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60 real estate agents involved in property sales of assets involved in S$1 billion money laundering case to assist in investigation

The seismic S$1 billion money laundering case has jolted the island. Singapore Police revealed on Friday (18 Aug ) that 11 more properties received disposal prohibition orders, raising the total to 105 properties worth around S$831 million.

According to Lianhe Zaobao, approximately 60 agents who were engaged in property sales linked to the S$1 billion money laundering case are expected to aid in the investigation.

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1 year ago

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SINGAPORE: On Wednesday (16 Aug), the Singapore Police Force (SPF) announced a raid involving over 400 officers across the island in a crackdown on money laundering and forgery activities, resulting in the historic seizure of assets amounting to roughly S$1 billion (US$736 million).

Ten individuals, with diverse nationalities but a common Fujian heritage, were arrested and charged in court on Wednesday night with forgery, money laundering, and resisting arrest.

Among them, there is a wide range of nationalities represented, including Cypriot, Turkish, Chinese, Cambodian, and Ni-Vanuatu.

Additionally, twelve individuals are aiding with current investigations, and eight are on the police’s wanted list.

On Friday (18 Aug), the Singapore Police announced that an additional eleven properties have been subjected to prohibition of disposal orders in connection with the case.

This brings the total count of properties under such orders to 105, following the previous issuance of 94 properties. These orders effectively prevent the suspects from selling these properties.

The aggregate worth of these 105 properties is approximately S$831 million. Among them are seven detached bungalows situated at Sentosa Cove and 79 condominium units, including 19 that are still in the construction phase.

Moreover, 19 more properties categorized as commercial or industrial spaces have also been placed under the prohibition of disposal orders.

This high-profile money laundering case has sent shockwaves throughout the entire island, prompting questions about why some of the suspects have seemingly been residing in Singapore for extended periods, dating back as early as 2021.

Singapore Chinese media Lianhe Zaobao earlier reported that one of the arrested individuals, a Chinese national from Fujian, is alleged to have acquired 20 units at CanningHill Piers for an estimated S$85 million in June last year.

Notably, one of the suspects, Su Haijin, was reportedly a shareholder or director in multiple companies and had purportedly received S$36.37 million for a pair of adjacent bungalows in Sentosa Cove.

According to Zaobao, real estate implicated in these high-profile cases will be confiscated by the government and auctioned off after the legal proceedings conclude.

Furthermore, real estate agents who fail to disclose suspicious transactions to buyers during property sales could potentially be in violation of the law.

Around 60 real estate agents who were involved in selling properties to the suspects are expected to be requested to assist in the investigation, Zaobao reported.

In accordance with guidelines from the Council for Estate Agencies (CEA), engaging in property transactions while being aware or having reason to believe that the client is using proceeds from drug trafficking or criminal activities to purchase the property is illegal.

Convictions could lead to fines not exceeding S$500,000 or imprisonment for up to 10 years, or both.

In June of this year, the Singapore government implemented a mandate requiring property developers to conduct background checks on buyers.

If suspicious money laundering activities or terrorism financing are identified, they are obligated to report these to the Commercial Affairs Department (CAD).

An anonymous senior figure in the real estate industry told Zaobao that the government is likely to phase the auctioning of these confiscated properties rather than conducting a mass auction.

This approach ensures that even with the seizure of nearly 100 properties, it won’t disrupt the equilibrium between supply and demand in the auction market.

Chinese buyers dominated the market for non-landed luxury homes in the first half of the year

During the first half of the year, non-landed luxury homes and overall non-landed private homes were most popular among Chinese buyers.

Based on a recent research report by Edmund Tie, the average transaction price for non-landed luxury homes in the first half of the year stood at S$16.9 million, reflecting a 9.6% increase from the second half of the previous year.

This rise can be attributed mainly to the escalating demand for luxury homes among high-net-worth individuals and affluent new immigrants.

However, the situation differs slightly for landed private homes, where the average price experienced a decline of 4.6% to S$20.5 million, compared to a 10.9% increase in the second half of the previous year.

The three most expensive transactions for landed private homes encompassed three premium bungalows on Nassim Road, amounting to a total of S$206.7 million, with a per-square-foot price of S$4,500. The buyers were an Indonesian family.

Notably, Chinese buyers were the largest demographic purchasing non-landed luxury homes during the first half of this year.

Furthermore, they also accounted for the greatest demand for overall non-landed private homes.

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Crime

Singaporean fugitive deported from Thailand, to be charged with drug trafficking

A Singaporean fugitive arrested in Thailand, was deported to Singapore on 19 September 2024 and faces drug trafficking charges. Authorities expect him to face the death penalty under Singapore’s tough drug laws for running a smuggling operation between Thailand, Australia, and Singapore.

