The syndicate member that Shin kills in The Real Folk Blues Part 2 looks remarkably like Punch. Punch in in the previous episode responded to the quesion "have you found a job yet?" with "don't worry about that". Could that and the fact Punch and the man killed are the same character model suggest that he joined the Red Dragon Syndicate under new management and met an unfortunate death?
There's no definitive answer to this, but the likelihood of it being Puch is very small. Someone just joining a syndicate would not be in a high level security position at the syndicate headquarters that quickly after joining.