Singapore's Largest Money Laundering Case: The Online Gambling Empire Behind 12.8 Billion Yuan in Dark Money

Last month, Singapore police uncovered the largest money laundering case in the nation's history, with the amount involved soaring from an initial 5.4 billion yuan to 12.8 billion yuan. As the investigation deepens, more shocking details are emerging, revealing a vast multinational network of gambling and fraud empire.

On August 15, Singapore police deployed over 400 officers to conduct raids in multiple locations across the country. They arrested 10 main suspects and issued disposal prohibition orders for assets worth 815 million SGD, including 94 properties and 50 luxury cars. Subsequently, the police also sealed off 110 properties, 62 luxury cars, as well as bank deposits worth 5.5 billion SGD, 380 million SGD in cash, 68 gold bars, and 190 million SGD in virtual assets.

The 10 arrested individuals all come from Fujian, China, and are referred to as the "Fujian Gang." They have been operating in Singapore since 2017, residing in luxurious areas and owning numerous shops. It is reported that they launder money through various methods such as shop losses, real estate investments, and casinos. The police revealed that among the 34 individuals involved, at least 20 are registered under hundreds to thousands of companies, with some even serving as secretaries for over 2,300 companies for more than 7 years.

In-depth investigations reveal that this dirty money primarily comes from online gambling and fraud activities. Among them, Wang Shuiming and Su Haijin are two key figures. Wang Shuiming is known as "Daming Zong," a big shot in the online gambling world, overseeing about 7-10 online gambling groups with a total staff of over 10,000. Su Haijin, on the other hand, is one of the heads of online fraud in the Philippines, possessing strong social skills and frequently participating in social activities to enhance his visibility.

This case has exposed Singapore's shortcomings in anti-money laundering and visa screening, triggering anger among the local populace. Minister for Law and Home Affairs K. Shanmugam stated that measures will be strictly enforced to ensure that no one abuses the financial system. The banking sector has taken action to start closing accounts of certain nationals and to strengthen scrutiny of Chinese clients. The difficulty of visa applications has also increased.

For the cryptocurrency industry, the involvement of groups using USDT for Money Laundering may lead to tighter regulations. After the case concludes, the seized assets will be confiscated, and victims can apply for their return to the Singapore court. Once the defendants are convicted, they will serve their sentence in Singapore and then be deported back to their home country.

The money laundering case not only shocked Singaporean society but also sparked deep reflection on financial regulation and cross-border crimes. It reveals the complexity and transnational nature of criminal networks in the era of globalization, while also highlighting the challenges faced by countries in combating such crimes.