Billion-dollar money laundering case: Third accused gets jail for buying luxury apartment with illegal proceeds
More than S$8 million in assets belonging to Wang, in cash, vehicles, property and collectible items, have been seized. These include his assets under his wife's name. During investigations, he was unable to give details or to substantiate his employment history and did not have any known sources of legitimate income, the court heard.
Around March 30, 2022, Wang used S$1.48 million from Hornet Bee International Trading to pay STCR 10 per cent of the purchase price of a property on the 19th floor of Park Nova, a luxury apartment in Tomlinson Road.
Money Laundering
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