Man forfeits over $20m of assets in money laundering case

Cambodian national Chen Qingyuan, 34, who is wanted in China over fraud allegations, was jailed for 15 months on May 23 over his role in Singapore’s largest money laundering case.He was convicted of two money laundering charges and one forgery-related charge.

Chen faced 10 charges in total, including four charges of possessing benefits from criminal conduct including cash, bank accounts, cars and cryptocurrency worth more than $8 million. Deputy Public Prosecutor Foo Shi Hao said Chen has agreed to forfeit around 90 per cent of the assets seized.In September 2019, Chen transferred around $3 million to the account and conspired with her to submit forged documents to the bank.

The prosecution said Chen was involved in remote gambling offences overseas and could not substantiate his claims that the money he had was from his China companies.His defence lawyer Gary Low sought 14 months’ jail for his client, noting that Chen made various economic and social contributions to Singapore.

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