Dubai Property Broker Sentenced to 17 Months in Singapore for Money Laundering

Su Jianfeng, a Dubai property broker, has been sentenced to 17 months in jail in Singapore, marking the final conviction among 10 foreigners arrested last year in a significant anti-money laundering operation.

The group laundered over S$3 billion (US$2.2 billion) in proceeds from online gambling through at least 16 financial institutions in Singapore. Su, a 36-year-old Vanuatu national originally from China, pleaded guilty to one charge of possessing almost S$551,000 in criminal proceeds. This money was derived from operating an illegal remote gambling service and using a forged property sale contract. An additional 12 charges were taken into consideration during sentencing.

Su’s guilty plea and his agreement for the state to forfeit 95.5% of his assets were key factors in determining his sentence. He agreed to forfeit $178.9 million of his assets to the state, out of the $187 million fortune seized from him and his wife, Chen Qiuyan. The couple had relocated to Singapore in August 2020, acquiring 12 properties worth $63.9 million and seven corporate entities valued at $5.2 million.

To justify his wealth, Su claimed to have earned money as a real estate agent in Dubai and submitted falsified property sales contracts to banks. District Judge James Elisha Lee noted that aggravating factors in the case included the premeditated nature of Su’s crimes and the involvement of multiple banks.

Su’s sentence has been backdated by 10 months to account for time already spent in custody. He was one of the 10 foreign nationals arrested in an island-wide raid in Singapore in August 2023, all of whom have been sentenced to between 13 and 17 months in jail. Approximately S$944 million (US$697 million) was seized from the group, including hard cash, high-end properties, luxury goods, and cryptocurrency.

The 10 individuals pleaded guilty to various crimes, such as money laundering, using forged bank documents, and other related offenses, including lying to obtain work permits. Many were involved in an online platform offering gambling services to people in China, despite the illegality of online gambling in China. They laundered their illicit gains by purchasing property and other assets.

David Chew, director of Singapore’s Commercial Affairs Department, stated, “Our swift and firm law enforcement efforts and the successful prosecutions of these 10 offenders are testament to our commitment to tackle transnational crime and disrupt the activities of organised crime syndicates. In Singapore, these criminals will not find safe harbour for themselves or their wealth.”

By fLEXI tEAM