SINGAPORE — A third man linked to the S$3 billion money-laundering probe that led to the arrests of 10 people was sentenced to 13 months’ jail on Tuesday (April 16).
Wang Baosen, a 32-year-old Chinese national, pleaded guilty to one charge each of possessing almost S$600,000 in illegal proceeds in his wife’s bank account and for laundering another S$1.48 million to buy a luxury Park Nova apartment in Tomlinson Road.
Several other charges were considered in sentencing.
Wang was one of 10 people arrested in an islandwide police operation in August 2023 after about two years of the police working on tipoffs about the possible illicit activities by a group of foreign nationals.
More than S$8 million in assets belonging to Wang, in cash, vehicles, property and collectible items, have been seized. These include his assets under his wife’s name.
Deputy Public Prosecutor Foo Shi Hao said there is reasonable basis to suspect that the assets came from illegal gambling activities overseas.
Wang has agreed to have 100 per cent of the seized assets forfeited.
The court heard that a sum of about S$600,000 entered Wang’s wife’s Hongkong and Shanghai Banking Corporation (HSBC) bank account around Jan 19 last year. Wang submitted a forged loan agreement to the bank in support of the transaction, in a charge taken into consideration.
Investigations by the Singapore Police Force’s Commercial Affairs Department revealed that Wang was involved in illegal remote gambling activities abroad.
During investigations, he was unable to give details or to substantiate his employment history and did not have any known sources of legitimate income, the court heard.
Initially, Wang said the sum of S$600,000 was a repayment of loans. Later, he said it came from his father’s sale of overseas property, but could not substantiate his claim.
Around June 2021, Wang’s wife entered into an agreement with Shun Tak Cuscaden Residential (STCR) to purchase property.
Around March 30, 2022, Wang used S$1.48 million from Hornet Bee International Trading to pay STCR 10 per cent of the purchase price of a property on the 19th floor of Park Nova, a luxury apartment in Tomlinson Road.
Wang was again unable to provide a satisfactory explanation to investigators as to how he came by the money.
Initially, he denied the money came from him, but later claimed it obtained the sum from the purchase and sale of Bitcoin.
The prosecution sought 13 to 15 months’ jail, while defence lawyer Favian Kang sought 13 months’ jail.
Two other men in the probe were sentenced in early April: Su Wenqiang received 13 months’ jail on April 2, while Su Haijin was sentenced to 14 months’ jail. CNA
