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Friday, June 21, 2024
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MAN ACCUSED IN BILLION DOLLAR MONEY LAUNDERING CASE SLAPPED WITH 12 MORE CHARGES

A man, previously facing two charges in connection to a money laundering investigation, received 12 additional charges on April 1.

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According to an article by CNA, Su Haijin, a 41-year-old Cypriot national, was initially due to plead guilty this week, and this plea will proceed as planned.

Total charges brought against Su now up to 14

The new charges bring the total number of charges against Su to 14 and increase the total amount of suspected criminal proceeds he allegedly held to approximately S$3.8 million (US$2.8 million).

Su was initially charged with resisting arrest and possessing S$4.06 million in benefits from illegal remote gambling offenses.

However, one of the charges was amended to possessing nearly S$2.4 million reasonably suspected to be benefits from illegal remote gambling offenses, and failing to account satisfactorily for how he came by this money.

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This amount was allegedly held through an OCBC account belonging to Yihao Cyber Technologies, received in 10 transactions between January 15 and October 12, 2021.

Many of Su’s new charges are related to Yihao Cyber Technologies. These include three charges of allegedly conspiring with Wang Junjie to use the company’s forged financial statements to open bank accounts, apply for premier private client status, and make false representations to authorities.

Additionally, Su faces charges for possessing benefits from illegal remote gambling offenses in DBS and UOB accounts, totaling about S$1.4 million.

He also has four charges for conspiring with Wang to lie to authorities about Yihao’s revenue, gross profits, and trade receivables for the financial years 2019, 2020, and 2021.

Su has three charges for helping two women apply for or renew a work pass by making false statements to the Controller of Work Passes.

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He is represented by Mr. Julian Tay, Mr. Anthony Wong, and Mr. Dominic Kwok from Lee & Lee.

Possible penalties

If convicted of resisting arrest, Su could face a jail term of up to a year, a fine, or both.

For possessing property reasonably suspected of being the benefits of criminal conduct and failing to account satisfactorily, the penalties include up to three years in jail, a fine of up to S$150,000, or both.

For fraudulently using forged documents with the banks, Su could be jailed for up to four years, fined, or both.

Upon conviction of making false representations to IRAS and MOM, Su could face imprisonment for up to 20 years, fines, or both.

Lastly, the penalties for making a false statement to the Controller of Work Passes include a jail term of up to two years, a fine of up to S$20,000, or both.

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