More details are emerging from Singapore’s major money laundering scandal, including the use of two local banks as creditors.
DBS and Bank of Singapore are creditors to suspects in the recent money laundering scandal involving more than S$1 billion ($741 million) of assets, according to a «Bloomberg» report citing business filings.
DBS registered four charges on 18 August 2021 to Aiqinhai Investment and the firm’s director and sole shareholder is Su Haijin, one of 10 individuals indicted in Singapore over offences including money laundering and forgery. Bank of Singapore, OCBC’s private banking arm, registered a charge on 7 January 2022 to Xinbao Investment Holdings, which includes Su Baolin – another charged individual – as a one of two directors.
DBS and Bank of Singapore join Deutsche Bank, Citi and CIMB as banks that have been reportedly used in some form by the 10 suspects. All of the arrested individuals are due in court today.
