The post Singapore Bank Took Legal Action on Money Laundering Suspect! appeared first on Coinpedia Fintech News
Overseas-Chinese Banking Corporation (OCBC) has filed a lawsuit against Su Baolin, a suspect involved in Singapore’s largest money laundering case, seeking to recover around S$19.7 million ($14.7 million) from a residential mortgage and other debts. Su is one of 10 Chinese-born individuals arrested in August for offenses including money laundering and forgery. OCBC has applied for a court order to seize a mortgaged property under construction at Sentosa Cove and has demanded repayment of a housing loan, plus interest, and credit card debt. The Singapore police have seized and banned for disposal over S$99 million of assets linked to Su and his wife. The ongoing scandal has sent shockwaves through Singapore’s financial sector, which is known as the “Switzerland of the East” due to its popularity among the wealthy.
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