Singapore jails Chinese national 15 months for role in US$2.2 billion money laundering case

A 45-year-old man linked to Singapore’s largest money laundering case was sentenced to 15 months’ jail on Tuesday.

He is the fifth of 10 accused persons to be dealt with in relation to the case.

Zhang Ruijin pleaded guilty on Tuesday to two counts of forgery-related offences and one of failing to satisfactorily account for property reasonably suspected to be benefits from criminal conduct.

Another five similar charges were taken into consideration for his sentencing.

Zhang, a Chinese national, was initially charged with three counts of forgery-related offences and last Friday was handed five additional charges involving forgery and his inability to account for about S$36 million (US$26.4 million) that flowed into his bank accounts.

Zhang’s 15-month jail term – to be backdated by about eight months to the date of his arrest last August – is the harshest meted out so far in relation to the S$3 billion (US$2.2 billion) case.

The four others dealt with before him were handed between 13 and 14 months’ jail each.

The court heard that Zhang was one of 10 individuals arrested during an island-wide raid on August 15, 2023 as part of the authorities’ crackdown on suspected money laundering activities.

More than S$131 million worth of assets comprising cash, cryptocurrency and vehicles, among others, were seized from Zhang.

The court heard that between July and October 2020, deposits amounting to S$24 million were made into Zhang’s CIMB account in Singapore.

When the bank asked the accused to explain the source of the monies and provide documentary support, Zhang claimed that the funds came from him selling a property in Macau.

He later submitted a document dated June 20, 2020 purportedly showing the sale.

Prosecutors said Zhang knew this was