$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery

[Windwaver]

https://www.straitstimes.com/singapore/yacht-linked-to-man-in-billion-dollar-money-laundering-case-blocked-from-leaving-sentosa-marina

Yacht linked to man in billion-dollar money laundering case blocked from leaving Sentosa marina

Edited August 20, 2023 by Windwaver

[Sosaria]

On 8/19/2023 at 8:40 PM, Wt_know said:

a lot of bengs also simi director of used car company, car workshop, this and that ... LOL

That's why I say SG is business friendly. It's straightforward to start up a company. Just too bad our local society is geared towards risk-avoidance and prefer "safe" wage-earning jobs. Only those fail exam, quit school early - dare to strike out on their own, but out of limited options rather than by choice.

But maybe things will be changing with the younger generation who are more choosy over jobs and prefer to be their own boss.

Edited August 20, 2023 by Sosaria

[Mercs]

On 8/20/2023 at 12:46 AM, yishunite said:

So gahmen gave Canning Hill purchase all clear lol

How to all clear, probably asset frozen liao

 

https://gutzy.asia/2023/08/17/fujian-suspect-in-s1-billion-money-laundering-case-allegedly-bought-20-canninghill-piers-units-for-s85-million-last-year/

Fujian suspect in S$1 billion money-laundering case allegedly bought 20 CanningHill Piers units for S$85 million last year

[Mercs]

On 8/20/2023 at 7:06 AM, BanCoe said:

See the Guru came in     @Mercs   

 

" So obviously if full cash of course sirens will go off." 🤣  ..... huh really???   IRAS  switch got probems  

 

So now the China money AUS got radars, SG radar now started scanning, Dubai still quite lax though its not a very favourit destination but still some park and of course those tax haven islands or ulu ulu islands but the culturally they prefer SG , am sure some is also parked in Bolehland too with their lax laws but lacks stability/foresight       

 

 

Haha GURU @BanCoe 

 

Low crime dun mean no crime, many HNWI are already here and more coming, wanna catch sure can find, dun wanna bother then nothing to be found- https://www.businesstimes.com.sg/property/suspects-buying-singapore-properties-2017-105-mainly-residential-units-worth-s831-million

(Suspects buying Singapore properties since 2017; 105 mainly residential units worth S$831 million)

 

https://stackedhomes.com/editorial/10-foreigners-owning-105-properties-what-happens-next/#gs.43bgyt

 

If the likes and calibre of Dyson full cash for 100mil penthouse also sure no issue, but some unknown suddenly one shot hoot 20 units CHP may trigger red flag.

 

Dubai unfamiliar no idea, Bolehland better not even big China developer there also bankrupt, later not only property price drop ringgit also weaken further double whammy. So definitely prefer SG for it's safe haven status and ever increasing property prices plus strong Sing $. 

Anyway, should be seeing less to none of these bulk purchases - 60% foreigner tax. SG property market now belong even more for the locals 👍🏻 = stable property prices, little to no firesales, more UP UP and away.

 

Another good place to wash are the casinos, go in with cash change to chips come out wash clean clean as casino winnings. 🤣

 

One thing for sure in Expensive SG just gonna get even more EX, especially property prices. 😉

 

Edited August 20, 2023 by Mercs
Add article

[Playtime]

All so young but so rich...

 

 

 

[Sdf4786k]

On 8/20/2023 at 3:32 PM, Throttle2 said:

Documents are just documents.   KYC and DD is not just a check the box exercise base on documents.

this applies in many instances.  Clear cut example is border crossing, customs immigration..etc….

Sounds like the background check by the top black listed sourcing service did not pick up any suspicious name nor self awareness of sum of transaction picked up any suspicious activity.

it will be interesting to read the reports on how the lack of traceability resulted in the gaps.

after all, banks spend tonnes of money on the kyc n tonnes of money to outsource resources to ensure a regime of trust

[Throttle2]

On 8/21/2023 at 7:48 AM, Sdf4786k said:

Sounds like the background check by the top black listed sourcing service did not pick up any suspicious name nor self awareness of sum of transaction picked up any suspicious activity.

it will be interesting to read the reports on how the lack of traceability resulted in the gaps.

after all, banks spend tonnes of money on the kyc n tonnes of money to outsource resources to ensure a regime of trust

In my personal experience, its never just the documents or blacklists. Its through the activities and the intentions. Fieldwork.  Lack of traceabiliity is a huge red flag

[Ender]

 

 

https://www.straitstimes.com/singapore/suspects-in-1-billion-money-laundering-case-in-s-pore-allegedly-linked-to-china-gambling-groups

Suspects in $1 billion money laundering case in S’pore allegedly linked to China gambling groups

David Sun

Crime Correspondent

UPDATED

 

1 HOUR AGO

 

SINGAPORE - Several foreigners arrested last Tuesday in Singapore’s biggest anti-money laundering operation are allegedly linked to individuals who were investigated in China for illegal gambling activities.

