19-1-2024 (SINGAPORE) Singapore authorities are intensifying their efforts in an ongoing investigation into a colossal money laundering case, as they seek to apprehend two additional suspects. The total value of assets seized or frozen in connection with the case has now exceeded S$3 billion (US$2.2 billion). Warrants of arrest and Interpol Red Notices have been issued for Su Yongcan, aged 33, and Wang Huoqiang, aged 29, both Cambodian nationals, on charges of money laundering. The Singapore Police Force (SPF) announced the issuance of these notices on Friday, January 19.
The two suspects had left Singapore prior to the commencement of police operations on August 15, 2023, related to the case. To further impede their activities, prohibition of disposal orders have been issued for an additional 55 properties and 15 vehicles associated with the investigation, as stated in a news release by SPF. Additionally, law enforcement authorities have seized 189 luxury bags, 34 pieces of jewelry, and five luxury watches.
The combined value of the assets seized or issued with prohibition of disposal orders has surpassed S$3 billion to date, highlighting the magnitude and complexity of the money laundering scheme. The SPF has been resolute in its commitment to uncover the full extent of the illicit activities and bring those involved to justice.
Regarding Su Yongcan, who had previously held a Chinese-issued passport, law enforcement officials have confiscated over S$16 million in cash and various foreign currencies. Prohibition of disposal orders have also been issued for seven properties and ten vehicles linked to Su. Moreover, bank accounts with a total balance exceeding S$145 million have been frozen.
As for Wang Huoqiang, who also held a Chinese passport, authorities have seized approximately S$188,000 in cash and other foreign currencies. A prohibition of disposal order has been issued for one vehicle, and bank accounts with a total balance exceeding S$5 million have been frozen.
Singaporean authorities are urging anyone with information about the whereabouts of Su Yongcan and Wang Huoqiang to come forward and assist in the investigation. The police hotline can be reached at 1800 255 0000, and information can also be submitted online.
This ongoing money laundering case has garnered significant attention due to its scale and the range of assets involved. In August 2023, ten foreign individuals suspected of being connected to the money laundering operation were arrested in simultaneous raids across Singapore. The raids targeted various residences, including those in prestigious areas such as Sentosa Cove, Tanglin, Orchard, Holland, and River Valley.
Since the initial arrests, the value of assets seized or frozen in connection with the case has significantly escalated. The current total is three times greater than the original estimation of S$1 billion, which encompassed luxury cars, houses, cash, and other assets. Among the seized assets are liquor and wine collections, gold bars, and Bearbrick figures.
The investigation into this money laundering operation is one of the largest in Singapore’s history and is likely to have global implications. Second Minister for Home Affairs Josephine Teo stated in October that this operation represents a significant anti-money laundering effort not only in Singapore but also on an international scale. The ten suspects, all of Chinese origin but holding nationalities and passports from countries such as Cyprus and Cambodia, have been charged with money laundering offenses and are currently remanded after being denied bail. Some of the suspects face additional charges of forgery, while two individuals have been charged with resisting arrest and perverting the course of justice.
