Published on: November 4, 2024, 04:46h.
Last updated on: November 4, 2024, 04:46h.
At least US$13 million was diverted from the Malaysia Development Berhard (1MDB) government fund to Las Vegas Sands properties through a shell company, as stated by a financial fraud investigator in a Singapore court on Monday.
The funds were utilized for high-stakes gambling by fugitive Jho Low and his associate Eric Tan Kim Loong, according to prosecutors.
Jho Low, who is evading justice and believed to be in hiding in China, is accused of orchestrating the theft of US$4.5 billion from 1MDB, which is considered one of the largest heists in history.
The conspiracy involved government officials from Malaysia, Saudi Arabia, and the UAE, with Malaysian ex-prime minister Najib Razak being convicted of corruption charges in relation to the scandal.
Low’s High-Stakes Gambling
The revelation of Low’s significant gambling habits in Las Vegas is not new. A former marketing executive for The Venetian disclosed that Low had wagered millions at the VIP baccarat tables in the property.
The executive’s testimony was part of the trial of former Goldman Sachs banker Roger Ng, who was convicted of money laundering and bribery related to the 1MDB scandal.
The testimony by financial fraud investigator Richard Templeman on Monday highlighted the direct connections between the stolen 1MDB funds and Low’s LVS account.
Templeman provided evidence in a civil suit brought by 1MDB against corporate entities accused of handling a portion of the stolen funds, including companies controlled by Najib Razak’s stepson.
Money Laundering Trail
A significant amount from the stolen funds was transferred to a shell company named Alsen Chance and then distributed to various entities, including the funds sent to LVS.
Most of the gambling money went to Low, with specific amounts allocated to him and his associate. Transactions were made between the shell company and LVS.
Jho Low, known for his lavish lifestyle and connections with celebrities, has been involved in various high-profile activities, including investing in major Hollywood productions.
His involvement in the production of the acclaimed film “Wolf of Wall Street” further showcases his extravagant spending and ties to the entertainment industry.