The probe began in 2021 with tip-offs about a group of foreigners using forged documents to launder money in Singapore.
This led to the simultaneous arrests of nine men and one woman in affluent estates around the island 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 have been seized. These assets include hard cash, luxury properties, branded goods, cryptocurrency, and alcohol.
The offenders all pleaded guilty to various crimes, including money laundering, using forged bank documents, and other related offences such as lying to the Manpower Ministry to obtain work passes to enter Singapore.
They were sentenced to jail terms ranging from 13 to 17 months.
The 10th criminal, 36-year-old Vanuatu national Su Jianfeng, was sentenced to the longest jail term on Monday (10 June).
In a statement after the hearing, the Singapore Police Force (SPF) said the value of assets linked to the 10 offenders totals more than S$1 billion to date.
About S$944 million worth of these assets have been ordered by the court to be forfeited to the state.
This follows the 10 offenders’ agreement, as part of their plea deals, to forfeit at least 90 per cent of their seized assets.
Of the 10, only one – Su Wenqiang – agreed to surrender 100 per cent of the estimated S$6 million seized from him.
S$2B in the money laundering case linked to 17 on the run
Despite all ten arrested individuals having been sentenced to jail, with five deported so far, an earlier police statement confirmed that 17 individuals linked to the S$3 billion case are still under investigation and have fled Singapore.
The authorities are now turning their attention to these individuals and others, including Singaporeans, who helped facilitate the S$3 billion case.
The S$3 billion in cash and assets seized or issued with the prohibition of disposal orders in the case belonged to 27 individuals, not just the 10 convicted.
This means the 17 other individuals are linked to around S$2 billion in cash and assets.
Police earlier told Singapore’s state media, The Straits Times, that they are working with foreign law enforcement agencies to tackle the transnational crimes.
The SPF has been actively sharing information through global policing networks, including seeking assistance on the whereabouts of the wanted persons, two of whom currently have Interpol red notices issued against them.
Su Yongcan and Wang Huoqiang- on Interpol red notices
The two mentioned by the police are Su Yongcan and Wang Huoqiang. Su Yongcan, 33, is the brother-in-law of both Su Jianfeng and Wang Dehai. Wang Huoqiang, 29, is Wang Dehai’s cousin.
The authorities have seized or frozen around S$161 million tied to Su Yongcan and around S$5.2 million from Wang Huoqiang.
China’s Ministry of Public Security also investigated Su Yongcan and Wang Huoqiang. They were all put on the wanted list in 2017 for alleged links to the gambling syndicate.
The gambling connection continued with Wang Baosen, who was also convicted in the Singapore case.
He had worked with his cousin, Wang Bingang, at Hongli International Entertainment, a gambling site operating from the Philippines and Cambodia.
Su Shuiming and Su Shuijun
Other suspects who fled the country amid the probe include Su Shuiming, 39, and Su Shuijun, 37.
The duo are Fujian-born businessmen resided in Singapore since 2021 and are wanted by China in Aug 2023 for cross-border gambling.
Linked to Su Jianfeng, one of the accused in the S$3B money laundering case, an Organised Crime and Corruption Reporting Project (OCCRP) investigation revealed their ties to Dubai property dealings.
More than S$530 million in cash and assets, including 28 properties, were seized from both men after they fled the country.
According to the OCCRP report, the duo each own 11 units at Grande Downtown Dubai, which collectively comprise the entire 66th and 68th floors of the development.
They have collectively paid more than S$31 million for these properties.
Su Jianfeng, Wang Dehai and Su Wenqiang had worked at the same online gambling syndicate in the Philippines since 2015.
Su Binghai and associates abruptly left Singapore amid S$3B money laundering probe
In December last year, OCCRP also exposed that another Fujian-born entrepreneur, Su Binghai, the founder of an Asian private equity firm, along with his two associates, Su Bingwang, and Su Fuxiang, were linked to Wang Dehai among the convicted in S$3 billion case.
They reportedly abruptly departed Singapore in September last year, as authorities aimed to question them regarding his potential ties to the high-profile case.
Singapore corporate records reveal that Su Binghai and Su Fuxiang are the principal shareholders of New Future’s Singapore subsidiary.
Su Binghai prominently features on New Future’s corporate website, depicted at the centre of a group of suited professionals.
Although the company does not disclose financial results, it proudly declares on its website that “the Founding Partners have, separately or jointly as co-investors, made over $2 billion of private equity investments in Greater China during the five years prior to founding New Future.”
Mastermind of illegal online gambling empire resided on Rochalie Drive, the same street as former Prime Minister Lee Hsien Loong
In Sept 2023, ST revealed that Wang Bingang, a man who amassed millions by offering illegal online gambling services to Chinese players, is one of several individuals who remains at large after Singapore’s anti-money laundering crackdown.
His illicit gambling enterprise, known as Hongli International, boldly thrived for years, attracting the scrutiny of authorities in both China and internationally.
At the time of the Singapore police operation, Wang Bingang, 34, was residing in a luxurious rented bungalow on Rochalie Drive in Tanglin, believed to be shared with Wang Liyun, his supposed wife.
Wang Bingang is a Chinese national but has Cambodian citizenship. His rise to notoriety began in 2012 when he was just 23 years old.
Originating from Anxi, Fujian, he quickly became a millionaire by running the Hongli International (“鸿利国际”) gambling site, based in the Philippines and Cambodia.
Interestingly, Singapore Prime Minister Lee Hsien Loong also resides on Rochalie Drive, the same street where Wang, the alleged figurehead of the S$2.4 billion case syndicate, was reported to be staying.
The duration of Wang Bingang’s stay in Singapore remains uncertain.
According to Chinese media reports, Wang Bingang was sentenced by a Chinese court to three years in prison and fined 3 million yuan. His sentence was concluded on February 15, 2018.