A Singapore court sentenced Zhang Ruisheng to 12 months in prison on Oct. 19 after he pleaded guilty to possessing benefits of criminal conduct in a case involving S$17.6 million in transfers.
CNA and Lianhe Zaobao reported that Zhang’s account at CIMB Bank Berhad received 11 transfers from Beiyin and Han Li between August and September 2020. The payments totaled about S$17.6 million. About S$10.4 million from the account was used to buy a Sentosa Cove property and pay its stamp duty.
CIMB’s monitoring flagged the rapid transfers, prompting the bank to ask where the money came from. Zhang provided documents purporting to show proceeds from a Macau property sale and repayment of a loan. The documents were forged, the two outlets reported.
Zhang agreed to forfeit the Sentosa Cove property and a Toyota Vellfire to the state. CNA reported that prosecutors had sought a 13-month prison term; the court imposed 12 months.
His younger brother, Zhang Ruijin, was among 10 foreign nationals arrested in Singapore’s wider money laundering investigation in August 2023. Ruijin was sentenced to 15 months in prison in April 2024 for using forged documents and money laundering. The Singapore Police Force said a court ordered about S$118 million of his assets forfeited. Police also said Ruijin had submitted a forged property sale contract and loan document to CIMB after the bank questioned deposits in his account.
As of Jan. 19, 2024, police said more than S$3 billion in assets had been seized or placed under disposal restrictions in the wider investigation. That figure covers the broader case, while the transfers into Ruisheng’s account totaled about S$17.6 million.
