Recent revelations indicate that suspected members of a large-scale money laundering network, apprehended in Singapore last month, invested approximately US$60 million in prestigious London properties during 2021, according to investigations by OCCRP and Radio Free Asia.
These property investments underscore the global reach of the syndicate, which Singaporean authorities have accused of laundering the proceeds from illicit activities such as scams and online gambling.
In mid-August, more than 400 law enforcement officers conducted raids at various locations in Singapore, leading to the arrest of ten individuals. During a court hearing on September 5, prosecutors stated that they had seized assets worth at least SGD 1.8 billion (equivalent to US$1.32 billion) in the form of cash, cryptocurrencies, and valuables, including luxury handbags and jewelry.
At the time of the arrests, authorities reported the confiscation of 50 vehicles and 94 properties in Singapore, collectively valued at nearly US$600 million. Subsequently, investigative reporters have discovered that two of the suspects acquired three London properties in December 2021, with a combined value of US$56 million.
The most significant transaction involved the simultaneous purchase of two adjacent properties in Oxford Circus, London’s renowned shopping district. These properties were jointly acquired by a Jersey-based entity named New Yihao Limited, which identified Su Haijin as its sole “individual beneficial owner” in official documents registered with the United Kingdom business registry.
Su Haijin, arrested in Singapore, was found to have assets worth at least US$117 million, including 13 properties, five luxury vehicles, and cash accounts, according to law enforcement statements and the September 5 court hearing. The London real estate holdings discovered by OCCRP and Radio Free Asia represent the largest single assets publicly linked to Su.
These adjoining properties are part of a multi-story heritage building, with one overlooking the elegant Hanover Square, while the other faces bustling Oxford Street and is leased to sports retail giant Foot Locker, a tenancy that predates the 2021 sale, according to UK land records.
About a week prior to the Oxford Circus property acquisition, another suspect, Lin Baoying, purchased a penthouse apartment in Canary Wharf, London’s premier financial district, for £1.8 million (equivalent to US$2.2 million), as indicated by land records. Notably, no mortgages were registered against any of these London properties, suggesting that the suspects paid for them in cash.
Lin and her partner Zhang Ruijin were arrested together in Singapore’s exclusive Sentosa Cove, with authorities reportedly confiscating over US$100 million in assets and cash from the couple, including US$16 million frozen in bank accounts.
Legal representatives for Su, Lin, and Zhang have not responded to requests for comment, while the Singapore Police Force and prosecutors declined to comment on ongoing investigations.
On August 15, when officers descended on Su’s luxury bungalow in Singapore, he made an ill-fated attempt to escape by leaping from his second-floor balcony, resulting in fractures to his wrists, femur, and heels upon landing. Su then sought refuge in a drain, where authorities eventually apprehended him.
All of the arrested suspects originate from China’s Fujian province, known for both its tea plantations and criminal activities. Su holds passports from China, Cambodia, and Cyprus, according to citizenship data.
According to his lawyer’s interview, Su arrived in Singapore in 2017 and quickly established a presence by investing in a stock market-listed food and beverage group, among other ventures. He was a member of the Sentosa Golf Club and sponsored the Singapore President’s Charity Golf Tournament.
China’s company registry data reveals that Su and his wife, Wu Qin, who also holds Cypriot citizenship, control several technology and investment companies with no apparent operations or websites. Additionally, they oversee numerous Hong Kong-based companies, most of which are registered with minimal capital, and Su is listed as the chairman of a company in Cambodia.
In recent years, illegal online gambling and scam operations have proliferated across Southeast Asia, often operating from casinos, with over 350 such facilities identified in the region by 2022. These operations frequently target mainland China, where gambling is prohibited, and operate illegally in poorly regulated special economic zones.
Notably, many of the victims ensnared in these operations are themselves scammed, as they are lured under false pretenses and coerced into participating in fraudulent schemes. This illicit industry is estimated to be worth billions of dollars, and the laundering of its proceeds presents a significant challenge.
Singapore’s deputy prosecutor, Gan Ee Kiat, remarked on the “scale and developing complexity” of the case, acknowledging that several suspects possessed considerable overseas wealth and assets, including real estate. Corporate records from Jersey, a self-governing UK territory, revealed that Fiduchi Group, a financial services provider, established the structure for New Yihao just two months prior to the London property purchases.
Jersey registry data also indicated that Fiduchi’s client list includes Imperial Yachts, a luxury yacht brokerage firm. Both the company and its owner, Evgeniy Kochman, faced sanctions from the US Treasury last year for aiding Russian oligarchs in concealing and managing their wealth and luxury assets.
While UK company registry documents do not provide the full corporate structure of New Yihao, they establish that Su holds “directly, or indirectly, more than 25 percent of shares in the entity”. According to Alex Cobham, CEO of the Tax Justice Network, these documents effectively identify Su as the sole registered beneficial owner, even though the exact corporate structure remains incomplete.
