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Accident – Death – Obituary News : : 1. Money laundering case Singapore
2. Police seizure assets Singapore
Businessmen Su Shuiming and Su Shuijun have been placed on China’s wanted list in connection with a $3 billion money laundering probe. The two individuals, aged 37 and 39, have fled the country, leaving behind over $530 million in cash and assets, including 28 properties. A joint investigation by ST and OCCRP revealed their extensive business and property holdings, with assets seized by the police. The suspects also own properties in Dubai worth millions. The police have issued prohibition of disposal orders for their assets, preventing any transactions until the case concludes. The investigation involves several other individuals linked to the case, with ongoing efforts to track them down.
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1. Singapore authorities confiscate $530m in cash and assets from suspects in money laundering probe
2. Police seize cash and assets worth $530m from individuals involved in money laundering case in Singapore
Source: Straits Times
Article Date: 23 May 2024
Author: Andrew Wong
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Businessmen Su Shuiming and Su Shuijun have been placed on the wanted list in China.
Two Chinese businessmen, Su Shuiming and Su Shuijun, are currently wanted by authorities in China for their involvement in a massive money laundering probe. The duo, aged 37 and 39 respectively, have fled the country, leaving behind a trail of over $530 million in cash and assets, which have been seized or issued with prohibition of disposal orders.
The investigation, which amounts to a staggering $3 billion, has sent shockwaves through the financial world. Both Su Shuiming and Su Shuijun had left Singapore prior to the police’s investigations against them, and are currently not in the country.
Despite the authorities not officially confirming the identities of the suspects, it is widely believed that Su Shuiming and Su Shuijun are the two individuals at the center of this high-profile case.
Details of the Investigation
In a statement released on May 22, the police disclosed that assets worth over $530 million belonging to the two fugitives were taken into custody in late 2023. These assets are just a fraction of the more than $3 billion worth of assets that have been seized or are under prohibition of disposal orders in connection with the case.
The police revealed that they had issued prohibition of disposal orders for multiple properties, vehicles, and country club memberships linked to the suspects. Bank accounts holding millions of dollars, as well as luxury items like jewellery, bags, and collectibles, were also frozen or seized during the investigation.
The prohibition of disposal orders ensure that the assets cannot be sold or transferred while the case is ongoing. The police have taken steps to safeguard these assets by lodging caveats against real estate properties in the Land Titles Registry.
International Connections
While the investigation has primarily focused on Singapore, it has also shed light on the global reach of the suspects. Su Shuiming and Su Shuijun are among 74 individuals currently on the run from Chinese authorities for their involvement in a cross-border online gambling syndicate.
A recent report revealed that the duo own properties worth over $31 million in Dubai, including multiple units in a luxury development opposite the iconic Burj Khalifa. Other individuals linked to the case in Singapore, such as Su Haijin and Chen Mulin, also have significant property holdings in Dubai.
The investigation has uncovered a complex web of connections, with individuals from different nationalities and backgrounds implicated in the money laundering scheme.
Ongoing Investigations
The police have confirmed that investigations are ongoing against 15 other individuals who are currently outside Singapore. Interpol red notices have been issued against some of these individuals, including Cambodian nationals Su Yongcan and Wang Huoqiang.
Wang Dehai, a Cypriot national facing money laundering charges, is expected to plead guilty in court in June. The police are working diligently with international agencies to bring these fugitives to justice and unravel the full extent of the money laundering operation.
As the investigation continues to unfold, more details are expected to emerge regarding the complex financial dealings of Su Shuiming, Su Shuijun, and their associates. The global nature of the case highlights the challenges faced by law enforcement agencies in combating transnational financial crimes.
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