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8 new charges for money laundering accused who allegedly funded three properties in Scotts Road

2024-01-19 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE - Su Baolin, one of the 10 accused in Singapore’s largest money laundering case, was handed eight more charges on Jan 19.

Su, 42, who was originally from China, holds a Cambodian passport and now faces 10 charges in total.

One of his latest charges alleges that on or around Dec 24, 2020, he used $657,980 – his alleged benefits of criminal conduct – to fund the purchase of three properties at Scotts Square, in Scotts Road, in the name of his wife Ma Ning.

Three cheques were issued, each worth over $1.8 million.

The money he provided was allegedly derived from a conspiracy that he engaged in with a Wang Qiming, a former Citibank employee, to forge a document with the intent to cheat Standard Chartered Bank.

Su is one of the 10 foreigners arrested on Aug 15, 2023 in an anti-money laundering probe which has now seen over $3 billion in assets seized.

Three of his new charges are for making false representations, and involve Wang Junjie – a man who held multiple directorships, secretarial and shareholder positions in 185 firms.

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The Accounting and Corporate Regulatory Authority (Acra) said on Jan 19 that Wang Junjie had his registration as a qualified individual (RQI) cancelled on Jan 18, as part of its investigations into the ongoing money laundering probe.

Acra said Wang Junjie is the RQI and director of registered filing agent (RFA) LW Business Consultancy (LWBC).

Acra said RQIs and RFAs provide corporate secretarial services for business entities, like helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under Acra’s purview.

RQIs and RFAs must perform customer due diligence measures and guard against breaches in anti-money laundering and countering the financing of terrorism (AML/CFT) controls.

Acra said the registrations of Wang Junjie and LWBC were cancelled in view of breaches of AML/CFT controls under the Acra (Filing Agents and Qualified Individuals) Regulations 2015.

According to court documents on Jan 19, Su had allegedly abetted Wang Junjie to fraudulently make false representations to the Inland Revenue Authority of Singapore regarding the true and accurate values of Xinbao Investment Holdings’ revenue, gross profits and trade receivables for the company’s financial years in 2019, 2020 and 2021.

Su and Wang Junjie were both directors at Xinbao Investment Holdings, where Wang Junjie was also secretary.

Three of Su’s latest charges were for refusing to sign statements.

He allegedly did not sign various statements he made when required to do so by a Commercial Affairs Department officer on Dec 14 and 21, 2023, and on Jan 4, 2024, in an interview room at the Changi Prison Complex Medical Centre.