Purchased passports and shell companies: What affidavits say about defendants in Singapore's $2.8 billion laundering case

Two months have passed since the simultaneous detention of 10 foreign suspects in a $2.8 billion transnational money laundering investigation in which assets were seized or frozen, and the accused continue to appear in court for bail applications and beyond.

At the heart of the broader case is a remote gaming operation based in the Philippines, to which several defendants are allegedly linked, and a scheme that generated betting revenues in China.

Despite an arrest warrant announced by China in 2015 for some of the defendants, they managed to set up businesses in Singapore, some of them setting up alleged shell companies starting in 2019. Illegal gambling proceeds were allegedly laundered in Singapore through the purchase of luxury properties, jewelry, liquor, handbags and watches. Some of the funds were found in cash or stored in safe deposit boxes.

During the full-day hearing, there was an overwhelming amount of documents and evidence presented by both the defense and prosecution, as well as affidavits - sworn testimony - from investigators regarding their investigation, and some of the defendants provided their own affidavits to obtain temporary freedom on bail.

All have been denied bail in both the State and Superior Courts, but the exchange of documents reveals some details about the suspects this early in the process.

As bail reviews become more acrimonious, with a number of attorneys, mostly from large firms in combative positions, and some defendants changing attorneys more than once, CNA is analyzing the details of the affidavits to update what they reveal about applicants.

In addition to fresh details, passport photos of some suspects in court documents have been released for the first time.