$3 billion money laundering case: Third accused convicted, sentenced to 13 months’ jail

Chinese national Wang Baosen, the third accused in Singapore’s largest money laundering case to be convicted, has been sentenced to 13 months’ jail.

As part of his plea offer, the 32-year-old has forfeited his assets worth around $8 million to the state.

They are believed to be benefits from illegal gambling offences abroad.

The assets comprise about $4.4 million used to pay for a luxury condominium unit, over $3.2 million in bank accounts, a Toyota Alphard Hybrid Elegance worth $284,000 and more than $112,000 in cash.

With one-third remission, Wang may be out by early May. He was in remand for eight months following his arrest on Aug 15, 2023.

Wang pleaded guilty on April 16 to two charges of money laundering. Six other charges were taken into consideration, including lying to the authorities during investigations and providing false information in his work pass application.

Deputy Public Prosecutor Foo Shi Hao, who sought 13 to 15 months in jail for Wang, said the offender created a “wide web of lies” in deceiving HSBC about the source of his funds.

He also lied to the Ministry of Manpower about his employment in Singapore.

Defence lawyer Favian Kang sought not more than 13 months’ jail for his client, saying that Wang admitted to his wrongdoings and agreed to forfeit 100 per cent of his assets to the state.

The court heard that nearly $600,000 belonging to Wang was deposited into his wife He Huifang’s bank account on Jan 19, 2023.

When HSBC asked for supporting documents in relation to the $600,000, Wang submitted a forged loan agreement to the bank.

DPP Foo said Wang initially claimed the $600,000 was repayment of loans but later claimed the money was from his father’s sale of an overseas property.

“However, Wang was unable to substantiate his explanations with more details or evidence on the purported loan or sale of property,” the DPP said.

He added that Wang was here on a dependant’s pass and had no known sources of legitimate income at the time.

In June 2021, Wang’s wife entered into an agreement with developer Shun Tak Cuscaden Residential to purchase a Park Nova condominium unit at 18 Tomlinson Road.

Wang used over $1.4 million from a company, Hornet Bee International Trading, to pay for 10 per cent of the property’s purchase price in March 2022.

When questioned, Wang claimed the money did not belong to him and that he did not use it to buy the property.

He later claimed that the funds came from profits he made through buying and selling cryptocurrency Bitcoin.

DPP Foo said Wang could not back up his claims and added that his explanations were inconsistent.

In the prosecution’s submissions, DPP Foo said Wang’s case bears many similarities to that of Su Haijin, one of the 10 foreigners arrested in the money laundering probe.

The Cypriot national, who jumped from the second-floor balcony of a good-class bungalow during a police raid on Aug 15, 2023, was sentenced to 14 months’ jail on April 4 after pleading guilty to three charges, with 11 charges taken into consideration.

DPP Foo said both accused had pleaded guilty to two money laundering charges each, adding that the total amount of money laundered was similar, at about $2.4 million each.

In mitigation, Mr Kang said his client’s overall criminality is lower than Su’s.

Mr Kang noted that Su’s seized assets worth around $170 million are more than 20 times that of the $8 million seized in Wang’s case.

The lawyer pointed out that Su had agreed to forfeit only 90 per cent, or over $153 million of his assets.

“The reality is that 10 per cent of assets Su retained amounting to $17 million is very substantial,” said Mr Kang in his written mitigation plea.

He added that Wang wishes to be reunited with his two daughters, aged four and five, and his wife.

In sentencing Wang, District Judge James Elisha Lee said it is incumbent on Singapore to take its anti-money laundering responsibilities seriously, adding that the transnational element in this case is an aggravating factor.

He said Wang’s charges “demonstrate a degree of persistence in offending and disregard for the law”.

But the judge acknowledged that Wang forfeiting all his assets is a significant mitigating factor.

“While Su Haijin may have agreed to forfeiture of a substantially higher sum, he had also retained a not-insignificant amount, whereas the accused has consented to forfeiture of all his assets.

“This, in my view, demonstrates a deeper level of remorse on the part of the accused.”

DPP Foo said Wang had no known prior offences in Singapore.

Gambling site

Wang had admitted to working with his cousin, Wang Bingang, at Hongli International Entertainment, a gambling site operating from the Philippines and Cambodia, according to court documents.

It targeted gamblers in China, where online gambling is illegal. The Chinese authorities clamped down on the site in 2015 and arrested Wang Bingang and his associates.

According to Chinese court documents, Wang Baosen had a monthly salary of 10,000 yuan (S$1,900), along with a cut of the site’s profits. He was investigated in relation to the case, but it is not clear if he was convicted.

In January 2022, Wang moved to Singapore with his wife and children. His dependant’s pass was linked to his wife’s supposed employment here.

His relatives, including his mother, brother and niece, were denied passes to enter and remain in Singapore after his arrest in August 2023.

While in remand, Wang, who owns passports from China and Vanuatu, tried unsuccessfully to secure bail in September 2023 and again in November the same year.

On April 2, Cambodian national Su Wenqiang was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering. The 32-year-old was the first in the group to be sentenced.

He had 11 charges in total.

Source: Straits Times © SPH Media Limited. Permission required for reproduction.

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