Couple involved in S’pore money laundering case refused bail

A couple, part of the group of 10 people charged in a $2.8 billion money laundering probe in Singapore, sought bail but were denied. Chinese nationals Lin Baoying and Zhang Ruijin, who have $325 million in assets, are charged with property and loan document falsification.

Lin has $215.5 million in cash, bank accounts, cryptocurrencies, real estate, and cars blocked or confiscated in Singapore, according to the prosecution. Zhang’s car, bank accounts, real estate, and cash totaling at least $109.8 million have been blocked or confiscated.

The prosecution argued that both defendants were flight risks with the resources to reside abroad and opposed bail. Zhang had large overseas assets, raising questions regarding his motivation to escape Singapore.

Due to Zhang and Lin’s various passports and flight risk, the court denied bail notwithstanding the defense’s objections.

Original story by: Channel News Asia