[Lion City’s Largest Money Laundering Case]​​Arrested Foreigners Originally from Fujian, China

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(Singapore, 17th) The 10 foreigners arrested in Singapore’s largest money laundering case in recent years are believed to be originally from Fujian, China, and three of them are Chinese citizens. Although the rest hold Chinese passports, they have different nationalities. One of them is believed to be the Chinese buyer who bought 20 units in Corning River Bay last May for 85 million yuan (S$, the same below).

In addition, another 12 people are assisting the investigation, and eight people are currently wanted by the police.

None of the persons involved are Singapore citizens nor permanent residents.

The nine men and one woman were suspected of being involved in crimes such as forging documents and money laundering. They were arrested by the Singapore police on Tuesday (15th). criminal activities involving the largest sums of money.

According to new media reports, one of them is believed to be the Chinese buyer who bought 20 units in (Canninghill Piers) for 85 million yuan in May last year.

Nine men and one woman, aged between 31 and 44, are suspected to be members of an organized criminal gang involved in fraud and online gambling overseas. After they were interviewed by videoconference at the National Court at 8 pm on Wednesday, the judge ordered them to be remanded in the central police station for a week, during which time they were allowed to be taken out of the police station for investigation. The case exhibition will be held on August 23.

The police issued a statement last night saying that another 12 people are assisting in the investigation, and eight people are currently wanted by the police, and these people are believed to be related. None of the persons involved are Singapore citizens nor permanent residents.

More than 400 investigators from the Commercial Affairs Bureau, the Criminal Investigation Bureau, the Police Force’s Special Operations Command (Special Operations Command) and the Police Intelligence Bureau launched inspections in various places across the country on Tuesday, including high-quality bungalows and apartments, and 10 people were arrested.

Police issued restraining orders against 94 properties and 50 vehicles worth more than $815 million, as well as various trinkets and alcohol.

The police also seized more than 35 related bank accounts with a total balance of more than 110 million yuan. The police have launched an investigation to prevent the stolen goods from being transferred.

Authorities seized more than 23 million yuan in cash including foreign currency, more than 250 designer bags and watches, more than 120 pieces of electronic equipment, more than 270 pieces of jewelry, two gold bars, and 11 documents related to virtual assets.

According to the statement, the police received intelligence that some people may be engaged in illegal activities, including the suspected use of forged documents to prove the source of funds in bank accounts in Singapore. Through large-scale investigation and intelligence follow-up, including the analysis of suspicious transaction reports (Suspicious Transaction Reports), the police identified a group of foreigners suspected of participating in money laundering.

Zhou Xiangtai, director of the Commercial Affairs Bureau, said that the authorities take criminals who launder money through Singapore’s financial system seriously and will continue to cooperate with law enforcement agencies and financial intelligence units to prevent Singapore from becoming a stronghold for such criminal activities.

“We also have zero tolerance for criminals or their families using Singapore as a safe haven, or misusing Singapore banking facilities.”

“Our message to these criminals is simple: If we catch you, we will arrest you. Once your ill-gotten gains are found, we will confiscate them and dispose of you to the fullest extent of the law.”

MAS: Misusing the financial system for illegal activities will not be tolerated

The Monetary Authority of Singapore also issued a statement stating that it will not tolerate the abuse of the financial system for illegal activities. Authorities are taking the case seriously and are in contact with financial institutions that may have illicit funds. Regulatory work is still ongoing.

The authorities also stated that they will deal severely with financial institutions involved in money laundering or financing terrorist activities, or with insufficient supervision.

The police investigation is still ongoing, during which more assets may be seized, bank accounts frozen and non-disposition orders issued.

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