Singapore Cracks Down on Illegal Gambling Ring Involving Major Banks
Chinese National Arrested in Singapore for Illegal Online Gambling
In a nationwide operation in Singapore, authorities apprehended Wang Dehai, a Chinese individual sought for illegal online gambling activities. The operation, which took place on Wednesday, also involved nine other Chinese individuals and resulted in the seizure of over $2 billion worth of assets.
Major Banks Implicated in Money Laundering Scandal
A court document from Wang’s bail hearing revealed shocking details of his illicit activities. It was discovered that he had stashed away HK$53 million ($6.8 million) and $500,000 with UBS Group AG, Industrial & Commercial Bank of China Ltd, and Bank of China Ltd in Hong Kong. More than 10 banks linked to the alleged money launderers or their Singaporean operations have been implicated in the case.
Among these banks is the local unit of Credit Suisse Group AG, now under UBS’s control. Another suspect, Vang Shuiming, was found to have a deposit of S$92 million ($67 million) with this unit. In response to these revelations, the Monetary Authority of Singapore has announced plans to inspect the unit.
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The recent crackdown on a gambling ring in Singapore has brought to light a major scandal involving several prominent banks. Wang Dehai, a Chinese national, was apprehended for his involvement in the illegal online gambling activities. The operation, which also resulted in the arrest of nine other individuals, unveiled a staggering $2 billion worth of assets tied to the illicit operation.
During his bail hearing, shocking details emerged regarding Wang’s hidden wealth. It was revealed that he had cleverly hidden HK$53 million ($6.8 million) and $500,000 across various major banks, including UBS Group AG, Industrial & Commercial Bank of China Ltd, and Bank of China Ltd in Hong Kong. This revelation has implicated more than 10 banks, exposing their involvement in alleged money laundering schemes.
One of the major banks under scrutiny is the local unit of Credit Suisse Group AG, which is now controlled by UBS. Another suspect, Vang Shuiming, was found to have a staggering deposit of S$92 million ($67 million) within this particular unit. The Monetary Authority of Singapore has responded swiftly, announcing plans to thoroughly inspect the unit and its operations.
Ensuring Fairness and Transparency
As the investigation into the illegal gambling ring and money laundering scandal unfolds, authorities are committed to upholding fairness and transparency. The crackdown serves as a strong message to those involved in illicit activities, highlighting the severe consequences they will face.
The Monetary Authority of Singapore’s decision to inspect the banks implicated in the case demonstrates their dedication to maintaining the integrity of the financial system. This proactive approach ensures that any wrongdoing is promptly addressed and that the banks involved are held accountable for their actions.
By taking decisive action against illegal gambling and money laundering, Singapore aims to protect its citizens and maintain a secure and trustworthy financial environment. The collaborative efforts of law enforcement agencies and financial institutions are crucial in combating such illicit activities and preserving the integrity of the banking sector.
