Alleged Chinese Gaming Kingpin Implicated in Singapore Money Laundering Scheme
A key figure in the recent money laundering case in Singapore is said to have a long history in the gambling industry. Wang Bingang, a Chinese national and an underground gambling entrepreneur, is reportedly seeking to evade capture for his alleged role in the large-scale scheme, as mentioned in The Straits Times.
Wang runs Hongli International, a former Philippine Offshore Gaming Operator (POGO) that reportedly turned rogue when the Philippines clamped down on the segment. He purportedly ran his operations from the Philippines and Cambodia, earning millions each year since the company's inception in 2012.
During Singapore's raids in August, Wang was among the individuals who managed to flee before being apprehended. Law enforcement is trying to track down his whereabouts, but they're not receiving much assistance from the public.
Someone from The Straits Times reportedly visited Wang's residence in Tanglin, a wealthy neighborhood in Singapore, to gather more information on the situation. A housekeeper informed the media outlet that Wang and his wife, Wang Liyun, were still living there but weren't present at the time of the visit.
Others who spoke with the outlet said that the couple had been absent for a lengthy period. Some family members were reportedly still residing in the house and were seen on a regular basis.
A Fugitive on the Run
Before the crackdown on POGOs in the Philippines, Hongli International was one of the first to receive a license. Wang allegedly shifted the operations to Cambodia, where he could continue his activities with limited scrutiny.
When Wang established his gambling business, Chinese authorities were hot on his trail due to his illegal gambling activities. They apprehended him in 2014, accusing Hongli International of illegally amassing hundreds of millions of dollars.
At the time, Wang was living in Cambodia, which complicated matters, as Chinese authorities couldn't apprehend him as long as he remained within the country.
For several weeks, Wang lay low and stayed holed up in a hotel room to avoid arrest. He eventually made a slip-up and tried to visit a restaurant, resulting in his arrest by Chinese authorities, ultimately returning him to China.
Upon his release from prison in China, Wang resumed his business activities.
Wang and his associates have continued to thrive since his release, leaving authorities still searching for him to ascertain whether he left Singapore or if he's received assistance in remaining elusive.
The Money-Laundering Investigation Expands
The money laundering scandal is growing, with authorities initially seizing SGD1 billion (US$740.4 million) in assets, which has increased to SGD2.4 billion (US$1.75 billion). The investigation is expected to expand further over the coming weeks.
Wang and Hongli International aren't the only focal points of the investigation. The authorities are also eyeing another group, Heng Bo Bao Wang, for potential involvement. One of its leaders, Wang Shuiming, is among the 10 people they arrested in the initial raid.
He's facing money laundering and forgery charges and could be struck a deal in return for a lighter sentence.
Banks in Singapore are already aiding the investigation, and the repercussions might be felt in other Asian nations. While it didn't directly connect its actions to the money-laundering scandal, Indonesia revealed over the weekend that it would liquidate all account involved in illegal online gambling.
On Sunday, Indonesia's Financial Services Authority said that the Ministry of Communication and Information Technology had ordered the closure of specific bank accounts, which had been receiving deposits from illegal online gambling activities.
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Source: www.casino.org
