In May 2016, the Commercial Affairs Department (CAD) of the Singapore Police Force assisted the Economic Crime Investigation Department (ECID) of the Ministry of Public Security, People’s Republic of China to conduct asset tracing in Singapore in relation to their investigation into Ezubao, a large scale Ponzi scheme. The Ponzi scheme involved about 1.15 million investors with an estimated loss of CNY 38 billion.
During the course of the investigations by the Chinese authorities into this Ponzi scheme, CAD found more than SGD 27 million of proceeds of crime were transferred to Singapore and alerted the Chinese authorities. Subsequently, CAD and ECID with the assistance of the Embassy of China in Singapore, conducted a joint investigation on this matter in China and Singapore concurrently. Besides the seizure of more than SGD 27 million in Singapore in May 2016, CAD’s investigations established that no local entities were involved in money laundering activities in Singapore.
To date, the Beijing First Intermediate People’s Court has found 26 individuals guilty of fraud and other offences. They were sentenced to a range of three years and lifetime imprisonment. Following the sentencing of the defendants in China, CAD and ECID arranged for the seized monies to be returned to China in August 2018. This is to facilitate the restitution to the respective investors, in accordance with the Chinese legal framework.
Director CAD, Mr David Chew said, “This case is a testament to our commitment to work with our foreign counterparts to detect and deter transnational crime and preserve the integrity of our financial system. The strong ties between the Police Forces of China and Singapore is instrumental in ensuring that our financial system is not abused by criminals.”
“Mr David Chew (left) and Mr Wang Jiarong, Counsellor and Consul General from the Embassy of China at a meeting in July 2018 where they reinforced their commitment to continue to work together in combating transnational crimes.”
During the course of the investigations by the Chinese authorities into this Ponzi scheme, CAD found more than SGD 27 million of proceeds of crime were transferred to Singapore and alerted the Chinese authorities. Subsequently, CAD and ECID with the assistance of the Embassy of China in Singapore, conducted a joint investigation on this matter in China and Singapore concurrently. Besides the seizure of more than SGD 27 million in Singapore in May 2016, CAD’s investigations established that no local entities were involved in money laundering activities in Singapore.
To date, the Beijing First Intermediate People’s Court has found 26 individuals guilty of fraud and other offences. They were sentenced to a range of three years and lifetime imprisonment. Following the sentencing of the defendants in China, CAD and ECID arranged for the seized monies to be returned to China in August 2018. This is to facilitate the restitution to the respective investors, in accordance with the Chinese legal framework.
Director CAD, Mr David Chew said, “This case is a testament to our commitment to work with our foreign counterparts to detect and deter transnational crime and preserve the integrity of our financial system. The strong ties between the Police Forces of China and Singapore is instrumental in ensuring that our financial system is not abused by criminals.”
“Mr David Chew (left) and Mr Wang Jiarong, Counsellor and Consul General from the Embassy of China at a meeting in July 2018 where they reinforced their commitment to continue to work together in combating transnational crimes.”
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
21 August 2018 @ 9:30 AM
SINGAPORE POLICE FORCE
21 August 2018 @ 9:30 AM