Billion-dollar money laundering case: Woman gets 15 months’ jail, forfeits S$154 million in seized assets

Billion-dollar money laundering case: Woman gets 15 months' jail, forfeits S$154 million in seized assets

Made Papers

In response to their inquiries regarding the cause of her money, Lin submitted forged papers to different financial organizations in Singapore between April 2020 and October 2020.

This included submitting two fictitious documents to CIMB Bank and UOB Kay Hian ( UOBKH) to demonstrate Lin’s source of income was allegedly from the sale of two Macao properties, despite the fact that she had never owned any of those properties.

Additionally, studies revealed Lin was allegedly responsible for running an illegal playing business abroad between 2015 and 2019 and had transferred the profits to Singapore.

However, she was unable to explain in detail how HK$ 7.5 million was deposited into her UOBKH bill, which she had first falsely claimed was the price of the allegedly her home in Macao.

Lin was unable to refute the claim that the money came from reputable sources of income, like as her companies, using video evidence.

For using a file that Lin knew to get fake as a fake, she could have faced jail time for up to four years, fine, or both.

For the crime of money laundering, Lin could have been fined up to&nbsp, S$ 150, 000, jailed a maximum of three years, or both.