SINGAPORE: A man was charged on Thursday (Jan 23) with 15 offences, including forgery and falsifying accounts, in a S$3 billion (US$2.2 billion) money laundering case.
Wang Junjie, 42, is the second Singaporean to be charged in the case.
Most of his charges are linked with two foreigners, Su Haijin and Su Baolin, who were sentenced to jail last year for several offences, including money laundering.
Wang is the former director of LW Consultancy, which was engaged by Su Haijin and Su Baolin to provide corporate secretarial services to two companies – Yihao Cyber Technologies and Xinbao Investments Holdings.
Wang was a director of Yihao Cyber Technologies between Jan 3, 2021 and Feb 7, 2022, said the police.
Four of his charges are for entering into a conspiracy with Su Haijin to falsify the accounts of Yihao Cyber Technologies for the financial years of 2019 to 2022. This included the shell company's revenue, gross profit and trade receivables.
Another three charges were for allegedly working with Su Haijin to make false representations to the Inland Revenue Authority of Singapore (IRAS) about the shell company's financial numbers.
He also allegedly did the same to the Ministry of Manpower.
Wang is also accused of forging an agreement between Yihao Cyber Technologies and SG-Gree, which was submitted to DBS as a supporting document to facilitate the opening of a bank account for Yihao.
Wang Junjie, the former director of a corporate service provider linked to two people convicted in the S$3 billion money laundering case, leaves the State Courts on Jan 23, 2025. (Photo: CNA/Ili Nadhirah Mansor)
Wang was a director of Xinbao Investments Holdings' between Aug 2, 2018 and Dec 22, 2023.
The 42-year-old is also facing three charges of making false representations to IRAS about Xinbao Investments Holdings' financial numbers. He allegedly worked with Su Baolin to falsely represent the company’s revenue, gross profits and trade receivables for the financial years of 2019 to 2021.
Wang also allegedly cheated OCBC by submitting false documents to the bank in response to its queries on some transactions.
His remaining two charges are for failing to act honestly as a director of Yihao Cyber Technologies and Xinbao Investments Holdings.
Wang was granted bail of S$50,000 and is set to return to court on Mar 6.
Su Haijin and Su Baolin were among 10 people convicted in the case last year.
Su Haijin and Su Baolin were each given 14 months' jail and they forfeited about S$165 million and S$65 million to the state respectively. They were also deported and barred from re-entering Singapore.
Director of the Commercial Affairs Department David Chew, said: "Criminals may abuse corporate structures to hold the profits of their criminal enterprise and frustrate the efforts of law enforcement agencies to trace and seize illicit proceeds."
Professional intermediaries should make sure their services are not being exploited to facilitate criminal activities or launder illicit proceeds.
They must also "exercise professional care" when dealing with customers and report suspicious transactions.
"We will take to task corporate service providers who fail in this duty, especially those who conspire with their clients to circumvent the due diligence process, cheat financial institutions or misrepresent the true financial state of their companies to the authorities," added Mr Chew.
The registrations of LW Consultancy and Wang were cancelled by the Accounting and Corporate Regulatory Authority (ACRA) in January last year.
The cancellations were due to breaches of anti-money laundering and countering the financing of terrorism controls under ACRA regulations.
The authority said then that it was looking into Wang and his company as part of its investigation into the role played by registered filing agents and registered qualified individuals involved in one of Singapore’s largest anti-money laundering operations.
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Wang Junjie, 42, is the second Singaporean to be charged in the case.
Most of his charges are linked with two foreigners, Su Haijin and Su Baolin, who were sentenced to jail last year for several offences, including money laundering.
Wang is the former director of LW Consultancy, which was engaged by Su Haijin and Su Baolin to provide corporate secretarial services to two companies – Yihao Cyber Technologies and Xinbao Investments Holdings.
THE CHARGES
Wang was a director of Yihao Cyber Technologies between Jan 3, 2021 and Feb 7, 2022, said the police.
Four of his charges are for entering into a conspiracy with Su Haijin to falsify the accounts of Yihao Cyber Technologies for the financial years of 2019 to 2022. This included the shell company's revenue, gross profit and trade receivables.
Another three charges were for allegedly working with Su Haijin to make false representations to the Inland Revenue Authority of Singapore (IRAS) about the shell company's financial numbers.
He also allegedly did the same to the Ministry of Manpower.
Wang is also accused of forging an agreement between Yihao Cyber Technologies and SG-Gree, which was submitted to DBS as a supporting document to facilitate the opening of a bank account for Yihao.
Wang Junjie, the former director of a corporate service provider linked to two people convicted in the S$3 billion money laundering case, leaves the State Courts on Jan 23, 2025. (Photo: CNA/Ili Nadhirah Mansor)
Wang was a director of Xinbao Investments Holdings' between Aug 2, 2018 and Dec 22, 2023.
The 42-year-old is also facing three charges of making false representations to IRAS about Xinbao Investments Holdings' financial numbers. He allegedly worked with Su Baolin to falsely represent the company’s revenue, gross profits and trade receivables for the financial years of 2019 to 2021.
Wang also allegedly cheated OCBC by submitting false documents to the bank in response to its queries on some transactions.
His remaining two charges are for failing to act honestly as a director of Yihao Cyber Technologies and Xinbao Investments Holdings.
Wang was granted bail of S$50,000 and is set to return to court on Mar 6.
Su Haijin and Su Baolin were among 10 people convicted in the case last year.
Su Haijin and Su Baolin were each given 14 months' jail and they forfeited about S$165 million and S$65 million to the state respectively. They were also deported and barred from re-entering Singapore.
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Director of the Commercial Affairs Department David Chew, said: "Criminals may abuse corporate structures to hold the profits of their criminal enterprise and frustrate the efforts of law enforcement agencies to trace and seize illicit proceeds."
Professional intermediaries should make sure their services are not being exploited to facilitate criminal activities or launder illicit proceeds.
They must also "exercise professional care" when dealing with customers and report suspicious transactions.
"We will take to task corporate service providers who fail in this duty, especially those who conspire with their clients to circumvent the due diligence process, cheat financial institutions or misrepresent the true financial state of their companies to the authorities," added Mr Chew.
REGISTRATION CANCELLED BY ACRA
The registrations of LW Consultancy and Wang were cancelled by the Accounting and Corporate Regulatory Authority (ACRA) in January last year.
The cancellations were due to breaches of anti-money laundering and countering the financing of terrorism controls under ACRA regulations.
The authority said then that it was looking into Wang and his company as part of its investigation into the role played by registered filing agents and registered qualified individuals involved in one of Singapore’s largest anti-money laundering operations.
Continue reading...