Just spotted a pretty explosive case update. Wang Shuiming, who is behind a case involving Singapore’s largest money-laundering operation, was recently arrested in Montenegro and is now set to be extradited back to China. The story behind this guy is far more complicated than you’d imagine.

Wang Shuiming didn’t act alone. His partner, Su Weiyi, is the real “big shot”—the mastermind behind the Hong Kong cryptocurrency platform Atom Asset Exchange scam. In November 2022, the platform suddenly collapsed; users couldn’t withdraw funds. Su Weiyi took off with HKD 16.74 million (about RMB 15.67.5 million) in one go. It wasn’t until July 2024 that Su Weiyi was finally arrested by police in Hong Kong.

Even more outrageous, Su Weiyi and his partners are also tied to the case of Alice Guo (Guo Huaping), a former Chinese mayor in the Philippines. The web of connections among these people is truly tangled.

Back to Wang Shuiming’s line of investigation. On August 15, 2023, Singapore police mobilized more than 400 people for a large-scale raid, cracking what is now Singapore’s largest money-laundering case in history. The amount involved was as high as 3 billion Singapore dollars, which comes to RMB 16 billion. Ten suspects were arrested on the spot, all aged between 31 and 44, all from Fujian—outsiders call them the “Fujian Gang.” The group held passports from multiple countries and used methods such as forged documents, shell companies, and cryptocurrency to “launder” dirty money from illegal gambling and scams across Southeast Asia, then plowed it into high-end assets in Singapore and overseas.

You probably can’t imagine the scale of Wang Shuiming’s assets. In mainland China, his company’s investments total 32 million yuan, and he also owns a factory worth several million. In Xiamen, he has two apartments with a total value of 20 million yuan. By the time he’s in Hong Kong, his bank accounts hold HKD 2 million in cash, plus cryptocurrencies worth USD 110,000. This guy really is quite “professional” at moving dirty money.

Now that Wang Shuiming has been arrested in Montenegro and extradition procedures have already started, the key figure in this money-laundering network is finally set to face trial.