Couple with $325 million in assets denied bail in billion-dollar money laundering case.

did not prepare the sale document. Zhang also faces two similar charges for falsifying real estate documents in Macau and a third charge for falsifying a loan agreement indicating he had borrowed funds from a Hong Kong company.

Jean and Lin were detained at a bungalow on Pearl Island in Sentosa Cove in August in simultaneous police raids that led to the indictment of just 10 people in Singapore's biggest money laundering investigation.

According to prosecution documents, Lin has a 15-year-old daughter who lives on Beach Road with a domestic helper while she herself lives separately in Sentosa. Lin has asked to be released on bail to fulfill her''maternal responsibilities.

According to testimony in separate cases filed by investigators following the probe for the couple, Lin has $215,556,000 worth of frozen or confiscated assets in Singapore. This includes $9.6 million in cash, approximately $130.2 million in 14 bank accounts, $1.9 million in cryptocurrency, five real estate properties worth $72.2 million and two vehicles worth $1.6 million.

The Commercial Affairs Department (CAD) also seized jewelry, high-end watches, handbags and collectibles from Lin. Zhang has assets worth at least S$109.8 million frozen or confiscated. К''This includes over $14.6 million in cash, more than $60.5 million in 13 bank accounts, four properties worth $27 million and four vehicles worth $5.4 million.

The prosecutors allege that this "business" was set up to obtain a work visa in Singapore and manage his own wealth. Police also seized alcohol, gold and luxury watches from Zhang.

The prosecutor's office objected to granting bail to both Zhang and Lin.

Zhang's son is studying in Japan, while his daughter is studying in China. Zhang's parents and brothers are usually in China.

According to Zhang himself, he has about $41 million in assets overseas, including stakes in a Philippine real estate development company,''bank accounts in China, cash in a Chinese trading company and shares bought with funds held in a Hong Kong bank account. Zhang stated that he had no real estate in foreign jurisdictions in which to live even if he escaped. He said he has $93,000 "overseas" but it is not enough to support "even basic living" expenses on a long-term basis.

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He added that the rest of the value of his assets abroad is concentrated in "insolvent stocks." Prosecutors said the fact remains that he has an incentive to flee Singapore and live comfortably overseas.

In Zhang's affidavit, he said his root is in Singapore as he has lived here for about four years and intends to start a family''new, the investigator said. In her affidavit, Lin noted that she traveled to Europe and the Maldives in July 2022 and April 2023 with Zhang, even after the investigation began in June 2022. This indicates that they are not going to run away.

The prosecutor's office said neither Zhang nor Lin was charged at the time. Lin also has significant assets overseas - six residences in the UK worth $10 million and residences in the Philippines worth $1 million. But Lin claims the Philippine properties are in "extremely poor conditions, impossible to live in," though the investigator said that doesn't negate the fact that the land on which the properties are located is of significant value. Investigations''show that the land was purchased for an amount between 20 and 30 million yuan, or between S$3.8 million and S$5.7 million.This is much higher than the combined value of $1 million that Lin said was the value of her property, the investigator said.

A lawyer Chu Kei-Jing, who took over Lin's defense in place of her previous lawyer, said the main rationale for bail was the assumption that the accused should not be deprived of personal liberty until he is convicted and punished. He noted that no new charges have been filed against his client in the entire time his client has been in custody. Lawyer Lu Chun Jiao, who is defending Zhang, said his client has no intention of absconding because he is "not ready" to lose the confiscated Offices''s commercial affairs assets, which amount to S$110 million. Even though he had already been informed more than a year ago that he was the subject of an investigation by the Commercial Affairs Department.

District Judge Terence Tay ruled that neither Zhang nor Lin should be granted bail, considering them a flight risk, as they each have multiple passports and could leave the country if granted bail.