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

Last month, the Singapore police uncovered the largest money laundering case in the country's history. As the investigation deepened, the amount involved continued to rise, soaring from the initial 5.4 billion RMB to 12.8 billion RMB. This astonishing figure is mind-boggling.

Singapore authorities swiftly took action, launching a large-scale arrest operation. Currently, 10 main suspects have been arrested, and another 8 are on the run and wanted. It is worth noting that among those arrested are individuals with dual nationality and those from Fujian, some of whom are even fugitives in China.

As the investigation progresses, more shocking facts are emerging. This case involves various illegal activities such as money laundering, online fraud, and gambling, with a complexity and sophistication far beyond people's imagination.

On August 15, Singapore police acted immediately after receiving a tip-off. Over 400 personnel from the Commercial Affairs Department, Criminal Investigation Department, Special Operations Command, and Police Intelligence Department participated in the operation. They conducted searches at multiple locations across the country, including luxury residential areas such as Bukit Timah and Orchard Road.

The police seized a large amount of property, including 110 real estate properties, 62 vehicles, and a batch of fine wines. At the same time, they froze deposits of over 5.5 billion yuan in 35 bank accounts, confiscated 380 million yuan in cash, 68 gold bars, more than 270 pieces of jewelry and other luxury goods, as well as virtual assets valued at 190 million yuan.

The 10 suspects who were arrested all originated from the Minnan region of Fujian, China, and are referred to as the "Fujian Gang." This group entered Singapore in 2017 and quickly established a foothold in upscale areas, owning multiple high-end residences and commercial shops. They mainly engaged in Money Laundering through shop operations, real estate investments, and casinos.

The money laundering techniques of this gang are quite sophisticated. They have opened shops in the central area of Singapore, where the monthly rent is as high as tens of thousands, but there are very few products in the store, clearly not covering their expenses. This is actually a clever disguise to conceal the inflow of large amounts of dirty money into Singapore. In addition, they are also involved in education, investment, and information technology sectors.

Real estate investment is also a common method for them to engage in Money Laundering. Although Singapore has regulations requiring real estate agents to report large transactions, it is often difficult to enforce thoroughly in practice. Police revealed that among the 34 suspects, at least 20 have hundreds to thousands of companies registered under their names, with some even serving as secretaries in more than 2,300 companies over a period of more than seven years.

Last year, a shocking property transaction in Singapore involved spending approximately 500 million RMB to purchase 20 units in the Corning River Bay, which was later confirmed to be orchestrated by the "Fujian Gang." Ironically, at that time, mainstream media in Singapore heavily reported this transaction as a reflection of the country's international competitiveness.

In addition to real estate, casinos are also an important channel for them to engage in Money Laundering. They employ a large number of personnel to disperse across different casinos to participate in gambling, completing Money Laundering through the return of gambling funds. Additionally, various methods such as nightclub spending, cash transactions, charitable donations, and currency exchanges are also used for Money Laundering.

According to informed sources, the individuals involved lead an extremely extravagant lifestyle. They are generous with their money, frequently giving out red envelopes worth thousands of yuan, their homes are filled with expensive items, and they always travel in luxury cars.

As the investigation deepened, a vast network of online gambling and fraud gradually came to light. Among the 10 people arrested, only 3 held Chinese passports, while the others held passports from other countries, including Cambodia, Cyprus, Turkey, and Vanuatu. Even more surprisingly, 5 of them were already wanted by Chinese public security authorities.

These criminal suspects were able to successfully enter Singapore and obtain employment passes, revealing serious loopholes in Singapore's residency checks. Among this group, the most notable are Wang Shuiming and Su Haijin.

Wang Shui Ming is well-known in the online gambling industry, nicknamed "Daming Zong". He began engaging in gambling operations in the Philippines as early as 2012-2013, and by 2016, he had become a senior figure in the industry. It is said that he has 7-10 online gambling groups under his name, with a total staff exceeding 10,000, rivaling well-known large enterprises.

Compared to the low-profile Wang Shuiming, Su Haijin is more high-profile. He is keen on social activities, often organizing parties and actively participating in social events to increase his visibility. He has also sponsored several community activities such as the Singapore Presidential Charity Golf Tournament, and even spent tens of thousands of yuan to purchase the title of honorary president of a community organization.

Su Haijin holds multiple passports, including those from China, Cyprus, Cambodia, Turkey, and Saint Lucia. He owns real estate worth over 70 million yuan in multiple countries and regions. Interestingly, the name he used on his Saint Lucia passport does not match his actual name.

The scene of Su Haijin's arrest was quite dramatic. After the police broke in, they found that he had already escaped, eventually locating him in a ditch near his residence. At that time, Su Haijin's limbs were fractured, but he still attempted to flee, demonstrating a strong refusal to be captured.

This case has caused a stir in Singapore, exposing the country's shortcomings in anti-money laundering and visa screening, and casting a shadow over its reputation as a financial center. Many local residents expressed anger at the lavish lifestyles of the criminals, believing that it severely undermines the interests of the nation and law-abiding citizens.

Singapore's Minister for Law and Home Affairs, K. Shanmugam, responded that an open door will inevitably have issues, but emphasized that Singapore will strictly ensure that the financial system is not abused. He stated that Singapore's reputation has not been damaged and highlighted that such law enforcement actions are not common globally.

The banking sector also reacted quickly. At least 10 local and international banks are involved in this case, among which DBS, OCBC, and UOB are reportedly direct creditors. Some international banks have begun closing accounts of citizens from countries such as Cambodia, Cyprus, Turkey, and Vanuatu, and even Chinese clients have been affected. Account opening and transaction reviews have become more stringent, and the processing times have noticeably increased.

Visa approvals have also become more difficult. According to reports, the difficulty for Chinese applicants to obtain Singapore visas is on the rise, with many visas that could previously be renewed now being denied, and scrutiny over assets and income has become stricter.

The cryptocurrency industry is once again negatively affected as criminal gangs use USDT for Money Laundering. The Deputy Prime Minister of Singapore previously stated that Singapore has no intention of becoming a hub for crypto activities. This incident may lead to further tightening of cryptocurrency regulations.

According to current laws, seized assets will undergo a distribution hearing after the case concludes. If the victims can prove ownership of the assets, whether they are foreigners, companies, or other entities, they can apply to the Singapore court for their return.

Regarding the handling of criminals, Singapore's Minister of Home Affairs stated that once convicted, they will serve their sentences in Singapore. After completing their sentences, they will be deported back to their passport-holding country or sent to a country that has an extradition agreement with Singapore. However, there is currently no extradition agreement between China and Singapore.

This case will undoubtedly bring serious legal consequences for the individuals involved, as they will face trial and punishment under Singapore's strict judicial system.