How Suspects Laundered Billions in Singapore for Years

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Singaporean authorities arrested and charged 10 people of Chinese origin in the biggest money-laundering case the nation has ever seen, with more than S$2.8 billion in assets seized. Photo: Bloomberg

(Bloomberg) — Wang Dehai was already on the run when he made Singapore his home five years ago. Police in China were offering a bounty for information about him for his alleged role in an illegal gambling ring.

Once in Singapore, Wang and his wife set up a family office and he got an employment pass, giving him the right to stay in the city-state. They banked with Credit Suisse, and the couple got passports from the tax haven of Cyprus. Wang, 34, splurged on a S$23 million ($17.2 million) condominium in the prime Orchard area and held about $2.8 million in cryptocurrency.