Brother of S$3 billion money-laundering convict jailed; Sentosa bungalow forfeited

Zhang Ruisheng's brother was convicted of money laundering offences in 2024.

The financial mechanisms of Singapore's property market and banking compliance systems were tested again in the wake of the S$3 billion money laundering case, resulting in the forfeiture of high-value private assets and a criminal conviction for a key figure linked to the original convicts. Zhang Ruisheng, a 54-year-old Chinese national holding a work pass, was sentenced to 12 months in prison for possessing more than S$17 million in criminal proceeds. This outcome reflects the strict enforcement of anti-money laundering laws that target the conversion of illicit funds into tangible assets, specifically luxury real estate in prime locations like Sentosa. Ruisheng's case illustrates the direct financial consequences for individuals who facilitate the laundering of proceeds, even when not part of the original syndicate that moved the bulk of the S$3 billion. He pleaded guilty on October 19, 2026, to one count of possessing the benefits of criminal conduct. The court ordered the forfeiture of a Toyota Vellfire and a luxury bungalow at 69 Cove Drive, Sentosa, which he had purchased using a portion of the illicit funds. This follows the earlier sentencing of his younger brother, Zhang Ruijin, who was jailed for 15 months in 2024 for forgery and money laundering. Ruijin had been ordered to forfeit approximately S$118 million of his assets to the state, representing about 90 per cent of the assets originally seized by police. How illicit funds were converted into property The financial trail began in August 2020 when Ruisheng opened a CIMB bank account with an initial balance of S$250,000. Within a month, between August and September 2020, he received 11 inward transfers from foreign sources totalling approximately S$17.6 million. These transfers originated from two companies, Beiyin and Han Li, and triggered transaction monitoring alerts under the bank's compliance measures. The relationship manager sought clarification on the source of the funds, prompting Ruisheng to submit documents justifying the deposits as proceeds from the sale of a commercial property in Macau.

Zhang Ruisheng used about S$10.4 million to pay for the purchase price and stamp duty for a property in Sentosa Cove.