32-year-old Su Wenqiang is the first to be convicted in Singapore’s biggest ever money laundering scandal, which is unfolding these days.
Su, along with 10 foreign nationals of Chinese origin, has been charged with laundering the proceeds of an illegal offshore gambling service from the Philippines, according to court documents. The customers were in mainland China, where gambling is strictly illegal. Two suspects are still on the run, according to CNBC.
The investigation is led by the Commercial Affairs Department in Singapore, which has resulted in the seizure of more than 2.2 billion dollars – 24 billion kroner – in cash and assets.
Prosecutors asked for 12 to 15 months in prison for Su, but emphasized that he pleaded guilty early in the case, as well as that he was willing to give up his assets of over NOK 64 million to the state.
Fast cars and dirty money
Su admitted the money laundering charges and that he had more than $600,000 in cash in a luxury bungalow – which he had obtained through operating the illegal gambling business – and that he used $500,000 in laundered funds to buy a Mercedes-Benz.
On 28 January 2022, Su withdrew over NOK 5.4 million in cash from a Citibank account where he kept the laundered funds, to buy a Mercedes-Benz AMG C 63 S.
PURCHASED: Mercedes-Benz AMG C 63 S. Photo: Mercedes-Benz
The defense attorney said his client pleaded guilty as early as March 7 – just five weeks after he was arrested.
– By coming forward at an early stage, Su demonstrated courage, humility and a sense of personal responsibility for the crimes, prosecutors say in a statement.
A verdict for the other defendants in the case is expected in the coming months.
Tags: Biggest money laundering scandal Laundered billion prison
