Singapore money launderer gets 17 months in $2.2bn case featuring illicit crypto, Prada bags, and prize toys

Wash US$2.2 billion in illicit cryptocurrencies, cash, and other assets such as luxury handbags? Don't worry, all you may get is 17 months.

That was the sentence the tenth defendant in the city-state's biggest money laundering case ever received on Monday.

Su Jianfeng pleaded guilty to laundering proceeds from an illegal gambling operation overseas and giving banks forged documents to disguise the origins of funds.

Police seized US$20 million in illicit cryptocurrencies from him and his wife. Su agreed to forfeit about US$132 million of total US$138 million in cash and assets seized.

Among the dozen other charges, he was accused of hiring a personal chef without a valid work pass.
Luxury haul

His arrest on August 15 last year was part of a massive operation involving over 400 police officers in the city.

The initial raids seized cash and assets worth over US$747 million, with prohibition of disposal orders filed against 94 properties and 50 vehicles and more than 35 connected bank accounts frozen.

Police also unearthed a huge haul of luxury items: 250 designer bags and watches, over 120 electronic devices, two gold bars, 270 pieces of jewellery, an enviable wine and liquor collection, and 11 documents with information about virtual assets.
Police seized some 250 designer handbags.

Singapore police seized some 250 designer handbags as part of its mammoth money laundering case.

The money's origins have been traced back to gambling operations in Southeast Asia.

Each of the ten individuals arrested were found holding passports from multiple different countries, including destinations for so-called “golden passports’' like Vanuatu, Turkey, St Kitts and Nevis and Cambodia.

All are originally Chinese citizens from Fujian province in southeast China.