On Wednesday, the individuals involved in one of the largest money-laundering cases in Singapore’s history received some more unwelcome news. Accused of crimes linked to illegal gambling and other activity, they were refused release from custody as prosecutors raised apprehensions regarding potential collusion and hindrance to the investigation.
As the 10 suspects had their cases appear before a judge, prosecutors presented assertions regarding the organization’s possession of overseas wealth, offshore betting activities and the search for others who have managed to escape. The case involves over SGD1 billion (US$740.4 million) in proceeds from money laundering and illegal gambling, with the assets encompassing everything from gold and silver, high-end merchandise, vehicles and jewelry to cash.
Because of the significant amount of money and the fact that there may be more the authorities haven’t yet found, prosecutors want to keep the suspects behind bars. A judge agreed, denying the defendants’ request for mercy.
Unraveling the International Mystery
In a court setting that involved remote appearances by the defendants through video conferencing, defense lawyers presented their pleas for their clients to be granted contact with their loved ones. They contended that the defendants did not pose a flight risk.
However, as the prosecutors expressed concerns over potential connections between the suspects, District Judge Kow Keng Siong said they should stay locked up. It’s the most effective way to ensure the criminals can’t coerce witnesses or try to flee.
The lawyers argued that making a run for it was out of the question since the accused had their passports seized during raids across Singapore earlier this month. However, at least one of the suspects had multiple passports, which means others may, as well.
One of the suspects, Cypriot national Su Haijin, had assets of at least SGD160 million (US$118.46 million) when the raids, which involved more than 400 police officers, took place. That’s the figure the authorities were able to link to him, but prosecutors have argued that unidentified individuals have been trying to move other assets belonging to him.
If the judge had approved his release, those assets may have disappeared forever. They could have become the funds Su used to pay for his escape, as well as that of others involved in the scheme.
The Investigation Continues
Keeping the suspects in prison until they return to court for another hearing in September will also give the authorities more time to conduct their investigation. So far, they’re certain that the gang has ties to organized crime operating globally, including in the Philippines and China, but they don’t know how extensive the network is.
The 10 jailed suspects reportedly have millions of dollars in bank accounts, safe deposit boxes and cryptocurrency. They may also have millions more hidden in places the investigators have yet to identify.
Law enforcement officials raided nine locations a couple of weeks ago. From those, they have seized 105 properties, 50 vehicles, hundreds of high-value jewelry items, SGD23 million (US$17.02 million) in cash and bank accounts that held SGD110 million (US$81.44 million).
Eventually, investigators will be able to piece together all the different parts. While eight more people are still on the run, they have 12 others with alleged involvement who are now providing details of the operation.
The details have led to additional charges against the 10 already implicated in the case. As the authorities continue to question all of the suspects, there’s a good chance they’ll file more charges.
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