SINGAPORE - In a significant development in a billion-dollar money laundering case, at least $14 million in cash was discovered in the home of two of
SINGAPORE – In a significant development in a billion-dollar money laundering case, at least $14 million in cash was discovered in the home of two of the ten individuals charged. The accused appeared via video link at the State Courts on Wednesday after being charged on August 16.
During the proceedings, Deputy Public Prosecutor David Koh revealed that the large sum of cash was found at the residence shared by Zhang Ruijin, 44, and Lin Baoying, 43. The two Chinese nationals, who are not married, were arrested at a bungalow located on Pearl Island in Sentosa Cove and each faces one count of forgery.
DPP Koh reported that several properties and vehicles registered under Zhang’s name have been seized, necessitating further investigation into the funds and assets involved. He indicated that documents from at least five financial institutions are pending, along with the seizure of 17 electronic devices.
Lin, the only female among the ten accused, had two cars seized and five properties placed under prohibition of disposal orders, meaning they cannot be sold. The total value of her seized assets was reported to be significant, estimated at $72 million. Investigators are currently determining the source of funds for these properties and vehicles while awaiting bank documents related to accounts held by Lin’s husband.
Zhang allegedly possessed a foreign passport believed to be issued by Saint Kitts and Nevis, while Lin was found with foreign passports from Dominica and Turkey. During the court proceedings, Zhang referred to Lin, stating, “You can separate her crimes from me, we are just lovers… You can bail me out but remand her.”
In a further twist, DPP Ng Jean Ting argued against bail for Su Baolin, 41, stating that the ongoing investigation involves a network of individuals, and allowing bail could risk contamination of evidence and collusion.
Su Baolin was charged with using a forged document and had been arrested at a good class bungalow in Nassim Road, where he was found with a foreign passport believed to be issued by China. During the raid, items including cash exceeding $777,000, luxury bags, watches, and jewellery were confiscated. The police also froze three bank accounts linked to Su with a combined total balance of over $2.4 million.
Throughout the proceedings, various other suspects faced charges related to money laundering and forgery, with extensive assets seized, including properties, vehicles, luxury items, and cash. All ten accused individuals will return to court on August 30.
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