By admin 
SINGAPORE (The Straits Times/ANN): Assets worth about S$1.85 billion (RM6.15 billion) have been handed over to the state by 15 foreigners on the run from police in Singapore’s biggest money laundering case.
This brings the total amount of assets surrendered in the case to date to almost S$2.8 billion, with S$944 million in assets previously surrendered by ten money launderers who were jailed and deported.
On November 18, police said 15 of the 17 suspects on the run have been “dealt with” and have agreed to surrender their belongings. They are also not allowed to return to Singapore.
The police release did not detail how the 15 were handled.
But it said investigations into the other two people on the run are still ongoing, and their assets worth about S$144.9 million are still under seizure or ban on removal orders.
In the S$3 billion (RM10 billion) money laundering case, 10 foreigners were initially jailed in 2024 after being arrested in multiple raids on Aug 15, 2023.
In June 2024, police said that in addition to the 10 arrested, 17 more people were being investigated in connection with the case.
None of the 17 people who left Singapore have returned since the investigation began.
In the early hours of August 15, 2023, more than 400 police officers carried out simultaneous raids across the island, arresting nine men and one woman with links to organized crime, including fraud and online gambling.
The locations include a Sentosa Cove bungalow; good quality bungalows in Lewis Road, Third Avenue, Bishopsgate, Nassim Road and Ewart Park; and apartments in Tomlinson Road, Leonie Hill Road and Paterson Hill.
The ten convicts were Su Haijin, Su Baolin, Vang Shuiming, Wang Dehai, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Zhang Ruijin and his lover Lin Baoying.
They all have Chinese nationality, but also have citizenship of countries such as Cambodia, Dominica, Vanuatu and Turkey.
They were imprisoned and deported.
The Interior Ministry said in July that no foreign government or agency has filed claims for the 10 people’s forfeited cash and assets.
The assets include luxury cars, real estate, watches, handbags, jewelry, alcohol and Bearbrick ornaments.
Another 24 people are named on a list distributed by authorities to financial institutions and traders of gems and metals, on which they can report any transactions involving these individuals.
Among the 24 names are those of the wives and girlfriends of the 10.
The list also includes Su Yongcan and Wang Huoqiang, both of whom have Interpol Red Notices issued against them for money laundering offences. Both are among the 17 on the run.
Investigations by The Straits Times revealed the names of other people associated with the group, including Su Fuxiang, Su Binghai, Su Shuiming and Su Shuijun.
In August, Su Binghai’s personal driver, Liew Yik Kit, 41, became the first Singaporean charged in connection with the money laundering case.
Liew allegedly lied to police that Su Binghai had left no valuables in his possession while he had the businessman’s four luxury cars: a Rolls-Royce Phantom, a Rolls-Royce Cullinan, a Ferrari F8 Spider and a Ferrari Stradale.
He allegedly threw away the four cars, causing the police to miss the seizure and obstructing justice.
Two Chinese nationals who are former relationship managers at banks were also charged in August.
Liu Kai, 35, a relationship manager at Swiss private bank Julius Baer, was charged with aiding Lin Baoying in submitting a forged tax document in November 2020.
Wang Qiming, 26, a former Citibank relationship manager, was charged with laundering S$481,678 in cash he raised on behalf of Su Baolin and forging a loan document to deceive Citibank about the source of Vang Shuiming’s funds.
Police said investigations and legal proceedings against others who allegedly facilitated the money laundering activities are ongoing.
The forfeited assets and cash from the case will go to the Consolidated Fund, which is similar to a government bank account where government expenditures are made.
After news of the money laundering case first emerged in August 2023, an inter-ministerial committee was set up to review Singapore’s financial system and strengthen its anti-money laundering regime.
The Interministerial Committee on Anti-Money Laundering published a report on October 4 detailing new measures to strengthen anti-money laundering efforts, including advising traders of high-value goods on how to identify red flags identify suspicious transactions.
On November 18, police said the government will continue to strengthen Singapore’s defenses against money laundering to safeguard the country’s hard-earned reputation as a trusted and reputable international financial center, governed by the rule of law.
They added: “We will continue to welcome legitimate businesses and investors, but will do everything we can to eliminate criminals who seek to exploit Singapore’s ecosystem for criminal gain.” – The Straits Times/ANN