Singapore Scam Suspect Has $29-M Worth Of Assets

A man implicated in one of Singapore's largest money laundering cases allegedly financed the purchase of 10 units at the luxury condominium Canninghill Piers and another unit at Park Nova, according to an affidavit by an investigating officer, a development reported by Channel News Asia (CNA).

The suspect allegedly financed the purchase of 10 units at the luxury condominium Canninghill Piers and another unit at Park Nova. I Photo: Canninghill Square

Turkish national Vang Shuiming faces five charges, including using a forged document and possessing criminal benefits worth S$2.4 million (US$1.8 million) from unlicensed moneylending in China.

The affidavit, produced for a court hearing, revealed that the 11 condominium units are currently under construction and have been subject to the prohibition of disposal orders.

The affidavit also disclosed that, in addition to the 11 condominium units, Vang's assets include four properties and three vehicles with an estimated total value of S$29 million.

Police investigations have revealed that Vang possesses assets in Singapore exceeding S$200 million, with more than S$962,000 in cash found at the Good Class Bungalow (GCB) where Vang resided during a recent police raid.

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