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SINGAPORE: The older brother of a convict in the S$3 billion (US$2.3 billion) money laundering case has been sentenced to 12 months’ jail over the receipt of more than S$17 million in criminal proceeds.<\/p>\n
The sum was used to buy a luxury bungalow in Sentosa, among other things.<\/p>\n
Zhang Ruisheng, a 54-year-old Chinese national, pleaded guilty on Monday (Oct 19) to one count of possessing the benefits of criminal conduct.<\/p>\n
His younger brother, Zhang Ruijin, was one of the 10 original criminals arrested over the billion-dollar money laundering case and had been sentenced to 15 months’ jail in 2024 for forgery and money laundering.<\/p>\n
Ruisheng was in Singapore on a work pass and was purportedly employed by Golden Eagle Family Office as an “investment advisor”.<\/p>\n
Golden Eagle’s directors were his younger brother Ruijin and Ruijin’s wife, Lin Baoying. Lin was the sole female among the 10 sentenced in the billion-dollar case, where 10 criminals from China laid roots in Singapore and ran illegal gains through the country’s financial system.<\/p>\n
She had also been sentenced to 15 months’ jail for her role in 2024.<\/p>\n
The Commercial Affairs Department (CAD) began investigations against Ruisheng in August 2023 on suspected forgery offences over documents he had submitted to a bank justifying large deposits into his bank account in 2020.<\/p>\n
CAD seized a Toyota Vellfire and issued a prohibition order against a property at 69 Cove Drive, Sentosa, which Ruisheng owned in his sole name.<\/p>\n
Ruisheng had a CIMB bank account in Singapore that was opened on Aug 20, 2020, with an opening balance of S$250,000.<\/p>\n
His brother and sister-in-law also had bank accounts with CIMB and shared the same relationship manager as Ruisheng.<\/p>\n
Between August 2020 and September 2020, Ruisheng received 11 inward transfers from foreign sources totalling about S$17.6 million into his CIMB bank account.<\/p>\n
These were from two companies called Beiyin and Han Li.<\/p>\n
The large transfers made shortly after the account was opened triggered a transaction monitoring alert within CIMB, and the relationship manager approached Ruisheng seeking more information on the source of funds, in line with the bank’s compliance measures.<\/p>\n
Around Sep 9, 2020, Ruisheng explained that the transfers were due to the sale of a property in Macau.<\/p>\n
He submitted a sales and purchase agreement dated Aug 8, 2020 linked to the purported sale of a commercial property in Macau from himself to a Wang Jian.<\/p>\n
The sales and purchase agreement was purportedly signed by Ruisheng and Wang Jian, bearing the company stamp of Beiyin. The agreement stated that the property was sold for HK$87.7 million (S$14.3 million).<\/p>\n
Around Sep 23, 2020, Ruisheng submitted a loan agreement to the relationship manager. The agreement purportedly showed that he had loaned S$6 million to Han Li and was due to receive repayments in two tranches of S$3 million within six and 12 months of the agreement date.<\/p>\n
He claimed this was a friendly loan, with no interest charged.<\/p>\n
The relationship manager conveyed Ruisheng’s explanation and documentation to CIMB’s financial crime analytics team.<\/p>\n
However, the two documents were discovered to be forged.<\/p>\n
Ruisheng later admitted that he never had any dealings with the two companies and had never owned any properties in Macau.<\/p>\n
He also said he had never even heard of the two companies and claimed he had not signed the documents.<\/p>\n
His brother, Ruijin, had been convicted of using the forged sales and purchase agreement as genuine.<\/p>\n
Ruisheng had used the money he received to buy property. He used about S$10.4 million to pay for the purchase price and stamp duty for a property at 69 Cove Drive between September and October 2020.<\/p>\n
After the purchase was completed, CIMB decided to terminate the banking relationship with Ruisheng based on their review of the transactions and documents provided.<\/p>\n
Before the account was closed, Ruisheng issued a cheque to withdraw the remaining balance of almost S$5 million in the account.<\/p>\n
He later issued another cheque in March 2021 for the sum of S$2.1 million from another bank to pay for part of the 20 per cent deposit for the purchase of a property at 79 Cove Drive.<\/p>\n
The property at 79 Cove Drive was held in the sole name of Ruisheng’s other brother, Zhang Ruicai.<\/p>\n
Ruisheng later failed to give a satisfactory account for how he came by the S$17.6 million in his CIMB account.<\/p>\n
He agreed to have the seized Toyota Vellfire and the 69 Cove Drive property forfeited to the state.<\/p>\n
Ruisheng’s brother Ruijin had been ordered to forfeit around S$118 million of his assets to the state, about 90 per cent of the assets originally seized by the police.<\/p>\n
Deputy Public Prosecutor Jordon Li sought 13 months’ jail, comparing Ruisheng’s case with his brother Ruijin’s.<\/p>\n
Mr Li said both brothers had used essentially the same forged document to justify the transfers into their respective bank accounts.<\/p>\n
He said money laundering is a serious offence that enables criminals to receive, withhold and enjoy the proceeds of their crimes.<\/p>\n
Ruisheng was represented by Mr Julian Tay and Mr Anthony Wong from Lee & Lee.<\/p>\n
Mr Tay pointed to his client’s “limited role” in the criminal enterprise and the “significant” surrender of his assets.<\/p>\n
“At the very minimum, it evinces his remorse,” said the lawyer, adding that his client was a “mature first-time offender” who otherwise led a “law-abiding life”.<\/p>\n
For possessing property that represents the benefits of criminal conduct, Ruisheng could have been sentenced to a maximum of three years’ jail, a fine of up to S$150,000, or both.<\/p>\n
As his charge contained multiple instances, the maximum penalties were doubled.<\/p>\n<\/div>\n
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