Bedok resident behind nine firms tied to $3b money laundering case admits to conspiring to cheat IRAS
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Wang Junjie pleaded guilty to conspiring to cheat IRAS by making false representations in his capacity as director of a software company.
ST PHOTO: KELVIN CHNG
- Corporate service provider Wang Junjie pleaded guilty to cheating IRAS with false business records for clients, including money launderers. Sentencing is in July.
- Wang falsified clients' company financials, forging agreements to create a profitable appearance for their Singapore PR applications. His services aided money launderers.
- Wang's firm registrations were cancelled. His deceit aided money launderers in Singapore's largest case, all of whom have been convicted and deported.
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SINGAPORE – A former corporate service provider (CSP) who was behind at least 185 active companies in 2023 has been convicted of conspiring to cheat the Inland Revenue Authority of Singapore (IRAS).
The Straits Times had in September 2023 revealed that Wang Junjie, 43, was involved in nine companies linked to three out of 10 convicted foreigners behind a $3 billion money laundering case, which was Singapore’s largest.
On June 3, Wang, who was a resident at a Housing Board flat in Bedok in 2023, pleaded guilty to conspiring to cheat IRAS by making false representations in his capacity as director of a software company, Yihao Cyber Technologies. It was linked to Su Haijin, one of the 10 foreigners. Wang also pleaded guilty to breaching his duties as a nominee company director in the same firm.
Wang, a naturalised Singaporean originally from Shanghai, will return to court on July 16 to be sentenced, with 13 similar charges to be taken into consideration.
The 10 foreigners were sentenced to between 13 and 17 months’ jail on charges relating to money laundering, fraud and forgery. All have been deported and barred from re-entering Singapore after serving their jail terms.
Wang had initially claimed trial but, on the first day, June 2, indicated he wanted to plead guilty. He did so on June 3.
Court documents show that Wang had run his own business, LW Business Consultancy, between 2018 and 2023.
On June 3, the court heard that Wang provided accounting, taxation, consultancy and corporate secretarial services. He did not possess any accounting qualifications. He would also assist his clients in book-keeping and applications for renewing their employment or dependant passes.
The prosecution said Wang’s clients included companies belonging to Su Haijin and to Su Baolin, another of the 10 convicted foreigners. Both men were from Fujian. Su Baolin had been sentenced to 14 months’ jail on April 29, 2024, and was deported to Cambodia on May 25, 2024.
Su Haijin had also been sentenced to 14 months’ jail on April 4, 2024, and was deported to Cambodia on May 28 that year.
Court documents show Su Baolin had engaged Wang to be the CSP of his firm, Xinbao Investment Holdings, around Aug 2, 2018. Wang acted as Xinbao Investment’s corporate secretary between Aug 2, 2018, and Aug 16, 2021, and between April 5, 2023, and Oct 31, 2023. He was also the company’s director between Aug 2, 2018, and Dec 22, 2023.
Meanwhile, Su Haijin engaged Wang to act as the CSP of his firm, Yihao Cyber Technologies, around Oct 19, 2018.
Wang acted as the firm’s secretary between Oct 19, 2018, and Aug 31, 2023. He also acted as the firm’s director between Jan 3, 2021, and Feb 7, 2022.
The prosecution said Wang had helped to prepare Yihao Cyber’s financial statements between 2018 and 2023.
Between 2020 and 2022, he admitted to making false representations to IRAS by coming up with figures that would be approved by Su Haijin, instead of relying on proper documentation.
Wang had forged business agreements between Yihao Cyber and other companies, including SG Gree, where Su Haijin and Su Baolin were shareholders.
Wang also admitted that Yihao Cyber had no genuine sources of revenue in Singapore and did not employ any staff. He did not conduct further due diligence on the firm.
Wang said Su Haijin had told him he needed the appearance of having a profitable business in Singapore as he was looking to increase his chances of becoming a permanent resident here.
On Jan 18, 2024, the Accounting and Corporate Regulatory Authority cancelled Wang’s registration as a qualified individual, and his firm’s registration as a filing agent.
