019, while Chen Qingyuan did so in 2018.

According to a report by China’s “Sohu News,” in February 2019, the Anxi County Public Security Bureau in Fujian Province released a list of 115 fugitives wanted for various types of crimes, including a fraud case involving an individual named “Chen Qingyuan.”