Unless you’ve been living under a rock, you’d have heard about the high-profile $1 billion money-laundering case in Singapore.
Well, now, you can no longer call it the $1 billion money-laundering case.
It’s now the $1.8 billion money-laundering case.
The $1 Billion Money Laundering Case Has Just Become a $1.8 Billion Money Laundering Case
To understand how the “prize pool” can be upsized, you need to understand how money-laundering works.
Here’s a quick video you can watch to understand money-laundering completely:
Essentially, trying to launder dirty money is playing hide-and-seek with the authorities.
And as the case progresses, the authorities discover and freeze more assets, “upsizing” the “prize pool”.
According to the latest update on one of Singapore’s largest money-laundering cases, the police has take control of more than $1.8 billion in assets while investigating.
This was made known during the hearing of one of the ten people arrested, Turkish national Vang Shuiming.
Denied to be Granted Bail
Vang Shuiming, also known as Wang Shuiming, is currently facing five charges; one for forging a document and four for money laundering.
He had allegedly submitted a forged document to Citibank Singapore back in March 2021 as a supporting document.
For the four charges, he had $2.4 million held across four RHB and UOB bank accounts.
It is alleged that the money were criminal proceeds from an illegal moneylending business in China.
Vang and the other nine individuals linked to the case has been remanded in custody since 16 August 2023.
The order to remand the individuals were renewed at every subsequent court mention.
Vang had filed applications to be granted bail to the High Court but was denied by the judge.
The judge, Justice Vincent Hoong, felt that there wasn’t anything wrong with the lower district court’s order to remand the individuals.
It is a pending investigation, he pointed out, and there is a risk of collusion and contamination of evidence should bail be granted.
Vang’s lawyer had also requested “liberal access” to Vang, to which the judge says he could simply write in to the Commercial Affairs Department (CAD).
More Extensive Investigations Required
During the hearing, Deputy Public Prosecutor Ng Yiwen says more extensive investigations has to be carried out.
This includes recording further statements and checking with foreign authorities.
Apparently, the charges brought against Vang was only a small part of his total assets, and they are still conducting funds tracing.
More than $200 million in assets were initially seized from Vang, including $962,000 in cash.
An additional $40.8 million (USD 30 million) was seized after it was uncovered due to foreign intelligence.
Vang and his brother, Wang Shuiting, are both wanted by Chinese authorities.
Vang is also closely associated with Su Haijin and Su Baolin, who were part of the ten arrested.
Investigations also showed that Vang was allegedly in contact with another wanted individual regarding other illegal activities.
This shows that there is a risk of collusion and contamination should Vang be granted bail.