Posted on: September 25, 2023, 06:45h.
Last updated on: September 25, 2023, 06:45h.
Reports suggest that Wang Bingang, a Chinese national and illegal gambling entrepreneur, is at the center of a major money-laundering scandal in Singapore. According to The Straits Times, Wang has a significant background in the gambling industry and is now evading capture for his alleged involvement in the scheme.
Wang made millions each year as the owner of Hongli International, a former Philippine Offshore Gaming Operator (POGO). However, after the Philippine government cracked down on the industry, Wang’s operations went rogue. He reportedly operated out of the Philippines and Cambodia, evading oversight since 2012.
Although Singapore authorities launched raids in August to capture Wang and others involved, he managed to escape. The investigation is ongoing, with authorities struggling to locate him due to a lack of cooperation from the public.
Evading Capture
According to The Straits Times, Wang’s residence in the upscale Tanglin neighborhood of Singapore was visited by the media outlet. However, Wang and his wife, Wang Liyun, were absent at the time. While some family members still live in the house, the couple has not been seen for a long time.
Despite Wang’s absence, his gambling empire faced scrutiny. Hongli International initially held a license as a POGO but relocated its operations to Cambodia after the crackdown. Chinese authorities had been pursuing Wang for illegal gambling charges since 2014, accusing Hongli International of generating illegal revenues in the hundreds of millions of dollars.
Wang, who held Cambodian citizenship, managed to evade arrest by staying hidden in a hotel room. However, he made a mistake by venturing out to a restaurant, allowing Chinese authorities to apprehend him and extradite him to China in 2014.
After serving a three-year prison sentence in China, Wang resumed his gambling activities upon release. Authorities are now actively searching for him, uncertain if he left Singapore or is receiving assistance in hiding.
Expanding Money-Laundering Investigation
The money-laundering scandal continues to grow, with authorities initially seizing SGD1 billion (US$740.4 million) in assets. The figure has since risen to SGD2.4 billion (US$1.75 billion) and is expected to increase further in the coming weeks.
In addition to Wang and Hongli International, investigators are also focusing on another group called Heng Bo Bao Wang for possible involvement in the scheme.
Wang Shuiming, one of Heng Bo Bao Wang’s leaders, was among the 10 individuals arrested in the initial raid. He is facing charges of money laundering and forgery, and there are indications that he may cooperate with authorities in exchange for a reduced sentence.
Banks in Singapore are cooperating with the investigation, and its impact may extend to other Asian regions. Over the weekend, Indonesia announced the closure of bank accounts associated with illegal gambling, although it did not directly link this decision to the money-laundering scandal.
Indonesia’s Financial Services Authority stated that certain bank accounts had been blocked at the request of the Ministry of Communication and Information Technology. These accounts were suspected of receiving deposits from illegal online gambling activities.
As the investigation in Singapore continues, the repercussions may reverberate throughout the wider Asian region.