Singapore seeks 2 more suspects in massive money laundering case; assets seized or frozen top S$3 billion

SINGAPORE: Singapore authorities are seeking two more suspects connected to a massive money laundering case uncovered last year, as the total value of assets seized or frozen in relation to the case rose to more than S$3 billion (US$2.2 billion).

Warrants of arrest and Interpol Red Notices have been issued against two Cambodian nationals – Su Yongcan, 33, and Wang Huoqiang, 29 – for money laundering offences, police said on Friday (Jan 19).

They had left Singapore before police operations relating to the case began on Aug 15, 2023.

Prohibition of disposal orders against another 55 properties and 15 vehicles linked with the case have been issued, the Singapore Police Force (SPF) said in a news release.

An additional 189 luxury bags, 34 pieces of jewellery and five luxury watches have also been seized by police.

“This brings the total value of assets seized or issued with prohibition of disposal orders to more than S$3 billion to date,” SPF said.

In relation to Su, who had previously held a China-issued passport, more than S$16 million in cash and other foreign currencies have been seized. Prohibition of disposal orders were also issued for seven properties and 10 vehicles.

Police also froze bank accounts with a total balance of more than S$145 million.

As for Wang, who also previously held a Chinese passport, police seized about S$188,000 in cash and other foreign currencies and issued a prohibition of disposal order for one vehicle.

Bank accounts with a total balance of more than S$5 million were also frozen.

Anyone with information on the whereabouts of the two men can contact the police hotline at 1800 255 0000 or submit information online, SPF said.

On Aug 15 last year, 10 foreigners suspected to be involved in the money laundering case were arrested in simultaneous raids across Singapore. The raids took place at Good Class Bungalows, condominiums and a landed property.

The suspects were arrested in their residences, in areas such as Sentosa Cove, Tanglin, Orchard, Holland and River Valley.

Since it first emerged in the public eye, the value of assets seized or frozen in relation to the case has snowballed. It is now triple the original S$1 billion worth of luxury cars, houses, cash and other assets that was initially thrown up.

Among the other assets that have been seized are liquor and wine, gold bars and Bearbrick figures.

It is one of the largest anti-money laundering operations not just in Singapore but likely the world, Second Minister for Home Affairs Josephine Teo told parliament in October.

The 10 suspects – who are of Chinese origin but have the nationalities and passports of countries like Cyprus and Cambodia – have since been charged in court with money laundering offences.

They have all been remanded after being denied bail. Some face charges of forgery, while two have also been charged with resisting arrest and perverting the course of justice.