Singapore sentences chinese citizen to 17 months in prison for largest cryptocurrency fraud
12.06.2024
A Singapore court has sentenced Chinese citizen Su Jianfeng to 17 months in prison for his involvement in the country's largest money laundering scheme, totaling $2.2 billion.In August 2023, Singaporean law enforcement conducted a large-scale operation involving 400 police officers aimed at dismantling the multi-billion dollar criminal scheme. During the raid, police seized assets worth $735 million, including luxury cars, antiques, and jewelry. The total amount of seized assets reached $1.8 billion. Ten individuals were arrested, most of whom were Chinese citizens.The authorities froze 94 properties, seized over 50 cars, and took 11 documents related to digital assets. The court also froze 34 bank accounts linked to the fraud.Among those arrested was Su Jianfeng, who was found with a second passport from Vanuatu, and his wife possessed crypto assets worth $20 million. The total value of the couple's confiscated assets amounted to $138 million.Jianfeng faced charges including forgery of financial documents, money laundering, hiring a foreigner without a work permit, and incitement to give false testimony. He pleaded guilty and agreed to surrender $132 million to the state. The court considered his cooperation and sentenced him to 17 months in prison.Other participants received sentences ranging from 13 to 16 months, with approximately 90% of their assets confiscated. Two criminals were stripped of 100% of their assets. Some have already been deported to Cambodia, while the others will be deported after serving their sentences.
