SINGAPORE: One of the ten individuals facing charges in Singapore’s biggest money-laundering investigation may be charged with additional counterfeit for allegedly giving businesses fake documents to conceal the source of money in his accounts.
This was made clear in an affidavit that the investigating officer ( IO) submitted to the court on Wednesday, October 18, in support of the prosecution’s opposition to Su Jianfeng being granted bail.
Su, 35, is currently facing four charges of having illegal proceeds from illegal remote gambling offenses, including$ 550, 903 in cash and S$ 17 million kept in three safe deposit boxes.
On August 15, he was taken into custody in a Good Class Bungalow on Third Avenue close to Bukit Timah. According to previous court hearings, his family is also a witness in the studies.
Su or his wife’s assets that were seized or frozen include money in the amount of S$ 18.4 million, lender transactions totaling S$ 66.1 %, cryptocurrencies valued at S$ 26.5 million and 13 properties for S$ 123.3 million each, as well as four vehicles worth$ 4.7 million.
District Judge Terence Tay denied him parole on Wednesday, claiming that the investigation is still ongoing and that there are still wanted conspirators. He claimed that he had not provided a sufficient justification for how the money was obtained.
Su has denied giving businesses forged papers to conceal the source of his money.
In response to Su’s petition, however, Mr. Lye Jia He of the Singapore Police Force Commercial Affairs Department stated that there is proof that Su deliberately did so based on his studies.
Falsified sales contracts, product agreements, and quarterly reports to banks are examples of these forged documents that serve as supporting evidence for the origin of the money that he and his wife received in Singaporean bank accounts.
Once the investigation is finished, additional fraud charges may be brought against the accused, IO Lye continued.
Su had asserted in his oath that the sources of his success used to finance domestic and international real estate properties were both income from cryptocurrency trading and earnings from his work as a property agent.
According to studies, Su’s major source of wealth is his earnings from illegal remote gambling offenses.” I do not think this is correct ,” IO Lye said.
He continued,” He has not been allowed to probably explain any additional source of income.”