OCBC Fines Money Laundering Suspect $19.7million
The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s most significant money laundering case, marking the first lender investigation that took action to recover losses from scammers.
Southeast Asia’s second-largest bank, OCBC, filed against Su Baolin, a Cambodian passport holder involved in the Singaporean $2 billion money laundering case to recover money. They seek $19.7 million by seizing his property and other assets. Su is among the other 10 Chinese who were arrested in Singapore for involvement in money laundering through virtual assets service providers, including forgery, fraud, and illegal activities. The OCBC requested a court order, to take possession of a mortgaged property that was being built in Sentosa Cove, a gated residential community on an island off the coast of Singapore. According to the lawsuit, Su has also been ordered to settle around $220,570 in credit card debt and a $19.5 million housing loan plus interest.
Since the August island-wide search, the police have frozen and confiscated more than $2 billion in assets, including more than 150 properties connected to the 10 individuals arrested. Su is one of the ten Chinese scammers detained by Singapore’s police in August on money laundering and counterfeiting charges. He is currently being prosecuted on multiple allegations of forgery. He is facing charges including forging official documents and using false identities to launder money. He is also accused of conspiring to defraud millions of dollars from victims. If convicted, he could face a lengthy prison sentence.
The lender also declined to comment on the lawsuit. The investigation report revealed that they tried to contact the attorney, but there was no response to his mail. Su has been detained in custody since her arrest on August 15; no attorney is listed on the court hearing calendar for Su. In the names of Su and his spouse, the Singaporean police have apprehended and prohibited the sale of around $99 million worth of real estate, money, bank accounts, and cryptocurrency.
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