29-9-2023 (SINGAPORE) Cryptocurrencies worth over US$2.8 million (S$3.8 million) were withdrawn from a suspect’s account while he was in custody in connection with a S$2.4 billion money-laundering investigation, according to the lead investigating officer (IO) in the case.
This revelation was made in an affidavit by the IO, presented to the court as part of the prosecution’s opposition to bail for Vang Shuiming on Friday (Sep 29).
Vang currently faces five charges, including one count of using a forged document and four counts of possessing criminal proceeds amounting to S$2.4 million from unlicensed moneylending activities in China.
The 42-year-old individual, who holds multiple passports, was apprehended on August 15 this year, as detailed by Mr. Teh Yee Liang from the Singapore Police Force’s Commercial Affairs Department (CAD) in his affidavit.
Just two days following Vang’s arrest, while he was still in custody, over US$2.8 million worth of cryptocurrencies were withdrawn from his Binance account.
“Information gathered suggests that the movement of assets was carried out by a person of interest after the accused had been arrested,” Mr. Teh stated.
Vang is connected to three other wanted suspects who are currently evading authorities, including his brother.
Mr. Teh explained that the CAD had initially been unaware of these assets and only became aware of them after receiving information from “foreign authorities.”
Furthermore, Mr. Teh indicated that the overall value of cryptocurrency assets is believed to exceed US$30 million, and investigations into this matter are ongoing.
“This further reinforces my belief that the accused has connections and assets that would enable him to leave Singapore, even if his local assets are seized, should he be granted bail,” Mr. Teh noted.
Over S$200 million in assets linked to Vang have already been confiscated in Singapore.
According to Mr. Teh, this includes S$962,000 in cash, S$128.8 million in his bank accounts, S$5.5 million in his wife’s bank accounts, 15 properties valued at S$104.8 million registered in his wife’s name but funded by him, and three vehicles worth S$3.4 million in his wife’s name but funded by him.
The court heard that Vang relocated to Singapore with his wife, son, and daughter in 2019, with his children attending international schools.
The IO also disclosed that Vang possesses significant wealth and assets abroad, including an estimated 32 million yuan (US$4.4 million) invested in Chinese private companies, US$18 million worth of land plots in Cambodia, US$500,000 in investments in Turkey, two condominium units in Xiamen, China, valued at 20 million yuan, HK$2 million in a Hong Kong bank account, and US$110,000 worth of USDT or Tether tokens.
In response to Vang’s claims that his parents were “not physically mobile” in his bid for bail, Mr. Teh pointed to their travel records, which revealed that Vang’s parents had recently traveled out of Singapore, returning from Hong Kong via a private jet in March this year.
Ultimately, Vang was denied bail, and his legal team indicated that he intends to contest the charges. He is scheduled to return to court for a pre-trial conference next month.
