SINGAPORE: Another of 10 suspects involved in a S$3 billion (US$2.2 billion) money laundering case was sentenced to 14 months' jail on Monday (Apr 29).
Su Baolin, a 42-year-old Cambodian, had pleaded guilty to three out of 13 charges.
One charge is for engaging in a conspiracy with a Wang Junjie to make false representations to the Inland Revenue of Singapore (IRAS) regarding the true and accurate values of Xinbao Investment Holdings' revenue, gross profits, and trade receivables for the company’s financial year 2021. Su was listed as the director of the company.
Another charge is for possessing S$777,220.50 in cash, suspected to be benefits of criminal conduct, at 34A Nassim Road.
He also pleaded guilty to a charge stating that he possessed a car, a white Toyota Alphard Hybrid 2.5SR C-Package CVT purchased for S$332,281.26, suspected also to be benefits from criminal conduct.
The remaining charges will be taken into consideration for his sentencing.
Su and nine others were arrested in an islandwide police operation against money-laundering offences in August 2023.
More than S$3 billion in assets have been seized or frozen in relation to his case, likely making it one of the largest money laundering operations in the world.
Since April, three men, Wang Baosen, Su Haijin and Su Wenqiang have pleaded guilty and been sentenced to jail terms of between 13 and 14 months.
Su is the fourth to be dealt with by the courts.
Around S$100 million worth of assets, consisting of cash, vehicles, properties, luxury items, and alcohol were seized from Su. After accounting for his liabilities, this amounted to around S$72 million worth of assets. These were believed to be derived from the proceeds of unlawful remote gambling activities overseas.
On Aug 15, 2023, $777,220.50 in cash was seized from two safes in Su's residence. He was unable to properly account for where they came from.
As for the car, Su told the authorities that he bought it with proceeds obtained from punting with a WhatsApp group linked to gambling websites. This group purportedly transferred cryptocurrency to Su's cryptocurrency wallet.
However, this explanation was unsatisfactory to the authorities.
Instead, the circumstances showed that the car was most likely obtained through criminal conduct from Su's unlawful remote gambling offences, said the prosecution.
For possessing property suspected of being derived from criminal conduct, Su could have been jailed up to three years' jail, or a fined up to S$150,000, or both.
For making a false statement to the Controller of Work Passes, Su could have been jailed for up to two years or fined up to S$20,000, or both.
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Su Baolin, a 42-year-old Cambodian, had pleaded guilty to three out of 13 charges.
One charge is for engaging in a conspiracy with a Wang Junjie to make false representations to the Inland Revenue of Singapore (IRAS) regarding the true and accurate values of Xinbao Investment Holdings' revenue, gross profits, and trade receivables for the company’s financial year 2021. Su was listed as the director of the company.
Another charge is for possessing S$777,220.50 in cash, suspected to be benefits of criminal conduct, at 34A Nassim Road.
He also pleaded guilty to a charge stating that he possessed a car, a white Toyota Alphard Hybrid 2.5SR C-Package CVT purchased for S$332,281.26, suspected also to be benefits from criminal conduct.
The remaining charges will be taken into consideration for his sentencing.
Su and nine others were arrested in an islandwide police operation against money-laundering offences in August 2023.
More than S$3 billion in assets have been seized or frozen in relation to his case, likely making it one of the largest money laundering operations in the world.
Since April, three men, Wang Baosen, Su Haijin and Su Wenqiang have pleaded guilty and been sentenced to jail terms of between 13 and 14 months.
Su is the fourth to be dealt with by the courts.
Related:
Around S$100 million worth of assets, consisting of cash, vehicles, properties, luxury items, and alcohol were seized from Su. After accounting for his liabilities, this amounted to around S$72 million worth of assets. These were believed to be derived from the proceeds of unlawful remote gambling activities overseas.
On Aug 15, 2023, $777,220.50 in cash was seized from two safes in Su's residence. He was unable to properly account for where they came from.
As for the car, Su told the authorities that he bought it with proceeds obtained from punting with a WhatsApp group linked to gambling websites. This group purportedly transferred cryptocurrency to Su's cryptocurrency wallet.
However, this explanation was unsatisfactory to the authorities.
Instead, the circumstances showed that the car was most likely obtained through criminal conduct from Su's unlawful remote gambling offences, said the prosecution.
For possessing property suspected of being derived from criminal conduct, Su could have been jailed up to three years' jail, or a fined up to S$150,000, or both.
For making a false statement to the Controller of Work Passes, Su could have been jailed for up to two years or fined up to S$20,000, or both.
Continue reading...