Vang Shuiming, who is facing a forgery charge here, is said to be a known associate of eight individuals on the run from the authorities in China, which had uncovered an illegal gambling syndicate in May 2022.

The eight fugitives – Wang Shuiting, Shi Wenhui, Wang Zhiqiang, Jia Xueliang, Wang Jinwang, Wang Zaiyuan, Su Weijie and Huang Yijiao – have been urged to return to assist in a probe which saw 131 people arrested in China and more than 10 million yuan (S$1.9 million) seized.

Vang, who is also known as Wang Shuiming, is a 42-year-old Turkish national. He was among the nine men and one woman, aged 31 to 44, who were arrested in Singapore in an islandwide operation that involved more than 400 officers.

A second individual arrested here – Wang Baosen, 31 – is allegedly linked to Wang Bingang, 34, and Wang Cailin, 36.

According to media reports, the three Chinese nationals were investigated by the Chinese authorities for their roles in operating illegal gambling sites.

Baosen, who is in remand here and facing a money laundering charge, is said to have been a member of the same group as Bingang and Cailin.

 

Chinese media outlet Shi Chang Xin Bao reported in 2013 that Bingang and Cailin were in their 20s when they launched a gambling website which offered games like blackjack and baccarat and provided sports and e-sports betting services.

Their business grew quickly and in 2014, they moved the operations to the city of Bavet, in Cambodia, which is near the border with Vietnam.

Soon after they launched the site Hongli300, the group expanded their team aggressively, hiring and recruiting ethnic Chinese people to fill roles in graphic design, customer service and finance management.

The media in China said Bingang and Cailin also recruited family members and used their bank accounts to hold illicit funds acquired through the illegal gambling site.

According to reports, others involved in the operations included Xie Juxiang, Wang Jin, Liao Haican, Tang Li, Huang Jinfeng, Sun Xinzhao, Chen Jianqiang and Wang Chaolan, who is Cailin’s sister.

The illegal gambling site Bingang and Cailin ran was shut down around October 2014. It was churning about 980 million yuan in various transactions at the time.

In 2015, a district court in China fined and sentenced the two men to three years’ jail for running the illegal site. Several other members of the gang were also jailed.

Baosen had also been investigated in the same probe.

 

Another gambling group

Three other suspects here facing a money laundering charge each – Cypriot national Wang Dehai, 34; Vanuatu national Su Jianfeng, 35; and Su Wenqiang, 31, a Cambodian national – are allegedly linked to another gambling group in China.

According to media reports, they are known associates of Su Yongcan, 32, and Wang Huoqiang, 29, who were reported to be on the run in 2018.

The two men were among 72 individuals the authorities in China investigated in 2017 as they clamped down on illegal gambling activities.

Online gambling is illegal in China, but it grew at an astonishing rate amid the Covid-19 pandemic.

In 2021, China’s Ministry of Public Security said police probed more than 17,000 cases of cross-border gambling and arrested more than 80,000 suspects in cases that involved over $151 billion in illegal transactions.

It also smashed more than 2,200 online gambling platforms, 1,600 illegal payment platforms and underground banks, and 1,500 gambling promotion platforms that same year.

The 10 individuals arrested in Singapore were charged last Wednesday with offences including forgery and money laundering.

They hold foreign passports from countries such as China, Turkey and Cambodia, but are said to have originated from Fujian, China.

Another 12 are assisting in investigations here, while eight others are on the run and have been placed on a wanted list.

The police here have seized, frozen or issued prohibition of disposal orders for about $1 billion in assets in relation to the case, including 105 properties as well as cars, cash and luxury goods.

