Singapore Money Laundering Suspects, Reportedly Worth Millions, Appear in Court

Posted on: August 31, 2023, 07:13h. 

Last updated on: September 11, 2023, 03:15h.

Erik Gibbs Read More
Expertise: Asia Pacific Gaming, Gaming Business, Global Gaming.

Individuals involved in one of the largest money-laundering cases in Singapore’s history appeared in court on Wednesday. The case involves a staggering SGD1 billion (US$740.4 million) in laundering proceeds and unlawful betting, with a wide range of assets, including precious metals, luxury items, vehicles, jewelry, and cash.

Prisoners sit on the floor of the Changi Prison in Singapore
Prisoners sit on the floor of the Changi Prison in Singapore. A group of people accused of laundering money from illegal gambling will remain in jail pending trial. (Image: CNA)

The 10 individuals, all accused of crimes linked to illegal gambling, appear in court remotely via video conference this week. During the court proceedings, prosecutors presented allegations concerning the organization’s possession of offshore wealth, involvement in illegal gambling, and ongoing search for fugitives.

The suspects reportedly possess millions of dollars in bank accounts, cryptocurrency, and safe deposit boxes.

One of the suspects, Cypriot national Su Haijin, was found to possess assets worth at least SGD160 million (US$118.46 million) during the raids that led to the suspects’ arrest. Due to the substantial amount of money involved and the possibility of undiscovered assets, prosecutors seek to keep the suspects in custody.

The judge complied with this request.

Defense lawyers also argued for their clients to be allowed contact with their loved ones and emphasized that flight risk was negligible. Counsel maintained that escape was implausible because the accused had their passports confiscated during the raids across Singapore earlier this month.

However, it has come to light that at least one suspect possessed multiple passports.

Recent Raids

Law enforcement officials executed raids at nine locations a few weeks ago, resulting in the seizure of 105 properties, 50 vehicles, and a vast quantity of luxury items, including SGD23 million (US$17.02 million) in cash and bank accounts that held SGD110 million (US$81.44 million)

The raid involved over 400 police officers.

Continued Investigation

The suspects will remain in custody until their next court appearance later in September.

Meanwhile, police are continuing the investigation. So far, police have established links between the suspect and organized crime networks operating globally, including in the Philippines and China.

However, the full extent of the network remains unknown.