8 new charges for money laundering accused who allegedly funded Scotts Rd properties, Latest Singapore News - The New Paper

8 new charges for money laundering accused who allegedly funded Scotts Rd properties

Su Baolin, one of the 10 accused in the $2.8 billion money laundering case, was handed eight more charges on Jan 19.

Su, 42, who was originally from China, holds a Cambodian passport and now faces 10 charges in total.

One of his latest charges alleges he had on or around Dec 24, 2020, used $657,980 - his alleged benefits of criminal conduct  to fund the purchase of three properties at Scotts Square, in Scotts Road, in the name of his wife, Ma Ning.

Three cheques were issued, each worth over $1.8 million.

The money he provided was allegedly derived from a conspiracy he engaged in with a Wang Qiming, a former Citibank employee, to forge a document with the intent to cheat Standard Chartered Bank.

Three of his new charges are for making false representations and involve Wang Junjie - a man who held multiple directorships, secretarial and shareholder positions in 185 firms.

The Accounting and Corporate Regulatory Authority said on Jan 19 that Wang Junjie had his registration as a qualified individual (RQI) cancelled on Jan 18, as part of its investigations into the ongoing money laundering probe.

Acra said Wang Junjie is the RQI and director of filing agent (RFA) LW Business Consultancy (LWBC).

Acra said RQIs and RFAs provide corporate secretarial services for business entities, like helping customers to incorporate companies, file annual returns and other filing requirements under the Companies Act 1967 or other Acts under Acra’s purview.

RQIs and RFAs must perform customer due diligence measures and guard against breaches in anti-money laundering and countering the financing of terrorism (AML/CFT) controls.

Acra said the registrations of Wang Junjie and LWBC were cancelled in view of breaches of AML/CFT controls under the Acra (Filing Agents and Qualified Individuals) Regulations 2015.

According to court documents on Jan 19, Su had allegedly abetted Wang Junjie to fraudulently make false representations to the Inland Revenue Authority of Singapore regarding the true and accurate values of Xinbao Investment Holdings’ revenue, gross profits, and trade receivables for the company’s financial years in 2019, 2020 and 2021.

Su and Wang Junjie were both directors at Xinbao Investment Holdings, where Wang Junjie was also secretary.

Three of Su’s latest charges were for refusing to sign statements.

He allegedly did not sign various statements he made when required to do so by a Commercial Affairs Department officer on Dec 14 and 21, 2023, and on Jan 4, 2024, in an interview room at the Changi Prison Complex Medical Centre.

During Su’s bail review hearing in November 2023, the court heard he suffers from a serious congenital heart condition, and is at a high risk of gastric cancer.

Su’s other fresh charge is for using as true a false declaration in the purchase of a unit at the Gramercy Park condominium, in Grange Road, off Orchard Boulevard.

On or around Nov 30, 2017, he allegedly made statements in a statutory declaration affirmed before a Commissioner of Oaths which he did not believe to be true.

These allegedly include that he was a director of a company known as Great Trillion Technology in Hong Kong and that he received dividends, and director’s salary and fees from them totalling about $5.1 million since 2016.

He allegedly falsely declared he was a director and one of the shareholders of a company known as China Run Feng (Holdings) Investment in China, and that he received dividends, director’s fees and salary from it.

He purportedly stated the company had invested in a firm in Indonesia, where his share of the returns was about $840,000.

Su had allegedly declared he borrowed from the other shareholders of China Run Feng (Holdings) Investment totalling $1.16 million and provided it to his conveyancing solicitor as declaration of his source of funds for the purchase of a unit at Gramercy Park.

Su, who remains in remand, is scheduled to have a pre-trial conference on Jan 24.

money launderingCOURT & CRIMEcrime