Billion-dollar money laundering case: 15 of 17 foreigners who fled Singapore agree to surrender S$1.85b of assets.

SINGAPORE: Fifteen of the 17 foreigners who fled Singapore amid the probe in the S$3 billion money laundering case have agreed to surrender about S$1.85 billion (US$1.37 billion) worth of assets to the state, said the Singapore Police Force (SPF) on Monday (Nov 18).

Court orders have been made for the surrender of those assets, which form 98.6 percent of the total assets seized from them.

The police added the 15 foreigners have been barred from returning to Singapore and their cases had been "dealt with".

CNA understands that this means the cases against all 15 of them are now effectively closed.

Investigations into the other two foreigners are ongoing.

"Assets amounting to S$144.9 million linked to them remain seized or the subject of prohibition of disposal orders," SPF added.

The cases involving the 17 foreigners fall under one of Singapore’s largest money laundering probes. Investigations began in 2021 with tip-offs on a group of foreigners using forged documents to launder money in the country.

This led to the simultaneous arrests of nine men and one woman - with origins in China - in moneyed estates around the country in August 2023.

In the months following the arrests, billions of dollars worth of assets linked to the offenders and other suspects on the run were seized - including hard cash, luxury properties, branded goods, cryptocurrency, and alcohol.

All 10 foreigners were subsequently convicted of money laundering, among other offenses, and sentenced to jail.

Of the total assets seized from the 10 offenders or otherwise linked to them, about S$944 million worth of assets, or 92.1 percent, were surrendered to the state, the police said on Monday.

The last of the 10 offenders was sentenced in June. All of them have been deported following their jail terms and are barred from re-entering Singapore.

The police added that investigations and court proceedings into others who have suspected links to the billion-dollar money laundering case are ongoing.

In August, two former bank relationship managers - Chinese nationals Wang Qiming and Liu Kai - were charged in court with helping the culprits.

Singaporean Liew Yik Kit, who was the personal driver to Su Binghai, one of the 17 foreigners who fled Singapore, was also handed a charge each of obstructing justice and lying to the police.

Warrants of arrest and Interpol Red Notices have been issued for two other suspects – Cambodian nationals Su Yongcan and Wang Huoqiang – who fled Singapore before police operations relating to the case began.

"We will continue to welcome legitimate businesses and investors, but will spare no effort to take down criminals who seek to exploit the Singapore ecosystem for criminal gains," the police said.

Article edited by: TheAEGroup & Associates