$3b money laundering case: Third accused convicted, gets 13 months’ jail
newsare.net
SINGAPORE – Chinese national Wang Baosen has been sentenced to 13 months in jail, the third accused in Singapore’s largest money laundering case to be convicted following a probe that started in 2021. As part of his plea offer, the 32-year-old has forfei$3b money laundering case: Third accused convicted, gets 13 months’ jail
SINGAPORE – Chinese national Wang Baosen has been sentenced to 13 months in jail, the third accused in Singapore’s largest money laundering case to be convicted following a probe that started in 2021. As part of his plea offer, the 32-year-old has forfeited his assets worth $8 million believed to be benefits from illegal gambling offences abroad. With one-third remission, he may be out by early May. Baosen pleaded guilty on April 16 to two charges. Six other charges were taken into consideration. He admitted to using over $1.4 million from a company, Hornet Bee International Trading, to pay for 10 per cent of the purchase price of an upscale condominium unit in Orchard Road. Baosen also admitted to possessing nearly $600,000 in an HSBC bank account in Singapore, with the monies suspected to be proceeds from illicit gambling offences. Deputy Public Prosecutor Foo Shi Hao, who sought 13 to 15 months in jail for Baosen, said his case bears many similarities to that of Su Haijin, one of the 10 foreigners arrested in the money laundering probe. Read more
