MBABANE – The State has obtained an order to preserve over E4.4 million in local bank accounts belonging to Jin Houyun.
Jin is the Chinese national who is wanted in his home country for allegedly siphoning more than E2 billion from over 20 members of the public through a pyramid scheme.
The order was granted after the Office of the Director of Public Prosecutions moved an urgent application in terms of the Prevention of Organised Crimes Act (POCA) of 2018.
In total, the State has secured assets worth approximately E6.98 million, including frozen bank accounts, a Tubungu property and high-value household items, pending further legal proceedings.
Investigations by the Organised Crime Unit of the Royal Eswatini Police Service revealed that Jin, who entered Eswatini in May 2022, was operating in the country with substantial sums of cash suspected to be proceeds of criminal activity. Court documents indicate that his local accounts had a turnover of E11 230 563.18, a figure the prosecution says raises serious concerns about the source of the funds. Despite this turnover, the prosecution managed to freeze a total of E4 483 906.79 across several accounts and secured other assets, including a three-bedroom house at Tubungu, Matsapha, valued at E2.2 million, pending forfeiture proceedings.
The legal proceedings stem from a case opened by the director of public prosecutions (DPP) under the Asset Forfeiture Unit. The affidavit, deposed to by Elsie Matsebula, head of the unit, confirms that Jin is suspected of transnational fraud and money laundering, and is the subject of an Interpol red notice issued by Chinese authorities.
The red notice states that between July 2017 and December 2019, Jin and his co-accused illegally pooled more than CNY 2.4 billion, approximately E2 billion, from over 20 000 investors, using promised returns of eight to 10 per cent to lure victims.
Investigations in Eswatini revealed that Jin’s activities included laundering funds through real estate, financial institutions and high-value personal purchases. In 2024, Jin negotiated the purchase of a three-bedroom house at Plot 445, Tubungu, initially priced at E2.5 million, later reduced to E2.2 million. He made bulk payments totalling E2.5 million and subsequently requested a cash refund of E300 000, which he received in two instalments. The property was fully furnished, including a sauna, and Jin intended to register himself as a company director of a family-owned business, Winbrite Electronics, to facilitate the transaction. However, transfer of ownership was never effected, raising concerns about the source of funds and the legality of the transaction.
The affidavits further detail that Jin opened two bank accounts at First National Bank Eswatini on August 6, 2024, using a fraudulent work permit and his Chinese passport. Deposits into these accounts included significant cash amounts, such as E320 000 on May 19, 2025, multiple deposits of E165 000 and E170 000 on December 4, 2025, and a large deposit of E2 400 000 on January 9 2026. The accounts’ turnover between August 2024 and February 2026 amounted to over E11 million, confirming the movement of substantial sums within a short period.
According to the court documents, the preservation order covers the total amount of E4 483 906.79. This sum is spread across three main accounts, with E3 004 507 in one account, E1 413 168.91 in the second and E63 115.89 in the third. An additional E3 114.99 from another account was also secured, reflecting the portion of funds the State could legally preserve while investigations continue.
*…
China undertakes mutual legal assistance to Eswatini
MBABANE – In the course of the extradition request for Jin Houyun, a Chinese national wanted for alleged financial crimes, China has formally undertaken to provide reciprocal legal assistance to the Kingdom of Eswatini in similar future cases.
The undertaking, detailed in official court documents, reflects a commitment by China to cooperate fully with Eswatini’s judicial authorities without imposing additional conditions or restrictions.
The extradition request, submitted by Chinese authorities, includes detailed assurances regarding the legal treatment of Jin.
According to the application for extradition, the suspect will not face the death penalty if extradited, and any sentence imposed will be subject to China’s established commutation and parole regulations.
In the application, China averred that under its law, the maximum penalty for the crimes Jin is suspected of is a fixed-term imprisonment of up to 15 years. Sentences may be commuted or parole granted if the convict observes prison rules, engages in education and reform, demonstrates genuine repentance, or performs meritorious services, including preventing criminal acts, aiding investigations or contributing to society in significant ways.
*Full article available on Pressreader*
Leave a comment