TechFlow reports, according to The Straits Times, that Zhang Ruijin (45 years old, Chinese national), one of the defendants in Singapore's high-profile S$3 billion money laundering case, has been sentenced to 15 months in prison after pleading guilty. To date, five individuals have been convicted in this case. Zhang Ruijin was involved in laundering approximately S$36 million—the largest amount among those convicted so far—and received the longest sentence.
Zhang is accused of transferring S$36 million in criminal proceeds through Hong Kong-based companies into his Singapore bank accounts and deceiving local banks with forged documents. He faced four charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, along with four charges of using forged documents.
In passing sentence, the judge noted the complexity of Zhang’s case and its transnational nature, emphasizing that the use of forged documents to deceive banks warranted a deterrent punishment to safeguard Singapore’s reputation as an international financial center.
Assets seized from Zhang total about S$131 million, including cash, real estate, vehicles, and cryptocurrency. Approximately 90% of these assets will be confiscated following the judgment, including two luxury homes on Sentosa Cove worth S$16 million and S$15.5 million respectively, held individually by Zhang and his mother.
