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Singapore crackdown on gambling ring implicates major banks

EditorAmbhini Aishwarya
Published 18/10/2023, 13:38
© Reuters.

In a nationwide operation in Singapore, authorities apprehended Wang Dehai, a Chinese individual sought for illegal online gambling activities. The operation, which took place on Wednesday, also involved nine other Chinese individuals and resulted in the seizure of over $2 billion worth assets.

A court document from Wang's bail hearing revealed that he had stashed away HK$53 million ($6.8 million) and $500,000 with UBS Group AG (SIX:UBSG), Industrial & Commercial Bank of China (OTC:IDCBY) Ltd, and Bank of China Ltd in Hong Kong. More than 10 banks linked to the alleged money launderers or their Singaporean operations have been implicated in the case.

Among these banks is the local unit of Credit Suisse (SIX:CSGN) Group AG, now under UBS's control. Another suspect, Vang Shuiming, was found to have a deposit of S$92 million ($67 million) with this unit. In response to these revelations, the Monetary Authority of Singapore has announced plans to inspect the unit.

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