The Oversea-Chinese Banking Corp. (OCBC), Southeast Asia’s second-largest bank, has taken legal action against Su Baolin, a suspect in Singapore’s largest money laundering case. OCBC has filed a claim for about S$19.7 million ($14.7 million) against Su, mostly related to a residential mortgage. This marks the first instance of a Singapore bank actively seeking to recover losses from a money laundering suspect.
Details of the Lawsuit and Property Seizure
OCBC has applied for a court order to seize a property under construction at Sentosa Cove, linked to Su. In addition, Su has been ordered to repay a housing loan of S$19.5 million plus interest and about S$220,570 in credit card debt.
Arrest and Asset Seizure by Singapore Police
Su, who has been in remand since his arrest on August 15, is among 10 Chinese-born individuals apprehended for charges including money laundering and forgery. Singapore police have seized and banned the disposal of assets worth approximately S$99 million, including properties, cash, bank accounts, and cryptocurrencies in the names of Su and his wife.
Larger Context of the Money Laundering Scandal
The case is part of a broader investigation, with more than S$2.8 billion in assets frozen or seized following an island-wide raid in August. This includes over 150 properties linked to the arrested individuals, highlighting the extensive nature of the scandal and its impact on Singapore, a significant global financial center.
Also learn about Money Laundering Scheme Uncovered in Singapore.
