8 companies blacklisted for involvement in Singapore’s largest money laundering case

They have been found to be associated with Su Binghai and Xu Haika, who are at large, according to the Singapore Police Force and the Accounting and Corporate Regulatory Authority, as reported by The Straits Times.

"As these eight companies have been blacklisted, and their assets have been frozen since regulatory or enforcement actions commenced against them, it is not possible for them to have any more business dealings or financial transactions in Singapore," the two entities said in a joint statement.

Su and Xu were among 17 suspects who evaded arrest during a police operation on August 15, 2023, which resulted in the arrest of 10 foreigners in Singapore’s largest money laundering case.

These individuals allegedly launder "the proceeds of their overseas organized crime activities, including scams and online gambling," according to Reuters.

Business registry checks show that Xu, a 43-year-old from China who holds Cambodian citizenship, is listed as the sole director of holding company Rong Hai Development, a position he has held since December 2020.

Su, who holds a passport issued by the Caribbean nation of Saint Kitts and Nevis, is recorded as a director of six companies, all registered to a good class bungalow near Adam Food Centre where he previously lived. He also remains a shareholder in eight firms, including New Future Holdings.

After evading the 2023 arrest, Su and Xu went on a property-buying spree while on the run, according to the Organized Crime and Corruption Reporting Project.

The pair acquired 25 luxury apartments in London worth nearly $51 million through their U.K.-listed firms between March and late August, 2023, according to company and property registry documents.

Just one week after evading police raids in Singapore in August 2023, Su bought nine apartments worth $27 million in "The Broadway," a new-build development in London that sits next to St. James’s Park.

The Broadway at London’s St James’s Park, where Su Binghai purchased 9 apartments. Photo courtesy of The Broadway

He later purchased three Jurassic-era dinosaur skeletons for $16.3 million in a December 2024 auction in London.

Xu, meanwhile, purchased 16 units worth around $30.9 million in two London developments between July and August 2023.

As investigation continues into Singapore’s largest money laundering case, more than 150 properties have been confiscated by authorities.

Officers also seized 68 gold bars, cryptocurrencies, millions in cash, 546 pieces of jewelry, and 62 vehicles during the raids.

About 400 police officers have carried out raids across several luxury residences, as most of the suspects lived in affluent neighborhoods and were members of prestigious golf clubs.

In November 2024, police said that 15 out of 17 suspects on the run had agreed to surrender their assets, valued at around $1.43 billion, that were left behind.