Singapore busts the largest Money Laundering case in history, involving an amount as high as 12.8 billion yuan.

The Singapore police recently cracked a shocking large-scale Money Laundering case that has stunned the nation. As the investigation deepened, the amount involved continued to rise, from the initial 5.4 billion yuan to a staggering 12.8 billion yuan. This enormous figure not only set a new historical record for Singapore but also sparked widespread attention from all sectors of society.

On August 15th, Singapore police took immediate action after receiving reports. Over 400 law enforcement officers from various departments launched a large-scale search operation nationwide. In upscale residential areas such as Orchard Road and Bukit Timah, the police arrested 10 main suspects.

At the same time, the police seized a large amount of property, including 110 properties, 62 luxury cars, a large amount of cash, gold bars, luxury goods, and virtual assets. The funds in frozen bank accounts alone exceeded 5.5 billion yuan, with cash exceeding 380 million yuan, and as many as 68 gold bars were seized.

The 10 arrested suspects all come from Fujian, China, and are referred to as the "Fujian Gang". This group quickly established themselves in Singapore after arriving in 2017. They not only reside in luxurious areas like Sentosa but also own several shops in the city center. However, behind these seemingly normal business activities lies a vast Money Laundering network.

Investigations show that these shops often have very few customers and only sell some low-value trinkets. However, their high rents are in stark contrast to their meager income. This business model is actually a facade used to cover the influx of large amounts of illegal funds into Singapore. In addition to shops, educational institutions, investment companies, and technology enterprises are also commonly used money laundering channels.

Real estate investment is another major means of Money Laundering. Although Singapore's regulations require property agents to report suspicious transactions, these regulations are often ignored due to profit motives. According to police, among the 34 individuals involved, at least 20 have hundreds or even thousands of companies registered under their names. Even more astonishing, some have held secretarial positions in over 2,300 companies within just seven years.

In addition to traditional Money Laundering methods, casinos are also an important channel for this gang. They hire a large number of people to gamble at different casinos, using the gambling funds to launder illegal gains. Moreover, various methods such as nightclub consumption, charitable donations, and currency exchange are also used for Money Laundering.

As the investigation deepens, a massive online gambling and fraud network has come to light. Multiple suspects have been wanted by the Chinese public security authorities, involving charges such as online gambling and fraud. Among them, Wang Shuiming and Su Haijin are two of the most notable figures.

Wang Shuiming is known as the "Great Ming General" and is a well-known figure in the online gambling world. He once controlled multiple gambling groups with subordinate employees numbering over ten thousand. It is said that just one group can collect about 5 billion RMB in gambling funds from gamblers every month.

In contrast, Su Haijin is much more high-profile. He actively participates in social activities, sponsors charity golf tournaments, and even spent a lot of money to purchase the title of honorary president of an association. However, when he was arrested, he attempted to escape and hid in a sewer, ultimately being discovered by the police with his limbs broken.

The impact of this case on Singapore is far-reaching. It not only exposes the country's vulnerabilities in anti-money laundering and visa screening, but also damages its reputation as a financial center. Many local residents express anger at the extravagant lifestyles of criminals, believing it exacerbates inflation and harms the interests of the general public.

The Singaporean government responded swiftly. Minister for Law and Home Affairs K. Shanmugam stated that regulations will be strengthened to prevent Singapore from becoming a Money Laundering haven. Meanwhile, the banking sector has also implemented stricter measures, including closing accounts of certain nationalities and enhancing scrutiny on new account openings and transactions.

This case has also had a negative impact on the cryptocurrency industry. Due to criminal gangs using USDT for Money Laundering, virtual currencies have once again been stigmatized. This may lead Singapore to tighten its regulatory policies on virtual currencies further.

Regarding the handling of assets involved in the case, Singapore law stipulates that these assets will be confiscated at the end of the case. However, if a victim can prove ownership of the assets, regardless of nationality, they can apply to the Singapore court for their return.

As for the suspects, once convicted, they will serve their sentences in Singapore. After completing their sentences, they will be deported back to the country of their passport, or sent to a country that has an extradition agreement with Singapore.

This largest money laundering case in Singapore's history not only reveals the complexity of transnational crime but also highlights the challenges that countries face in combating financial crime against the backdrop of globalization. It reminds us that while pursuing economic prosperity, we must remain vigilant and continuously improve our legal and regulatory systems to uphold financial order and social fairness and justice.