 

[Victor68]

On 8/21/2023 at 12:14 AM, Mercs said:

How to all clear, probably asset frozen liao

 

https://gutzy.asia/2023/08/17/fujian-suspect-in-s1-billion-money-laundering-case-allegedly-bought-20-canninghill-piers-units-for-s85-million-last-year/

Fujian suspect in S$1 billion money-laundering case allegedly bought 20 CanningHill Piers units for S$85 million last year

Honestly those in the market know there are plenty of individuals that bought multiple apartments and office units and left them vacant. Banks, authorities, developers, agents, etc all are not fool. It is definitely not about investment. 

Why now then we look at the iceberg? 

[Sdf4786k]

Now we have a benchmark of how the other corruption report should be reported lol

[Mercs]

On 8/21/2023 at 7:56 AM, yishunite said:

I was refering to this thing from MND:

https://www.mnd.gov.sg/newsroom/parliament-matters/q-as/view/written-answer-by-ministry-of-national-development-on-property-agents-and-developers-failing-to-take-due-diligence-measures-for-anti-money-laundering-lapses-and-breaches-under-the-estate-agents-act

So warning done for lack of check but no suspicious transactions halted hor

 

"There have been no purchase transactions which had to be voided or aborted as a result" - dun mean all clear, see this - https://www.businesstimes.com.sg/property/suspects-buying-singapore-properties-2017-105-mainly-residential-units-worth-s831-million

 

"THE group of foreigners linked to the billion-dollar money laundering case in Singapore has been picking up properties as far back as 2017, according to information obtained by The Business Times (BT) on deals linked to the 10 people arrested so far.

In response to queries from BT, the Singapore Police Force confirmed the properties were transacted over the past few years.

The number of properties issued with prohibition-of-disposal orders has gone up from 94 to 105 after further investigations, the police said on Friday (Aug 18)"

 

prohibition-of-disposal orders = asset frozen

 

[Mercs]

On 8/21/2023 at 8:49 AM, Victor68 said:

Honestly those in the market know there are plenty of individuals that bought multiple apartments and office units and left them vacant. Banks, authorities, developers, agents, etc all are not fool. It is definitely not about investment. 

Why now then we look at the iceberg? 

Hearsay it's from the last PM visit to China, buay song too much funds outflow to SG, so need to show and do something. Anyway HEARSAY only hor 🤣🤣🤣

Tip of the iceburg, as mentioned in earlier post - no find dun have ... wanna find sure have!

"Low crime dun mean no crime, many HNWI are already here and more coming, wanna catch sure can find, dun wanna bother then nothing to be found"

[Mercs]

On 8/21/2023 at 9:30 AM, yishunite said:

I agree. But main point is MND last year (statement from Oct 22) say nothing suspicious now Wang Yi visit suddenly all kinds of freeze. How ordinary prop agent suppose to uncover this kind of thing when MND did not originally?

Where got say nothing suspicious??? From the same article -(Between September 2020 and September 2022, CEA has warned 27 property agents for not properly conducting the required due diligence checks on their customers)

"How ordinary prop agent suppose to uncover this kind of thing when MND did not originally?" - For these HWNi privacy is of top priority so how to probe into the source of funds, this one very hard to answer, above my pay grade. 🤣🤣🤣

[Throttle2]

On 8/21/2023 at 9:30 AM, yishunite said:

I agree. But main point is MND last year (statement from Oct 22) say nothing suspicious now Wang Yi visit suddenly all kinds of freeze. How ordinary prop agent suppose to uncover this kind of thing when MND did not originally?

Dont understand why you keep harping about property agent being responsible for uncovering this kind of thing.

property agents not expected to uncover, just expected to do due diligence. 

[Playtime]

On 8/21/2023 at 8:49 AM, Victor68 said:

Honestly those in the market know there are plenty of individuals that bought multiple apartments and office units and left them vacant. Banks, authorities, developers, agents, etc all are not fool. It is definitely not about investment. 

Why now then we look at the iceberg? 

but govt keep saying they are not responsible for rocketing housing prices leh.... small group like that bloody so many properties liao. 

[Playtime]

On 8/21/2023 at 8:33 AM, Ender said:

 

 

https://www.straitstimes.com/singapore/suspects-in-1-billion-money-laundering-case-in-s-pore-allegedly-linked-to-china-gambling-groups

Suspects in $1 billion money laundering case in S’pore allegedly linked to China gambling groups

David Sun

Crime Correspondent

UPDATED

 

1 HOUR AGO

 

SINGAPORE - Several foreigners arrested last Tuesday in Singapore’s biggest anti-money laundering operation are allegedly linked to individuals who were investigated in China for illegal gambling activities.

