Woman in S$3B money laundering case gets 15-month jail, S$154M assets forfeited

SINGAPORE: Lin Baoying, the only woman among the 10 suspects in Singapore’s landmark S$3 billion money laundering case, was sentenced to 15 months in jail on Thursday (30 May).

The 44-year-old Chinese national pleaded guilty to three of the ten charges against her, with the remaining charges considered during sentencing.

Lin was convicted on one count of money laundering and two counts of fraudulently using a forged document.

She is the eighth suspect to be sentenced in this case. The 10 individuals, all originally from China but holding various passports, were arrested during a simultaneous raid on August 15 of last year.

The court ordered the forfeiture of approximately S$154 million of Lin’s seized assets, which constitutes around 90 per cent of the S$170.5 million worth of assets related to Lin and her companies.

Between April 2020 and October 2020, Lin submitted forged documents to various financial institutions in Singapore, responding to their inquiries regarding the source of her funds.

This included the submission of two forged agreements to CIMB Bank and UOB Kay Hian (UOBKH), falsely claiming that the source of her funds came from the sale of two Macao properties she purportedly owned, despite never owning such properties.

Investigations also uncovered Lin’s suspected involvement in an unlicensed and unlawful gambling operation overseas from 2015 to 2019, with the proceeds transferred into Singapore.

However, Lin failed to provide a satisfactory explanation for the deposit of HK$7.5 million into her UOBKH account, which she had initially misrepresented to the bank as proceeds from the sale of the Macao property she allegedly owned.

Lin couldn’t provide documentary evidence to support the claim that the money originated from legitimate sources like her businesses.

Defence counsel advocates for Lin’s status as a single mother

During the determination of Lin’s sentence, the prosecution referenced the four previously sentenced suspects – Su Haijin, Su Wenqiang, Wang Baosen, and Zhang Ruijin – who received jail terms ranging from 12 to 14 months.

The prosecution advocated for Lin to be incarcerated for a period between 15 and 17 months.

Deputy Public Prosecutor Gan Ee Kiat highlighted the police’s suspicions regarding Lin’s involvement in an illegal gambling operation, suggesting that her funds stemmed from criminal activities. He emphasized the sophisticated nature of the offences, making detection and investigation challenging, stressing the necessity of deterrence to prevent such offences from proliferating.

Additionally, he noted the financial burden incurred by banks and law enforcement agencies due to the investigation, adversely impacting the reputation of the banks.

Lin was represented by a legal team, including Mr Chew Kei-Jin, who urged the court to limit Lin’s sentence to no more than 13 months in jail, citing the sentences imposed on other offenders in the case.

Mr Chew addressed the financial institutions’ responsibility for conducting proper checks and highlighted Lin’s status as a single mother striving to provide for her two children in Singapore.

Mr Chew also emphasized the adverse effects of the case on Lin’s daughter, who ceased attending school due to her mother’s situation.

DPP Gan countered by noting that among the eight who pleaded guilty, only Zhang Ruijin’s money laundering amount closely resembled Lin’s case, with substantially lower sums involved for the other offenders.

The relationship between Lin and Zhang was revealed during court proceedings, indicating that they were lovers for over a decade.

Though not legally married, Lin referred to Zhang as her husband, while Zhang, in his initial court appearance, sought separation of their legal fates.

Zhang received a 15-month jail sentence after pleading guilty to three charges related to the operation in April.

Lin’s assets seized by police

Lin’s assets seized by the police encompassed various holdings, including 13 bank accounts spanning Citibank Singapore, DBS Bank, Industrial and Commercial Bank of China, and RHB Bank. These accounts housed a blend of local and foreign currencies, with the largest containing approximately HK$75.6 million (S$13.1 million).

Additionally, authorities confiscated approximately S$13.6 million in physical cash. Among the seized assets were five properties: two residences at Sentosa Cove, apartments located at Beach Road and Grange Road, and an Amoy Street shophouse collectively valued at nearly S$30 million.

Court documents revealed that Lin had paid S$13.5 million and S$15.5 million for the two Sentosa Cove houses. Furthermore, two vehicles were seized—a green Rolls-Royce Dawn Black Badge valued at about $1.6 million and a white Toyota Alphard Elegance MR worth S$215,000.

Lin also possessed a variety of cryptocurrencies, including Bitcoin, Tether, Ethereum, Dogecoin, and TRON, totaling S$1.9 million.

Fraudulently using a document known to be forged could have exposed Lin to a maximum penalty of four years’ imprisonment, a fine, or both. In relation to the money laundering offense, Lin could have confronted a maximum fine of S$150,000, a prison term of up to three years, or both.

Dubai data leak exposes alleged property ownership linked to Lin

Earlier, seven accused in the S$3B case:  Su Wenqiang, Su Haijin, Wang Baosen, Su Baolin,  Zhang Ruijin, Vang Shuiming, and Chen Qingyuan 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.

Two weeks ago, a data leak uncovered by the investigative journalism group, Organised Crime and Corruption Reporting Project (OCCRP) and the Straits Times, suggests that Su Jianfeng, accused in the S$3 case, may have acted as the middleman facilitating the purchase of properties in Dubai for those involved in the case, primarily between 2020 and 2022.

The report further discloses that Su, Lin Baoying, and Su Haijin purportedly own over $30 million worth of real estate in Dubai, including properties developed by Emaar and brokered by Fidu.

Allegedly, Lin is the owner of a luxury villa in Emirates Hills, valued at a minimum of US$7 million.