News

Property Agent Reveals Lifestyle of People Involved in $1 Billion Money-Laundering Offences

2023-08-18 , 9:30 pm

Unless you lived under a rock, you’ve probably heard of the ten individuals arrested for their suspected involvement in a $1 billion money laundering case.

This time, a property agent has disclosed more details regarding their lifestyles.

Summary of $1 Billion Money Laundering Case Involving 10 Foreigners

Fret not if you haven’t heard about the $1 billion money laundering case. Goody Feed’s got your back.

On Tuesday (15 Aug), ten foreigners were arrested for their suspected involvement in multiple offences, including money laundering and forgery.

One particular individual, Su Haijin, was also charged with resisting arrest after he jumped off his balcony while the police were outside.

All ten individuals have been charged, and their cases have been adjourned to next week.

Think of it like Singapore’s version of Money Heist (albeit a less successful version).

Currently, 12 others are assisting the authorities with investigations, while another eight individuals are still wanted by the police.

You can read more about the case here.

More Than Meets the Eye: Involvement in Money Laundering Operation Possibly Extends to Hundreds of People

According to Lianhe Zaobao, all ten arrested individuals operated together as a supposed “Fujian Gang” from Fujian, China.

Yet, that’s not all there is to it.

Membership in this alleged gang numbers up to the hundreds, and they’re supposedly all in on the $1 billion money laundering operation.

Indeed, more than meets the eye. Regardless, we can only wait and see whether the true extent of the operation is as large-scale as it is suspected to be.

Lavish Lifestyles Led by the Arrested Individuals

Even if the operation is not eventually revealed to involve hundreds of people in this alleged “Fujian Gang”, the operation has definitely made a mark in Singaporeans’ minds.

After all, this is the most significant anti-money laundering blitz conducted by Singapore authorities thus far.

Having laundered amounts close to $1 billion, it goes without saying that these arrested individuals led lavish lifestyles here—none of them stayed in HDBs.

Finding a partner to BTO with? The least of their concerns.

According to a property agent interviewed by Lianhe Zaobao, these individuals allegedly linked to the “Fujian Gang” are more than willing to empty their pockets for high-end properties in Singapore.

In fact, several high-profile private property transactions in the past few years are allegedly linked to members of the gang.

This includes a Chinese buyer who purchased 20 units at Canninghill Piers for $85 million last May and another who rented a good-class bungalow (GCB) at Queen Astrid Park for $200,000 monthly.

Yup, we just got called “broke” in a million languages.

Two foreigners arrested during the raid, Su Haijin and Su Baolin, also purchased a sea-facing bungalow at Sentosa Cove for nearly $40 million in 2021. The pair also bought another two adjacent bungalows for approximately $36 million.

Well, I suppose it’s nicer to conduct your money-laundering operations from a bungalow than from an HDB.

Other buyers allegedly linked to the “Fujian Gang” also spend as if there’s no tomorrow on amenities in their homes, with many setting up karaoke rooms costing up to $1 million and mini golf courses costing up to $300,000.

Macam country club sia.

That’s not the end of the lavish lifestyles led by these individuals. According to Lianhe Zaobao, many import luxury cars and purchase luxury handbags from high-end retailers.

Yes, you read that right. Their luxury handbags are not from Carousell.

Expenditure by these individuals at nightclubs also frequently exceeds $100,000 in a single night, according to the property agent interviewed by Lianhe Zaobao.

Keeping the entire nightclub industry afloat.

Some Arrested Individuals Rented GCBs in Singapore; Others Purchased Bungalows and Condominiums in Sentosa and Other Areas

You might have noticed this: If all ten arrested individuals are foreigners, how is it possible that some of them are staying in GCBs?

(If you didn’t already know, only Singapore Citizens can purchase GCBs, with exceptions for Permanent Residents. Foreigners? Definite no.)

The answer is this: those among the foreigners who boasted a GCB as their place of residence rented these GCBs.

Yes, you read that right. Technically, these individuals did not own the GCBs; they merely rented them.

However, this doesn’t discount how much money these alleged “Fujian Gang” members paid for their GCBs. According to Lianhe Zaobao, some offered up to $40,000 a month for rental while intending to spend $1 million to renovate the GCB.

Money grow from tree ah?

Of course, the others purchased bungalows and condominiums in Sentosa and other areas as their place of residence.

Well, they should probably bid all their properties goodbye soon, given that they’ll likely be going to jiak kali png from a lesser-known type of housing in Singapore instead…

Alleged Bargaining by Individuals Affiliated with “Fujian Gang”

We know that this might be a lot to take in—after all, most of us don’t have golf courses or private karaoke rooms in our homes; Teo Heng has been doing the most for us normies.

However, knowing this might offer some comfort: these individuals allegedly linked to the “Fujian Gang” are just as “cheapo” as the rest of us.

According to Lianhe Zaobao, these individuals often bargain with property agents when purchasing or renting high-end private residences.

Sometimes, prices are negotiated down by nearly 30%.

We’re glad there isn’t a jury system in Singapore; these individuals will be absolute “auntie killers” if they bring up their bargaining skills at trial.

KYC & AML Checks Conducted in Property Transactions

At this point, you may be thinking: how is it possible that all these transactions which were done way above market price went under the radar?

We, too, have no idea. Perhaps the arrested individuals were too good at covering their tracks; maybe this is what people mean when they say “foreign talent”.

Regardless, there are stringent checks in place for property transactions—property agents have to conduct thorough background checks on potential clients, and the usual official procedures are also complied with.

This includes conducting know-your-customer (KYC) and anti-money laundering (AML) checks.

Haha, AML checks… $1 billion laundered… Funny.

With any hope, these checks will work better to prevent such a situation from repeating itself.