Money laundering suspect Su Baolin allegedly made millions from illegal gambling sites in Myanmar, Latest Singapore News - The New Paper

Money laundering suspect Su Baolin allegedly made millions from illegal gambling sites in Myanmar

Money laundering suspect Su Baolin was allegedly involved in operating illegal gambling websites based in Myanmar, with the police saying he made $5 million to $6 million from these sites between 2020 and 2022.

Commercial Affairs Department (CAD) officer Louis Tey Jijie said in an affidavit that Su helped run these sites between 2019 and 2023, and purportedly received his earnings in the form of cryptocurrency.

This is the first time links have been drawn between gambling sites based in Myanmar with one of the 10 foreigners arrested on Aug 15 in an anti-money laundering probe that saw the police seize $2.8 billion in cash and assets.

The claims were made in court on Dec 15, at a bail review hearing to determine if the 42-year-old Cambodian national can be released on bail.

In arguing against granting Su bail, Mr Tey said the accused is a flight risk as he allegedly holds undisclosed assets abroad and has the means to abscond if released on bail.

The CAD officer said from early 2023, Su had been directing an individual, “Person A”, to transfer cryptocurrency worth more than $5 million into various wallets, some of which were provided by “Person B” – one of Su’s associates.

The associate is said to have then assisted Su to convert the cryptocurrency to physical fiat, a government currency, or make payments via bank transfers on Su’s behalf for his expenses, Mr Tey added.

The CAD officer said: “Within this year, Person B assisted Su to convert approximately $4.7 million worth of cryptocurrency to physical fiat or to make payments on the accused’s behalf in Singapore.”

He added that it demonstrates that Su allegedly has means to bring monies from suspicious sources into Singapore.

“His lack of candour on this gives rise to a strong suspicion that there are more instances of such funds movements,” added the investigator.

At a hearing in November, Su’s lawyer had argued for his client to be released on bail on the back of claims that Changi Prison is not able to meet his medical needs.

The defence had argued that Su suffers from a serious congenital heart condition, and is at a high risk of gastric cancer.

The bail review was postponed, as the prosecution need time to address the court on whether Singapore Prison Service is equipped to handle Su’s medical conditions.

At the end of the hearing on Dec 15, the judge denied Su bail.

The 42-year-old faces two charges – one for allegedly using a forged document to show he was the executive director of an import-export company, and a second where he is said to have conspired with former Citibank employee Wang Qiming to make a false document with the intention to cheat Standard Chartered Bank.

COURT & CRIMEmoney launderingcrime