Over $3.8 million in cryptocurrency withdrawn from alleged money launderer’s account while in remand

SINGAPORE - Cryptocurrency worth more than $3.8 million was withdrawn from the Binance account of one of the accused in

Singapore’s worst money laundering scandal

two days after his arrest and while he was in remand.

The Commercial Affairs Department (CAD) did not know about these assets belonging to Turkish national Vang Shuiming, 42, until it was told by the foreign authorities.

The CAD’s lead investigation officer (IO) for the case said this showed Vang had connections outside, which made him a high flight risk.

Vang is one of

10 foreigners arrested on Aug 15

and charged the next day with being involved in the money laundering case that has seen

assets and cash worth over $2.4 billion seized

and issued with prohibition orders.

All 10 are originally from China.

Vang, also known as Wang Shuiming, faces one count of using a forged document and four counts of money laundering.

He was

denied bail on Friday.

Mr Teh Yee Liang, the lead IO on Vang’s case, said in his affidavit arguing against bail that Vang’s assets were moved by a person of interest.

The IO said these assets were not known to the CAD initially, and it was alerted to the movement of assets by the foreign authorities.

In total, Vang’s cryptocurrency assets are believed to amount to over $40 million, said Mr Teh.

He said the withdrawal of these assets showed Vang has the means to relocate outside Singapore despite the seizure of his local assets, should he be released on bail.

Mr Teh said Vang has more than $128 million in his personal bank accounts and other corporate accounts owned by him.

Vang’s wife also owns 15 properties worth over $104 million and three vehicles worth more than $3.3 million, bought by Vang.

Taking into account $962,000 worth of cash found in Vang’s home, the couple has more than $243 million worth of assets seized or subjected to prohibition of disposal orders. The orders mean they cannot sell these items.

Mr Teh said Vang also has substantial wealth and assets overseas, which make him a high flight risk.

These include three plots of land in Cambodia worth around $24 million, investments in private companies in China, investments in Turkey, and two condominium units and a factory unit in Xiamen, China.

Mr Teh said this suggests Vang would have the means to flee and live comfortably abroad.

Vang, on the other hand, argued that his parents, aged 66 and 70, are not physically mobile, thus making it extremely difficult for them to migrate to another country.

But Mr Teh said in a reply affidavit that when Vang’s parents visited him at the Police Cantonment Complex on Sept 5, they descended three flights of stairs to the bail centre, then climbed the same flight of stairs.

Mr Teh said: “I was informed that they were able to do so without any difficulty observed. They cannot therefore be said to be ‘not physically mobile’.”

Travel records also showed Vang’s parents had travelled out of Singapore and returned from Hong Kong via a private jet in March, the IO added.

Mr Teh said there was a risk of collusion among suspects involved in the case and contamination of evidence.

He said there was evidence of close associations between Vang,

Su Haijin and Su Baolin

, who are two other accused people in the money laundering case.

Su Haijin, a Cypriot national, faces one charge of resisting arrest, and another under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act.

Su Baolin, a Cambodian national, faces two forgery charges.

In Vang’s affidavit for bail to be granted, he said the charges brought against him relate to what are essentially victimless crimes, where no direct loss was caused to any individual or entity.

Mr Teh refuted this, saying: “In my view, this is simply an attempt to downplay the seriousness of the charges the accused faces.”

The 10 accused were arrested in islandwide raids on good class bungalows and high-end condos on Aug 15, which involved more than 400 officers led by the CAD.

The areas raided included Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.

Police said then that another 12 people were assisting in investigations, while eight others were on the run and placed on a wanted list.

On Friday, it was revealed in court that one of the eight is Vang’s brother, Wang Shuiting.