Singapore Hands Down Second Conviction in $2.2 Billion Money Laundering Case

Apr 8, 2024 Hubbis

Singapore has recently secured its second conviction related to a significant $2.2 billion money laundering scandal within a single week.

Su Haijin, a 41-year-old man from Cyprus, has been sentenced to 14 months in jail, as stated by the police. He faced various charges, including resisting arrest, multiple counts of money laundering, conspiracy to forge documents, making false representations, and declaring false employment.

The authorities have also ordered the confiscation of over S$166 million ($123 million) in assets that had been seized from Su, his spouse, and his businesses. These assets encompass a range of items such as cash, real estate, jewelry, luxury goods, and alcohol.

Regarding the incident of resisting arrest, it was noted that Su attempted to flee by jumping from the balcony of his second-story home during a police operation in August 2023. He was later discovered attempting to hide in a nearby drain.

Su was implicated in creating forged documents and making false statements in collaboration with Wang Junjie, who is connected to over 200 companies, including nine linked to three suspects arrested in the money laundering case, as reported by «Bloomberg».

Further investigations revealed Su's involvement in illegal remote gambling activities. His company, Yihao Cyber Technologies Pte Ltd, had received substantial payments from a foreign entity engaged in remote gambling targeting individuals outside Singapore. These funds were deposited into accounts at UOB and DBS, totaling S$999,920 and S$438,947.20, respectively.

This conviction comes shortly after Su Wenqiang was sentenced to 13 months in prison earlier in the week, marking the second conviction in the large-scale money laundering investigation.

Singapore Hands Down Second Conviction in $2.2 Billion Money Laundering Case

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