Zhang Ruijin was sentenced to 15 months' jail, the highest jail term meted out in this case so far.
Zhang Ruijin, a 45-year-old Chinese national who also holds a passport issued by Saint Kitts and Nevis, is the fifth person to plead guilty in this case.
Deputy Public Prosecutor Ryan Lim said $131 million worth of assets, cash, vehicles and cryptocurrency belonging to Zhang have been seized by the authorities. Zhang told the bank he had sold property in Macau and Beijing. He used a forged document to deceive CIMB and to justify the deposits. Said DPP Lim: “First, there was a transnational element to his offending, and second, there was a level of sophistication in bringing the suspected criminal funds into Singapore.”
Mr Thuraisingam added: “His cooperation has meant that the authorities are not required to do much tracing for his source of funds for every asset. His cooperation is genuine evidence of remorse. Su was also among the 10 foreigners arrested in this money laundering case, and was sentenced on April 29 to 14 months’ jail. He had pleaded guilty to two money laundering charges and one charge for abetting false representations made to the Inland Revenue Authority of Singapore.sentenced to 13 months’ jail
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