Assets worth S$1.85 billion surrendered by 15 fugitives in Singapore’s largest money laundering case

In Singapore’s largest money laundering case, 15 foreign nationals have surrendered assets worth approximately S$1.85 billion, police revealed on 18 November 2024.

This development raises the total value of assets recovered in the case to nearly S$2.8 billion.

These individuals were part of a group of 17 suspects who fled Singapore following a series of raids in August 2023. According to the police, the 15 have agreed to surrender their assets after consultations with the Attorney-General’s Chambers (AGC). In return, Interpol Red and Blue Notices against them have been withdrawn.

Agreement to surrender assets

The fugitives, who were named by the police, include Su Yongcan, Wang Huoqiang, and Su Fuxiang, among others.

Their legal representatives reached out to the AGC, negotiating the asset surrender in exchange for the withdrawal of international alerts. Interpol Red Notices facilitate the location and arrest of wanted persons, while Blue Notices collect further information about them.

The AGC advised that the extradition of these fugitives would likely face challenges, given their unknown whereabouts and insufficient evidence.

Consequently, the police accepted the asset surrender arrangement. All 15 individuals have been barred from returning to Singapore.

Remaining fugitives and frozen assets

Investigations continue into the two remaining fugitives, Xu Haika and Xu Hainan. Their assets, valued at approximately S$144.9 million, remain frozen under the Anti-Money Laundering and Other Matters Act passed in August 2024.

The police stated that the resolution of their cases will take additional time, as their legal representatives have not yet contacted the AGC.

Background: Raids and arrests

This case began with a coordinated series of raids on 15 August 2023, involving over 400 officers across Singapore. Ten individuals—nine men and one woman—were arrested during the raids. They were linked to organised criminal activities, including online gambling and scams.

Raided locations included luxury homes in Sentosa Cove, Nassim Road, and Third Avenue, along with high-end condominiums in Paterson Hill and Leonie Hill Road.

In 2024, these ten individuals were convicted, jailed, and subsequently deported. Their seized assets included luxury cars, jewellery, high-end watches, and rare collectibles.

Following the case, the Ministry of Home Affairs confirmed that no foreign entities have claimed the assets forfeited from the convicted individuals. The assets were deposited into Singapore’s Consolidated Fund, used for government expenditures.

Additionally, authorities circulated a list of 24 other individuals to financial institutions and precious stone dealers. This list included family members and close associates of the arrested, further tightening scrutiny over possible money laundering activities.

Govt review of Singapore’s financial regulations

The massive money laundering case prompted a review of Singapore’s financial regulations.

In October 2024, the Inter-Ministerial Committee on Anti-Money Laundering outlined measures intended to tighten safeguards within the financial system.

The measures included advising high-value goods dealers on detecting suspicious transactions. The review acknowledged vulnerabilities in the system and aimed to address gaps to prevent misuse for illicit activities.

Police reiterated the Government’s stance on 18 November, stating that while legitimate businesses and investors are welcome, there will be no tolerance for individuals exploiting Singapore’s financial system for illicit gains.

Ongoing legal proceedings

The investigation into other accomplices continues. In August 2024, Singaporean national Liew Yik Kit, the personal driver of fugitive Su Binghai, became the first local individual charged in connection with the case.

Liew was accused of misleading police and disposing of four luxury cars linked to Su, including a Rolls-Royce Phantom and a Ferrari F8 Spider, obstructing justice.

Two former bank relationship managers—Liu Kai and Wang Qiming—also face charges. Liu allegedly abetted in forgery at Swiss private bank Julius Baer, while Wang is accused of laundering S$481,678 and forging a loan document at Citibank.

Court proceedings and investigations against these and other individuals who facilitated money laundering operations remain active.

The Singapore police have confirmed their commitment to safeguarding the nation’s financial integrity. With significant assets already recovered, efforts are ongoing to address remaining cases and bolster Singapore’s defences against financial crime.