A new report has revealed that members of a large-scale money laundering network in Singapore spent nearly S$38 million on Dubai properties, following
A new report has revealed that members of a large-scale money laundering network in Singapore spent nearly S$38 million on Dubai properties, following the city-state’s biggest money laundering operation in August 2023. The report, released on December 19, comes from the Organized Crime and Corruption Reporting Project (OCCRP), an international investigative journalism network, and is based on leaked property data.
In November 2023, the Singapore Police Force (SPF) announced that 17 foreign nationals had their assets seized in connection with the money laundering investigation, which led to the arrest of 10 individuals. After serving jail sentences, the 10 foreigners were deported and banned from re-entering Singapore. The 17 foreign nationals not residing in Singapore were also required to forfeit assets worth S$1.85 billion, and they have been barred from returning. Investigations into two additional individuals are still ongoing, with assets worth S$144.9 million linked to them currently under seizure.
According to OCCRP’s latest findings, the money laundering syndicate generated billions of dollars through illegal gambling and cyber fraud. In addition to the S$38 million in Dubai properties, earlier reports from OCCRP revealed that some of the individuals involved in the network had also bought nearly S$81.5 million worth of property in London.
The OCCRP report specifically identifies three individuals — Wang Bingang, Chen Zhiqiang, and Ke Wendi — who were part of the money laundering group. Between 2021 and 2023, they bought at least 22 properties in Dubai, worth S$38 million. Wang and his wife purchased five units in Seapoint Tower, a 57-story skyscraper in Dubai, for over S$19 million. Chen bought properties in Mohammed Bin Rashid City, totalling S$17.65 million. Ke also bought a unit in Grande Downtown Dubai for S$1.35 million, and it was reported that at least four other members of the network had bought entire floors of the same building.
The current whereabouts of Wang, Chen, and Ke are unknown, and the Singaporean authorities continue their investigations into the matter.
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