Man forfeits over $20m of assets in money laundering case, Latest Singapore News - The New Paper

Man forfeits over $20m of assets in money laundering case

Cambodian national Chen Qingyuan, 34, who is wanted in China over fraud allegations, was jailed for 15 months on May 23 over his role in Singapore’s largest money laundering case.

It is the joint-longest sentence meted out in this case, so far.

He was convicted of two money laundering charges and one forgery-related charge.

He is the first of the seven convicted so far to appear in court in person. The other six had attended court proceedings via video link.

Chen faced 10 charges in total, including four charges of possessing benefits from criminal conduct including cash, bank accounts, cars and cryptocurrency worth more than $8 million.

His remaining charges comprised two for forgery, two for forgery for the purpose of cheating, and two for fraudulently using as genuine a forged electronic record.

Over $23 million worth of assets, including cash, properties, vehicles and cryptocurrencies were seized from Chen.

The court heard that some of the assets were held by his girlfriend, Wang Qiujiao, but funded by Chen.

Deputy Public Prosecutor Foo Shi Hao said Chen has agreed to forfeit around 90 per cent of the assets seized.

The DPP said Wang had a Standard Chartered account with funds belonging to Chen.

In September 2019, Chen transferred around $3 million to the account and conspired with her to submit forged documents to the bank.

For his money laundering charge, the DPP said Chen had cash of over $614,000 and a white Range Rover valued at over $1 million.

The prosecution said Chen was involved in remote gambling offences overseas and could not substantiate his claims that the money he had was from his China companies.

The DPP sought between 15 and 17 months’ jail for Chen.

His defence lawyer Gary Low sought 14 months’ jail for his client, noting that Chen made various economic and social contributions to Singapore.

Said Mr Low: “These include engaging in legitimate businesses in Singapore, actively engaging in charitable deeds and community service activities.

“His participation in these events was not occasional, as he was the deputy chairman of the Lions Club in Singapore. There was a genuine desire by him to do good after relocating to Singapore, and this is indicative of his capacity for reform.”

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