SINGAPORE: Singapore’s largest money laundering case of $3 billion brought attention to 27 persons under investigation, beyond the initial 10 brought to court, police revealed to The Straits Times.
The prohibition against disposal and custody of $3 billion in cash and assets seized will remain in place until the court concludes the case.
Eight of the 10 persons arrested in August 2023 have already been convicted, receiving jail terms ranging from 13 to 15 months each. Su Jianfeng and Wang Dehai are expected to plead guilty this week.
Based on court documents and proceedings, the total amount of cash and assets seized or forfeited to the state by the 10 arrested individuals exceeds $900 million, with the 17 additional individuals linked to approximately $2.1 billion in cash and assets.
Among the suspects who fled the country during the investigation are Su Shuiming, Su Shuijun, Su Yongcan, and Wang Huoqiang, with Interpol Red Notices issued against the latter two for money laundering offenses.
Su Binghai and Su Fuxiang, shareholders of New Future Holdings, have not been seen in Singapore since September 2023. Su Binghai left Singapore as the Commercial Affairs Department initiated investigations into their network of relationships.
Wang Bingang, associated with the Hongli gambling syndicate in China, is also among the 17 individuals under investigation. He was convicted in China in 2015 for involvement in a criminal organization. His cousin, Wang Baosen, was sentenced to jail in April for money laundering charges.
As part of his plea deal, Wang Baosen forfeited assets worth around $8 million to the state and was deported to Cambodia, with a ban on re-entering Singapore. Similarly, four other convicted money launderers were deported after completing their jail terms.
