SINGAPORE: Another of 10 suspects involved in a S$3 billion (US$2.2 billion) money laundering case pleaded guilty in court on Monday (Apr 29).
Su Baolin, a 42-year-old Cambodian, 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.
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Su Baolin, a 42-year-old Cambodian, 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.
Continue reading...