More than 10 Banks in Singapore Including Citibank, CIMB Bank & Deutsche Bank Named in Singapore $736 Million Money Laundering by 10 Foreigners Originally from China
25th August 2023 | Hong Kong
More than 10 banks in Singapore including Citibank, CIMB Bank & Deutsche Bank had been named in the Singapore $736 million money laundering case by 10 foreigners originally from China. Deutsche Bank had been named as a lender (creditor) joining Citibank & CIMB Bank in Singapore being used in the $736 million money laundering by 10 foreigners originally from China, with Deutsche Bank placing a charge on Golden Eagle Assets for loan facilities in 2023 May (Directors of Golden Eagle Assets – Zhang Ruijin & Lin Baoying). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below.
“ More than 10 Banks in Singapore Including Citibank, CIMB Bank & Deutsche Bank Named in Singapore $736 Million Money Laundering by 10 Foreigners Originally from China “
Deutsche Bank Named as Lender Joining Citibank & CIMB Bank in Singapore Used in $736 Million Money Laundering by 10 Foreigners Originally from China, Deutsche Bank Placed Charge on Golden Eagle Assets for Loan Facilities in 2023 May
24th August 2023 – Deutsche Bank had been named as a lender (creditor) joining Citibank & CIMB Bank in Singapore being used in the $736 million money laundering by 10 foreigners originally from China, with Deutsche Bank placing a charge on Golden Eagle Assets for loan facilities in 2023 May (Directors of Golden Eagle Assets – Zhang Ruijin & Lin Baoying). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. The 10 foreigners (Age 31 to 44), live or had lived in luxury apartments and good class bungalow (GCB) in Singapore, with facilities including golf simulator, movie & karaoke room, and restaurant-styled hotpot holders for steamboat. The 10 foreigners arrested originally from China (Fujian), hold citizenships in China, Turkey, Cyprus, Cambodia and Ni-Vanuatu (Located east of Australia, west of Fiji). The 10 foreigners are Su Haijin, Su Baolin, Zhang Ruijin, Lin Baoying, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Wang Dehai and Vang Shuiming. They are shareholders or directors of companies including Eagle77, Sg-Gree, Golden Eagle Family Office, Ban Tian Yao Catering Management, Ricco, HiCloud Technology & Zhuo Chi Technology. More info below.
Singapore Arrested 10 Foreigners Originally from China for $736 Million Money Laundering Offences, Prohibition Orders on Properties Increased from 94 Units to 105 Units Valued at Total of $611 Million
18th August 2023 – The Singapore Police Force which has arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, has increased to 105 units valued at total of $611 million ($831 million). 50 cars including Rolls-Royce & Ferrari were seized, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. More info below.
Singapore Arrests 10 Foreigners Originally from China for $736 Million Money Laundering Offences with Prohibition Orders on 94 Properties, 50 Cars Including Rolls-Royce & Ferrari, 35 Bank Accounts with $81 Million Including Citibank & CIMB Bank Used, $17 Million in Cash
18th August 2023 – The Singapore Police Force has arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. The 10 foreigners (Age 31 to 44), live or had lived in luxury apartments and good class bungalow (GCB) in Singapore, with facilities including golf simulator, movie & karaoke room, and restaurant-styled hotpot holders for steamboat. The 10 foreigners arrested originally from China (Fujian), hold citizenships in China, Turkey, Cyprus, Cambodia and Ni-Vanuatu (Located east of Australia, west of Fiji). The 10 foreigners are Su Haijin, Su Baolin, Zhang Ruijin, Lin Baoying, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Wang Dehai and Vang Shuiming. They are shareholders or directors of companies including Eagle77, Sg-Gree, Golden Eagle Family Office, Ban Tian Yao Catering Management, Ricco, HiCloud Technology & Zhuo Chi Technology. See below for full statement by Singapore Police Force.
Director of the Commercial Affairs Department, Mr. David Chew:“We take the most serious stance against criminals laundering their criminal proceeds through our financial system. We will continue to work with law enforcement agencies and Financial Intelligence Units to detect, deter, and prevent Singapore from hosting such criminal elements. We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities. Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws.”
Money-Laundering Offence – If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to S$500,000, or both. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.
Forged Document Offence – The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.
Singapore Arrests 10 Foreigners Originally from China for $736 Million Money Laundering Offences
10 Foreigners Arrested:
- Su Haijin
- Su Baolin
- Zhang Ruijin
- Lin Baoying
- Su Jianfeng
- Chen Qingyuan
- Su Wenqiang
- Wang Baosen
- Wang Dehai
- Vang Shuiming
Companies (Shareholder / Director)
- Eagle77
- Sg-Gree
- Golden Eagle Family Office
- Ban Tian Yao Catering Management
- Ricco
- HiCloud Technology
- Zhuo Chi Technology
Singapore Police Force Statement
16th August 2023 – The Police have arrested ten persons, aged between 31 and 44, for their suspected involvement in offences of forgery and/or, money laundering, and resistance to lawful apprehension. Twelve other persons are assisting with investigations and eight other persons are currently wanted by the Police. These persons are believed to have connections amongst themselves. All the persons involved are neither Singapore Citizens nor Permanent Residents.
The Police received information of possible illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts. Through extensive investigations and follow-up from intelligence – including the analysis of Suspicious Transaction Reports (STRs) – the Police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.
On 15 August 2023, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the ten persons.
Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine. The Police also seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent dissipation of suspected criminal proceeds. Cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelleries, two gold bars, and 11 documents with information on virtual assets.
All ten persons will be charged in court on 16 August 2023. The case facts are as follows:
- A 40-year-old male Cypriot national was arrested at his residence at a GCB along Ewart Park. He was also found in possession of other foreign passports believed to be issued by the People’s Republic of China (PRC) and Cambodia. During the arrest, when the Police identified themselves to the man outside his bedroom and ordered him to open the door, the man allegedly jumped out of the second-floor balcony of the GCB and was found by the Police to be hiding in a drain. He was conveyed conscious to the hospital as he sustained injuries arising from the jump. The Police seized cash of more than S$2.1 million and other foreign currencies, and issued prohibition of disposal orders for 13 properties and five vehicles with an estimated value of more than S$118 million, as well as multiple ornaments and bottles of liquor and wine. The Police also froze four related bank accounts with a total balance of more than S$6.7 million. The man will be charged with one count of resistance to lawful apprehension under Section 225B of the Penal Code. One other person is assisting with investigations.
- A 42-year-old male Turkish national was arrested at his residence at a GCB along Bishopsgate. He was also found in possession of a foreign passport believed to be issued by PRC and Vanuatu. The Police seized close to S$720,000 in cash and other foreign currencies, one electronic device, 36 luxury watches and bags, and issued prohibition of disposal orders for four properties and three vehicles with an estimated value of more than S$29 million, as well as multiple bottles of liquor and wine. The Police also froze two related bank accounts with a total balance of more than S$1.18 million and other foreign currencies. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.
- A 44-year-old male PRC national and a 43-year-old female PRC national were arrested at their residence at a bungalow along Pearl Island at Sentosa Cove. The man was also found in possession of a foreign passport believed to be issued by St Kitts and Nevis and the woman was found with other foreign passports believed to be issued by the Dominican Republic and Turkey. The Police seized cash of more than S$7.6 million and other foreign currencies, and issued prohibition of disposal orders for nine properties and five vehicles with an estimated value of more than S$106 million. The Police also froze a related bank account with a total balance of more than S$22 million and other foreign currencies. The man and woman will each be charged with one count of forgery for the purpose of cheating under Section 468 of the Penal Code.
- A 41-year-old male Cambodian national was arrested at his residence at a GCB along Nassim Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$777,000 and other foreign currencies, 11 electronic devices, 33 luxury bags and watches, 75 pieces of jewelleries, and issued prohibition of disposal orders for seven properties and six vehicles with an estimated value of more than S$76 million. The Police also froze three related bank accounts with a total balance of more than S$2.4 million. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.
- A 35-year-old male Ni-Vanuatu national was arrested at his residence at a GCB along Third Avenue. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized more than S$1.4 million in cash and other foreign currencies, 95 pieces of jewelleries, 69 luxury bags and watches, 22 electronic devices, two gold bars, and issued prohibition of disposal orders for 13 properties and four vehicles with an estimated value of more than S$120 million. The Police also froze six related bank accounts with a total balance of more than S$20 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). One other person is assisting with investigations.
- A 33-year-old male Cambodian national was arrested at his residence at a condominium along Leonie Hill Road. He was also found in possession of other foreign passports believed to be issued by PRC and the Dominican Republic. The Police seized cash of close to S$600,000 and other foreign currencies, 23 pieces of jewelleries, six luxury watches, 11 documents with information on virtual assets, and 12 electronic devices, and issued prohibition of disposal orders for one property and three vehicles with an estimated value of more than S$12.6 million. The Police also froze two related bank accounts with a total balance of more than S$28,000 and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 34-year-old male Cypriot national was arrested at his residence at a condominium along Paterson Hill. He was also found in possession of other foreign passports believed to be issued by PRC and Cambodia. The Police seized cash of more than S$2.2 million, 11 electronic devices, 35 luxury watches and bags, 51 pieces of jewelleries, and issued prohibition of disposal orders for one property and two vehicles with an estimated value of more than S$23 million. The Police also froze five related bank accounts with a total balance of more than S$1.7 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 31-year-old male PRC national was arrested at his residence at a condominium along Tomlinson Road. He was also found in possession of a foreign passport believed to be issued by Vanuatu. The Police seized cash of close to S$112,000 and other foreign currencies and three electronic devices, and issued probation of disposal order for one vehicle with an estimated value of more than $300,000. The man will be charged with money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 31-year-old male Cambodian national was arrested at his residence at a GCB along Lewis Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$600,000 and other foreign currencies, 11 electronic devices, 16 luxury bags and watches, 11 pieces of jewelleries, and issued prohibition of disposal orders for two vehicles with an estimated value of more than S$580,000, as well as multiple bottles of liquor and wine. The Police also froze eight related bank accounts with a total balance of more than S$10 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- Four other persons are assisting with Police investigations. The Police seized cash of more than S$6.7 million and other foreign currencies, 60 luxury bags and watches, more than 20 pieces of jewelleries, more than 50 electronic devices and issued prohibition of disposal orders for 29 properties and 15 vehicles with an estimated value of more than S$227 million. The Police also froze one bank account with a total balance of more than S$2.8 million.
- Eight other persons are currently wanted by the Police.
Police investigations are ongoing. More assets may be seized, bank accounts frozen, or prohibition of disposal orders issued, in the course of investigation.
If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to $500,000, or both. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.
The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.
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