16-11-2023 (SINGAPORE) Sun Weitao, a 40-year-old Singapore permanent resident originally from China, has been sentenced to two years, five months, and eight weeks in jail, along with a fine of S$27,000. Sun was involved in laundering over S$450,000 (US$333,360) in proceeds from an investment scam targeting victims in Taiwan and Singapore. He also operated an illegal money remittance business, sending approximately S$2.9 million from Singapore to China.
Sun was found guilty of five money-laundering charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. He pleaded guilty to an additional charge of conspiring to run a remittance business without a license. The prosecution’s case revealed that Sun and his friend Wei Hong Tao, a 55-year-old Singapore permanent resident also from China, entered into an arrangement with an individual known as Zhong Wen Liang.
Zhong approached Wei with a money-making opportunity involving the collection of payments in a Singapore corporate bank account and subsequent transfer to China. Sun, the owner and sole director of the Singapore company Sun Sky International, provided corporate bank accounts for this purpose. The arrangement allowed Sun and Wei to retain a 2% commission on the funds received, with the remaining amount being transferred to bank accounts in China for Zhong’s benefit.
The prosecution presented evidence that the funds involved were criminal proceeds from victims of cheating in Taiwan and Singapore. Sun and Wei received a total of over S$450,000, deducting their own cuts and administrative fees before transferring the remaining amount to China. Taiwanese victims testified remotely during the trial, describing how they were deceived into handing over cash for spot trading or investments in gold or crude oil.
Wei had previously pleaded guilty and was sentenced to two years and eight weeks in jail, along with a fine of S$70,000. He testified for the prosecution, supporting their case against Sun. The defense argued that the funds did not originate from fraud committed in Taiwan and that there was no evidence of Zhong’s criminal conduct.
Sun also admitted to running an illegal money remittance business, using Sun Sky International’s corporate accounts to transmit approximately US$1.5 million (S$2 million) and S$941,000 to China between December 2017 and November 2018. The prosecution sought a jail term of 31 months and eight weeks for Sun, along with a fine. None of the laundered proceeds have been recovered for the victims, except for S$30,000 retrieved from Wei.
The prosecution emphasized the transnational nature of the offenses, with funds flowing into and out of Singapore facilitating the movement of criminal proceeds from investment scam victims in Taiwan and Singapore to China.
