Cryptocurrency worth over $3.8 million was withdrawn from the Binance account of one of the accused individuals in Singapore’s major money laundering scandal just two days after his arrest, even while he was in custody. The Commercial Affairs Department (CAD) had no prior knowledge of these assets, which belonged to the accused, Vang Shuiming, a Turkish national. Foreign authorities alerted CAD to the existence of these assets. This discovery raised concerns about Vang’s connections outside Singapore, suggesting a high risk of flight.
Vang is among 10 foreign nationals arrested on August 15 and charged the following day in connection with the massive money laundering case, involving the seizure of assets and cash exceeding $2.4 billion and the issuance of prohibition orders. All 10 individuals are originally from China.
Vang, also known as Wang Shuiming, faces charges of using a forged document and multiple counts of money laundering. The lead investigator, Mr. Teh Yee Liang, argued against granting bail, highlighting that Vang’s assets were moved by someone of interest and initially unknown to CAD. Vang’s cryptocurrency assets alone are estimated at over $40 million.
Furthermore, Vang has substantial financial resources, with over $128 million in personal and corporate bank accounts. His wife possesses 15 properties valued at over $104 million and three vehicles worth more than $3.3 million, all purchased by Vang. Together with cash found in his home totaling $962,000, the couple has over $243 million in seized or restricted assets.
Additionally, Vang has significant wealth and assets abroad, including land in Cambodia, investments in private companies in China and Turkey, and properties in Xiamen, China, including two condominium units and a factory unit.
Vang argued that his elderly parents’ lack of mobility would deter him from fleeing, but Mr. Teh countered this claim by citing their ability to navigate stairs during a visit to the Police Cantonment Complex. Travel records also revealed that Vang’s parents had used a private jet to travel between Singapore and Hong Kong.
Mr. Teh expressed concerns about potential collusion among the suspects involved in the case and the risk of evidence tampering, citing close associations between Vang and other accused individuals.
Vang’s request for bail emphasized the victimless nature of the charges, but Mr. Teh argued that this downplayed the gravity of the accusations.
In August, the 10 accused were arrested in various locations, including upscale properties, with over 400 officers involved in the operation. Additional individuals were assisting in the investigation, and eight individuals were placed on a wanted list, including Vang’s brother, Wang Shuiting.
By FCCT Editorial Team
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