Vang Shuiming, who is facing a forgery charge here, is said to be a known associate of eight individuals on the run from the authorities in China, which had uncovered an illegal gambling syndicate in May 2022.

The eight fugitives – Wang Shuiting, Shi Wenhui, Wang Zhiqiang, Jia Xueliang, Wang Jinwang, Wang Zaiyuan, Su Weijie and Huang Yijiao – have been urged to return to assist in a probe which saw 131 people arrested in China and more than 10 million yuan (S$1.9 million) seized.

Vang, who is also known as Wang Shuiming, is a 42-year-old Turkish national. He was among the nine men and one woman, aged 31 to 44, who were arrested in Singapore in an islandwide operation that involved more than 400 officers.

A second individual arrested here – Wang Baosen, 31 – is allegedly linked to Wang Bingang, 34, and Wang Cailin, 36.

According to media reports, the three Chinese nationals were investigated by the Chinese authorities for their roles in operating illegal gambling sites.

Baosen, who is in remand here and facing a money laundering charge, is said to have been a member of the same group as Bingang and Cailin.

 

Chinese media outlet Shi Chang Xin Bao reported in 2013 that Bingang and Cailin were in their 20s when they launched a gambling website which offered games like blackjack and baccarat and provided sports and e-sports betting services.

Their business grew quickly and in 2014, they moved the operations to the city of Bavet, in Cambodia, which is near the border with Vietnam.

Soon after they launched the site Hongli300, the group expanded their team aggressively, hiring and recruiting ethnic Chinese people to fill roles in graphic design, customer service and finance management.

The media in China said Bingang and Cailin also recruited family members and used their bank accounts to hold illicit funds acquired through the illegal gambling site.

According to reports, others involved in the operations included Xie Juxiang, Wang Jin, Liao Haican, Tang Li, Huang Jinfeng, Sun Xinzhao, Chen Jianqiang and Wang Chaolan, who is Cailin’s sister.

The illegal gambling site Bingang and Cailin ran was shut down around October 2014. It was churning about 980 million yuan in various transactions at the time.

In 2015, a district court in China fined and sentenced the two men to three years’ jail for running the illegal site. Several other members of the gang were also jailed.

Baosen had also been investigated in the same probe.

 

Another gambling group

Three other suspects here facing a money laundering charge each – Cypriot national Wang Dehai, 34; Vanuatu national Su Jianfeng, 35; and Su Wenqiang, 31, a Cambodian national – are allegedly linked to another gambling group in China.

According to media reports, they are known associates of Su Yongcan, 32, and Wang Huoqiang, 29, who were reported to be on the run in 2018.

The two men were among 72 individuals the authorities in China investigated in 2017 as they clamped down on illegal gambling activities.

Online gambling is illegal in China, but it grew at an astonishing rate amid the Covid-19 pandemic.

In 2021, China’s Ministry of Public Security said police probed more than 17,000 cases of cross-border gambling and arrested more than 80,000 suspects in cases that involved over $151 billion in illegal transactions.

It also smashed more than 2,200 online gambling platforms, 1,600 illegal payment platforms and underground banks, and 1,500 gambling promotion platforms that same year.

The 10 individuals arrested in Singapore were charged last Wednesday with offences including forgery and money laundering.

They hold foreign passports from countries such as China, Turkey and Cambodia, but are said to have originated from Fujian, China.

Another 12 are assisting in investigations here, while eight others are on the run and have been placed on a wanted list.

The police here have seized, frozen or issued prohibition of disposal orders for about $1 billion in assets in relation to the case, including 105 properties as well as cars, cash and luxury goods.

 

anyone else find their photos look a bit unatural?

almost look like police composites...🤔

[Throttle2]

Will a real legit big boss jump off the parapet of his rented GCB and hide in a drain when the police come a knocking? So bloody lame

Nah, he will be smoking his Cuban cigars having a lobster break while the maid opens the door.

i know that becos i watch many boss movies.     

[Throttle2]

On 8/21/2023 at 10:07 AM, Playtime said:

anyone else find their photos look a bit unatural?

almost look like police composites...🤔

Not surprised if they are.

after all these guys are wanted since quite many years back it seems.