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 ( Apr 16 ).
Wang Baosen, a 32-year-old Chinese national, pleaded guilty to one charge each of possessing almost S$ 600,000 ( US$ 440,000 ) in illegal proceeds in his wife’s bank account and for laundering another S$ 1. A prestigious Park Nova residence in Tomlinson Road cost$ 44.8 million.
Many other expenses were considered in punishment.
After about two decades of the police’s efforts to gather information on possible illegal actions by a group of unusual nationals, Wang was one of the ten people detained in an island-wide police activity in August 2023.
More than S$ 8 million in property belonging to Wang, in cash, cars, house and collectible products, have been seized. These include his property under his wife’s title.
There is a good chance that the property were the result of improper playing, according to Deputy Public Prosecutor Foo Shi Hao.
Wang has agreed to own 100 per cent of the seized goods 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 made mortgage agreement to the lender in support of the deal, in a fee taken into consideration.
Wang was involved in illegal rural gambling activities worldwide, according to studies by the Singapore Police Force’s Commercial Affairs Department.
He had no known sources of legitimate money and was unable to provide any details or provide evidence during investigations, the judge was told.
Initially, Wang said the sum of S$ 600,000 was a repayment of loans. Afterwards, he said it came from his family’s sale of overseas property, but could not justify his state.
Around June 2021, Wang’s wife entered into an agreement with Shun Tak Cuscaden Residential (STCR ) to purchase property.
Around Mar 30, 2022, Wang used S$ 1. Hornet Bee International Trading received$ 44.8 million to pay STCR 10 % of the purchase price of a luxurious room on the 19th floor of Park Nova in Tomlinson Road.
Wang once more failed to give an accurate description to the authorities as to how he came by the funds.
He initially denied that the income was his, but eventually claimed that it was paid for the purchase and sale of Bitcoin.
The prosecutors sought 13 to 15 months ‘ prison, while military prosecutor Favian Kang sought 13 times ‘ prison.
Two other men in the sensor were sentenced in first April: Su Wenqiang received 13 times ‘ jail on Apr 2, while Su Haijin was sentenced to 14 weeks ‘ prison.