The operation culminated on August 15, 2023, when more than 400 police officers conducted coordinated raids on luxury homes across the country. Key figure Wang Shuiming was apprehended at a Bishopsgate bungalow that he rented for S$150,000 per month. Authorities ultimately confiscated approximately S$199 million connected to Wang, his wife, and their associated corporate entities. His illicit fortune originated from the Heng Bo Bao Wang group, an offshore gambling network run from the Philippines that targeted bettors in mainland China.
Key points
The multi-billion-dollar enforcement action marks the largest money laundering investigat…: The multi-billion-dollar enforcement action marks the largest money laundering investigation ever recorded by authorities in Singapore.
Wang Shuiming built his wealth through an offshore Philippine gambling enterprise that li…: Wang Shuiming built his wealth through an offshore Philippine gambling enterprise that livestreamed casino games to bettors across mainland China.
A Chinese report estimated that Wang's illicit cross-border gambling operations generated…: A Chinese report estimated that Wang's illicit cross-border gambling operations generated a staggering monthly turnover of roughly US$687 million.
Sources checked by our analysis pipeline: 1
CNA’s 25-part micro-factual series, The Billion Dollar Wash, goes behind the scenes of Singapore’s S$3 billion money laundering scandal, gaining access to the investigation and tracing one man’s remarkable crime journey.
SINGAPORE: It was the morning when the police blew open Singapore’s biggest money laundering case. As they swooped on a Good Class Bungalow in the Tanglin area, a rags-to-riches life of crime was about to come to an end.
Inside that bungalow along Bishopsgate — whose monthly rent was S$150,000 (US$117,000) — was Chinese-born Wang Shuiming, who would become a key figure in the case.
His capture on Aug 15, 2023, was part of a coordinated raid on luxury homes across Singapore, involving more than 400 officers.
The scale of the operation and assets to be seized were such that investigation officers at the briefing the day before “were all shocked”, recalled Teh Yee Liang, a former team leader in the Singapore Police Force’s Commercial Affairs Department.
“It’s unprecedented.”
Ten suspects were arrested. The investigation later widened to 17 other suspects who fled Singapore, with S$3 billion in assets…
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