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Man who laundered $2.2 billion in cryptocurrency was sentenced to 17 months in prison

On Monday, Su Jianfeng pleaded guilty to laundering money from illegal overseas gambling and providing banks with false documents to conceal the origin of the money.

Police seized $20 million in illegal cryptocurrency from him and his wife. Su agreed to forfeit approximately $132 million of the $138 million in cash and assets collected.

Among dozens of other charges, he was accused of hiring a personal chef without a valid work permit.

Confiscated a lot of valuables

Su was arrested on August 15 last year in a large-scale operation involving more than 400 inner-city police.

Initial raids seized cash and assets worth more than $747 million, along with a ban on 94 properties, 50 vehicles and more than 35 related bank accounts frozen .

Police also found a large amount of luxury items: 250 designer handbags and watches, more than 120 electronic devices, two gold bars, 270 pieces of jewelry, a valuable wine collection and 11 documents. contains information about virtual assets.

Also among the unusual items seized was a large collection of Bearbricks, a type of Japanese designer toy that sells for thousands of dollars.

Photo source: Singapore Police Force

The origin of this money comes from gambling activities in Southeast Asia.

Each of the 10 arrested was found to be carrying passports from various countries, including so-called “golden passport” destinations such as Vanuatu, Türkiye, St Kitts and Nevis, Cambodia.

All were ethnic Chinese citizens from Fujian province in southeastern China.

The relatively lenient sentence may surprise many as Singapore seeks to reassure the global financial industry that it is taking a tough line against criminals who see it as a safe haven to park their illicit funds. legal.

Many Singaporeans are questioning why the defendants, none of whom have Singaporean citizenship, were given millions of dollars.

Of the 10 people, only 2 people had 100% of their assets confiscated.

Prosecute promptly

But chief prosecutor Tan Kiat Pheng seemed satisfied with that. Initially, the prosecution requested a sentence of 17 to 18 months in prison.

“The swift prosecution of these 10 cases is a strong message to would-be criminals that Singapore will not tolerate attempts to flout the law,” Pheng told the media later. hearing.

electronic money

Photo source: Singapore Police Force

Director of the police’s Commercial Service, David Chew, added that the swift and steady enforcement efforts and the successful prosecution of these 10 criminals is testament to the state’s commitment to tackling tackle transnational crime and disrupt the activities of organized crime syndicates.

However, when five of the 10 defendants received similar short sentences in May, Leong Mun Wai, an influential lawmaker, said those convicted of money laundering could receive up to 10 years in prison. .

electronic money

Source: Singapore Police Force

“In my view, the prison sentences the court handed down to the five convicted foreigners are not harsh enough,” said Leong, a non-constituency member of Parliament for the Singapore Progressive Party. know in a post above Facebook on May 10.

Admit

At the time, K Shanmugam, Singapore’s Home Affairs Minister, defended the court’s decision. The Minister said:

“The sentences handed down by the Singapore Courts are comparable to sentences in other jurisdictions.”

He also pointed to the relatively early guilty plea and agreement as well as the forfeiture of assets as mitigating factors.

Two of the convicted, Su Wenqiang and Wang Baosen, were released and deported to Cambodia.

The remaining people will be deported and banned from entering Singapore after completing their sentences.

Investigations are continuing against 17 other individuals not located in Singapore. Those who have returned to China may face new prosecutions.

Beijing has taken a tough line against organized crime groups operating in Southeast Asia. Chinese authorities issued an arrest warrant for Su in 2017.

Minh Anh

According to DL News

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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