Details related to the financial activities of alleged money launderers that were recently arrested in Singapore are emerging. Some global banks have been named.
Deutsche Bank is a creditor to Golden Eagle Assets, which includes Zhang Ruijin and Lin Baoying as directors, according to a «Bloomberg» report citing corporate filings. Zhang, Lin and eight others were arrested last week over alleged money laundering and forgery involving more than S$1 billion ($737 million) in properties, luxury cars, cash and other assets.
The German lender registered a charge against Golden Eagle Assets on May 22, adding that a facility to the firm is secured against all monies without specifying the size. Golden Eagle Assets has not been named in the criminal investigation.
Citi, CIMB
In addition, Citi and CIMB were also used by the suspects, with allegations of the former receiving fake documents and the latter being cheated about the ownership and sale of a Macau property.
According to public prosecutors, investigations are still at an early stage and they argued for extending the remand of those arrested. The Monetary Authority of Singapore also previously said that supervisory engagements are ongoing and that it is in touch with financial institutions where the funds were identified.
