Singaporean authorities have uncovered one of the nation’s largest money laundering cases, involving approximately SGD 1.8 billion (around USD 1.3 billion). Ten men and one woman, originally from China’s Fujian province, have been charged with offenses related to forgery and money laundering. This case has shed light on the complex world of illicit financial activities and the individuals involved. Here, we provide an overview of the key details and insights into this significant money laundering operation.
Origins in the Philippines
One of the accused, Wang Shuiming, is reported to have ventured into the online gambling industry in the Philippines as early as 2012-2013. He was among the pioneering group of Fujian residents involved in online gambling activities in the Philippines, marking him as one of the first Chinese nationals to enter this sector.
Rapid Expansion and Dominance
By 2016, Wang Shuiming had accumulated substantial capital and began expanding his operations. Many underground gambling operators from Fujian flocked to the Philippines to join his enterprise. Wang Shuiming gained a prominent position in the industry locally, earning nicknames like “Ming Da” and “Da Ming Zong.” At least seven to ten different online gambling groups were affiliated with him.
Vast Workforce and Lucrative Salaries
At the peak of its operation, this underground gambling network employed over 10,000 individuals, including supervisors, promoters, technical personnel, and financial staff. Employees received competitive compensation, with entry-level salaries starting at CNY 10,000 (approximately SGD 1,888) per month after a two-month probation period. These wages would increase by CNY 1,000 (around SGD 188) annually.
Massive Monthly Payroll
Considering the extensive workforce, the consortium’s monthly payroll expenses alone surpassed CNY 100 million (approximately SGD 20 million). This impressive financial outlay highlights the magnitude of their illicit operation.
Profit Generation and Challenges
Various gambling platforms operated under the umbrella of this consortium. At its zenith, one group alone collected CNY 5 billion (about SGD 940 million) in wagers monthly from registered gamblers. However, recent intensified crackdowns have significantly impacted profitability.
Assets and Investments
Wang Shuiming’s assets in Singapore reportedly exceeded SGD 200 million (around USD 148 million). These included properties valued at over SGD 29 million (approximately USD 21 million) and three vehicles. Notably, he had also acquired ten units at Canninghill Piers and a Park Nova apartment in prime Singapore locations.
The unraveling of this colossal money laundering case provides a glimpse into the clandestine world of underground gambling networks and their expansive financial operations. It underscores the challenges faced by authorities in combating such illicit activities and highlights the significant assets involved. As investigations continue, Singaporean authorities are intensifying efforts to curb money laundering and related crimes in the region, signaling their commitment to maintaining financial integrity and security.