$3b money laundering case: Singaporean corporate service provider jailed 32 weeks for falsifying accounts

A former director of a corporate service provider has been sentenced to 32 weeks' jail for offences linked to the $3 billion money laundering case. 

On Thursday (July 16), Wang Junjie, a former director of LW Business Consultancy Pte Ltd, was also disqualified from acting as a company director for five years, according to the Commercial Affairs Department. 

Wang, who was a director at the time, had provided corporate secretarial services to companies linked to Su Haijin and Su Baolin, two of the 10 foreign nationals convicted and sentenced for money laundering and other offences in the case.

Wang was also appointed as a director of Xinbao Investment Holdings Pte Ltd from August 2018 to December 2023, and Yihao Cyber Technologies Pte Ltd from January 2021 to February 2022.

Investigations found that Wang had conspired with Su Haijin to falsify Yihao's financial accounts between 2019 and 2022 by inflating its revenue, gross profit and trade receivables. 

He then used the falsified financial information to make false representations to the Inland Revenue Authority of Singapore (IRAS) and Ministry of Manpower. 

Wang also forged a software development agreement between Yihao and SG-Gree Pte Ltd, which was submitted to DBS Bank to facilitate opening a bank account for Yihao.

Separately, Wang also conspired with Su Baolin to make false representations to IRAS about Xinbao's financial accounts between 2019 and 2021, and submitted false documents to OCBC Bank in response to queries about certain transactions.

Wang was charged with 15 offences in January 2025, including charges related to falsifying accounts, making false representations to government agencies, forging documents, and failing to act honestly as a company director.

He pleaded guilty last month and was convicted of two charges — one for conspiring with Su Haijin to make false representations to IRAS about Yihao's financials, and another for failing to act honestly in his duties as a director of Yihao. 

The remaining 13 charges were taken into consideration for sentencing.

On the same day, lawyer Chan I-Fei Julia was charged over an alleged forgery conspiracy involving the purchase of a commercial property at Amoy Street and a residential unit at South Beach Residences. 

The properties were purchased by the spouse of Su Yongcan, one of the foreign nationals who remains at large and is being investigated by police in connection with the money laundering case.

Police investigations found that Chan, a conveyancing lawyer, had allegedly conspired with an employee of her firm to forge a "Know Your Client" form in December 2023 in relation to the South Beach Residences purchase.

A "Know Your Client" form is a document that verifies a client's identity and financial background.

If convicted, Chan faces up to four years' imprisonment, a fine, or both.

[[nid:731746]]

[email protected]