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8 hours ago

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19 September 2024

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A 31-year-old Singaporean man, wanted for drug trafficking offences, was arrested in Thailand and deported to Singapore on 19 September 2024.

The fugitive, identified as Benny Kee Soon Chuan, was apprehended by Thai police at his residence near Bangkok’s Suvarnabhumi Airport and will face charges in court on 20 September.

Kee, described as a high-level trafficker, ran a smuggling operation that trafficked crystal methamphetamine, ketamine, and Ecstasy to Australia and Singapore using Thailand as a transit hub, according to Pol Lt Gen Panurat Lakboon, secretary-general of Thailand’s Office of the Narcotics Control Board (ONCB).

Cross-Border Investigation and Arrest

The Central Narcotics Bureau (CNB) of Singapore had issued an arrest warrant for Kee following investigations into two drug trafficking cases in December 2020 and November 2022.

He had been on the run since 11 April 2016, prompting CNB to collaborate with its international counterparts, including the ONCB. Thai authorities were tipped off by CNB on 12 August 2024, and after weeks of investigation, Kee was apprehended on 17 September.

Thai immigration officials revealed that Kee had entered Thailand earlier in 2024 using a Vanuatu passport.

Following his arrest, Kee’s Thai visa was cancelled, and assets worth 15 million baht (S$585,000), including luxury watches, gold pieces, and a luxury car, were seized during a raid on his residence in Samut Prakan.

Lt Gen Panurat confirmed that the fugitive had been living an affluent lifestyle in Thailand despite lacking legitimate employment.

Links to Broader Drug Network

Kee is believed to be linked to other Singaporean traffickers involved in the smuggling of drugs from Thailand.

In March 2021, Thailand’s Anti-Trafficking in Persons Task Force (AITF) intercepted packages containing Ecstasy and ketamine destined for Singapore, as well as crystal methamphetamine bound for Australia.

Two other Singaporean men, aged 21 and 29 at the time of their arrests, were later sentenced to imprisonment and caning in Singapore for their involvement in these operations, which were connected to Kee’s trafficking network.

Death Penalty Under Singaporean Law

Kee’s deportation to Singapore brings him under the jurisdiction of Singapore’s severe drug laws, which prescribe the death penalty for those convicted of trafficking substantial amounts of controlled substances.

Singaporean authorities have indicated that he could face the death penalty under the country’s strict drug trafficking laws. Pol Lt Gen Panurat indicated that Singaporean authorities are expected to seek the maximum penalty for Kee’s alleged offences.

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Crime

Islamic firm CEO among 19 arrested in Malaysia’s charity home abuse scandal

The CEO of Islamic firm Global Ikhwan Services and Business Holdings (GISBH) and his wife were among 19 arrested by Malaysian authorities on Thursday for alleged child abuse linked to their charity homes. Last week, police rescued 402 children from these homes. Investigations revealed a horrifying network of abuse, with at least 13 children allegedly sodomised or taught to sexually assault others.

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11 hours ago

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19 September 2024

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MALAYSIA: In a major crackdown, Malaysian police have arrested several members of Global Ikhwan Services and Business Holdings (GISBH) top management, including CEO Nasiruddin Ali and his wife.

The arrests were made in a special operation conducted by Bukit Aman’s criminal investigation department at multiple locations.

As of 19 September, total of 19 people were detained, including the CEO’s two children and the child of former Al-Arqam leader Ashaari Muhammad.

Among those arrested are 12 men and seven women, aged between 30 and 65.

Inspector-General of Police Razarudin Husain confirmed the arrests and promised to provide updates soon.

The arrests come on the heels of a significant child sexual abuse scandal involving GISBH.

Last week, police rescued 402 children from 20 welfare homes linked to the organization in Selangor and Negeri Sembilan.

They also arrested 171 people, including an ustaz and a hostel warden.

The case sent shockwaves throughout the country as investigations revealed a horrifying network of child abuse.

At least 13 of the rescued children were allegedly sodomized or taught to sexually assault others.

GISBH initially denied operating the welfare homes and rejected the allegations of abuse.

However, Nasiruddin later admitted that cases of sodomy had occurred within the organization in the past, while denying any deviant teachings.

In a related development, three men linked to GISBH pleaded not guilty in a Seremban court to charges of sexually assaulting boys aged between nine and 11 at a religious school associated with the organisation.

The alleged assaults took place between 2022 and 2023 in Kuala Pilah, Negeri Sembilan.

Additionally, another man was charged in Putrajaya for allegedly threatening a woman to withdraw a police report against GISBH.

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