Singapore Seizes Alleged Launderer’s Millions in Swiss Banks

2023-09-06 15:21

Singapore police seized S$125 million ($92 million) from a suspected money launderer’s accounts with Bank Julius Baer and

Singapore police seized S$125 million ($92 million) from a suspected money launderer’s accounts with Bank Julius Baer and Credit Suisse AG’s local unit as a billion-dollar scandal continues to unfold.

Authorities took hold of S$92 million held by Turkish national Vang Shuiming in Credit Suisse Singapore, according to an affidavit by the police and presented in the Singapore High Court on Tuesday. Another S$33 million was seized from his Julius Baer account.

The banks did not immediately respond to requests for comment. The police are still awaiting information from five unnamed financial institutions, according to the affidavit. The judge denied a request from Vang’s lawyer to have him released on bail.

The probe erupted into public view in mid-August after police arrested 10 foreigners — all originating from China — and accused them of forgery and laundering criminal proceeds. Another 12 are assisting with the investigations and eight others are wanted by the police. Banks, property agents and golf clubs in the city have been drawn into the scandal involving more than S$1.8 billion of assets.

The 10 accused are back in court Wednesday. A lawyer for one of the suspects said an ex-employee of Citigroup Inc.’s Singapore subsidiary has also been under investigation and is currently out on bail. The bank earlier said it’s been working with authorities to strengthen and protect the integrity of the financial system and did not immediately respond to a further request for comment.

Read more: Singapore Money Laundering Case Embroils Its Banking Giants

Vang, who is wanted by Chinese authorities, also financed the purchase of 11 luxury homes still being built in upscale neighborhoods in Singapore, according to court documents. The 10 units at Canninghill Piers and one unit at Park Nova are prohibited by a court order from being sold.

CapitaLand Development and City Developments Ltd., which are developing Canninghill Piers, declined to comment as investigations are ongoing. Park Nova’s Shun Tak Holdings did not immediately respond to a request for comment.

--With assistance from Selina Xu and Aradhana Aravindan.