- Cash and assets worth over $2.4 billion were seized in the case
- Vang holds crypto worth more than $40 million in total
- Family assets worth almost $250 million were seized or frozen
Cryptocurrency worth almost $4 million was withdrawn from a Binance account in the name of Vang Shuiming, 42, who has been arrested in one of the biggest money laundering scandals in the world, The Straits Times wrote.
The Commercial Affairs Department (CAD) of Singapore, where the Turkish national is being held, did not know about these assets until authorities abroad drew it to their attention.
According to the CAD, Vang is a high flight risk due to having connections outside.
$2.4B+ seized in biggest ML case in Singapore
On August 15, Vang and another nine foreigners were arrested and charged with involvement in the money laundering case, which is the biggest in Singapore’s history. Cash and assets worth over $2.4 billion were seized.
Vang was denied bail on September 29. He faces four counts of money laundering and one count of using a forged document.
Mr. Teh Yee Liang, the lead investigator in the case, reported that a “person of interest” had moved Vang’s assets. Vang holds crypto worth more than $40 million in total, added Mr. Teh.
Flight risk
The withdrawal of the crypto means the detainee can leave Singapore even though his local assets have been confiscated, argued Mr. Teh in his statement on why Vang should not be released on bail. He said the detainee has more than $128 million in his personal and corporate accounts.
His wife’s properties are valued at more than $104 million. Vang bought her three vehicles worth more than $3.3 million. Almost a million dollars in cash was found in their home. This comes to a family fortune of almost $250 million, which was seized or frozen. They cannot sell any assets.
Another small fortune abroad
However, Vang also has significant assets and wealth overseas. These include private investments in Turkey and China, plots of land in Cambodia worth around $24 million, and a factory and two condominium units in Xiamen, China.
