WANG Junjie, a former director of a corporate service provider linked to individuals in 2023’s S$3 billion anti-money laundering bust, has been charged with 15 offences ranging from engaging in a conspiracy to falsify accounts to forging documents.
Charges read out in court on Thursday (Jan 23) showed that Wang, 42, used to be a director of Yihao Cyber Technologies, a company connected to Su Haijin, one of the 10 convicts in the money laundering case.
Four charges allege that between 2020 and 2023, Wang abetted Su Haijin by engaging in a conspiracy to falsify the accounts of Yihao Cyber Technologies for the financial years 2019 to 2022.
The falsified numbers were related to the company’s revenue, gross profit and trade receivables for the stated financial years.
Another three charges are related to Wang engaging in a conspiracy with Su Haijin to make false representations to the Inland Revenue Authority of Singapore (Iras) about the true values of Yihao Cyber Technologies’ revenue, gross profit and trade receivables for FY2019 to FY2021. These offences took place between 2020 and 2022.
The eighth charge states that Wang in May 2022 engaged in a conspiracy to make false representations to the Ministry of Manpower regarding the true and accurate values of Yihao Cyber Technologies’ numbers for FY2021.
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Wang is also purported to have conspired with another money launderer, Su Baolin, between 2020 and 2022.
Court documents showed that Wang was also a director of Xinbao Investment, a company linked to Su Baolin.
He allegedly abetted Su Baolin in fraudulently making false representations to Iras about the true and accurate values of Xinbao Investment’s revenue, gross profits and trade receivables for FY2019, FY2020 and FY2021.
Two related charges stated that Wang allegedly failed to act honestly in the discharge of his duties as director of Yihao Cyber Technologies and Xinbao Investment, as he falsified company accounts, forged contracts on behalf of the company, and made false representations to the authorities.
Further charges indicated that Wang was also involved in forging documents with the intention to cheat financial institutions.
In March 2022, he allegedly conspired with Su Haijin to forge a document purporting to be an e-commerce software agreement between Yihao Cyber Technologies and SG-Gree, another company linked to Su Haijin. The false document was meant to be used to cheat DBS.
In January 2019, Wang allegedly fraudulently used as genuine two sets of documents – an invoice from Xinbao Investment to Meining Information Technology, and a software contract signed between Xinbao Investment and Meining Information Technology – by submitting them to OCBC for the bank’s review of transactions in Xinbao Investment’s account.
Registration cancelled by Acra
Wang, a Singaporean, was a director and qualified individual at filing agent LW Business Consultancy.
His registration, and that of LW Business Consultancy, were both cancelled by the Accounting and Corporate Regulatory Authority (Acra) in January 2024 for breaches of anti-money laundering controls.
Filing agents and qualified individuals provide corporate secretarial services for business entities. These include helping their customers to incorporate companies, file annual returns, and fulfil other filing requirements under Acra’s purview.
They are required to undertake customer due-diligence measures in line with Acra regulations, and satisfy statutory requirements to be registered, or to continue to be registered.
In a press statement after Wang’s mention on Thursday, David Chew, director of the police’s Commercial Affairs Department, said: “As part of their anti-money laundering obligations, corporate service providers must exercise professional care when dealing with customers and report suspicious transactions in a timely manner.
“We will take to task corporate service providers who fail in this duty, especially those who conspire with their clients to circumvent the due diligence process, cheat financial institutions or misrepresent the true financial state of their companies to the authorities.”
The Straits Times in October 2023 identified Wang – then listed as a director or shareholder of 185 companies in Singapore – only as “JJ”.
He held positions in nine companies linked to three of the 10 accused in the money laundering probe – Su Haijin, Su Baolin and Vang Shuiming.
The S$3 billion money laundering case broke in August 2023 when 10 foreign nationals were arrested in an islandwide blitz. It is the largest money laundering case yet in Singapore.
All 10 foreign nationals have served jail terms in Singapore and have since been deported. Another 17 individuals linked to the case have fled the Republic, although 15 of the 17 have surrendered their assets to the state.
The court cases of three others linked to the convicts of the money laundering scandal – former bankers Liu Kai and Wang Qiming, as well as Liew Yik Kit, driver to fugitive Su Binghai – are still ongoing.
Wang is out on bail. He will next be in court on Mar 6.
