Brother of convicted money launderer forfeits $10 million Sentosa bungalow; handed one year jail

The brother of one of the 10 foreigners convicted in the $3 billion money laundering case has been found guilty of one count of possessing more than $17 million in criminal proceeds.

On Oct 19, Zhang Ruisheng, the older brother of 47-year-old convicted money launderer Zhang Ruijin, was sentenced to 12 months’ jail. He also agreed to forfeit his bungalow at 69 Cove Drive on Sentosa island, along with his Toyota Veilfire, to the state.

Court documents showed the 54-year-old Chinese national had received around $17.6 million in his CIMB account in 11 transfers made between August and September in 2020. The first transfer was made around a week after he opened the bank account.

Zhang Ruisheng, who was in Singapore on a work pass, was hired as an “employment adviser” by Golden Eagle Family Office at the time of the offences.

Zhang Ruijin and his wife Lin Baoying, 46, were then directors of the family office. They owned it outright through their holding company, Golden Eagle Assets.

When questioned by CIMB, the elder Zhang claimed the funds were proceeds from a property in Macau, which he said was sold for HK$87.7 million (S$14.3 million). As proof, he submitted a purported sales and purchase agreement dated Aug 8, 2020, to the bank.

He also submitted a fake loan agreement dated March 23, 2020, to show he had provided a personal loan of $6 million to a company named Han Li Limited. He said he was due to receive repayment in two tranches within a year of the agreement.

Following the submission of the forged documents, he used the money in his CIMB account, splashing out more than $10.4 million on the sprawling Sentosa home.

CIMB eventually decided to terminate their relationship and closed his account in December 2020. Before his account was closed, Zhang withdrew the remaining balance of nearly $5 million and later used it to pay for a 20 per cent deposit for another Sentosa Cove property, in the name of a third brother.

The prosecution said investigations into Zhang had begun on Aug 15, 2023, the same day the criminal network was exposed in Singapore. The authorities then seized his luxury seven-seater car and issued a prohibition of disposal order against his 69 Cove Drive property.

The younger Zhang and Lin were each sentenced to 15 months’ jail in 2024 for their roles in the 2023 $3 billion money laundering case in Singapore.

The pair were deported to Cambodia in June 2024 after serving their sentences. The younger Zhang had forfeited nearly $118 million worth of assets to the state in 2024. Lin similarly forfeited around $154 million to the state in 2024, following her conviction.

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

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