VANG SHUIMING’S Infractions
On August 15, 2023, Vang was captured in a Good School Bungalow along Bishopsgate in Tanglin with cash totaling about S$ 2.42 million spread over four Singapore bank accounts.
Vang was unable to completely explain how the money came to him because it was believed to be gains of criminal conduct. Four of his claims eventually came to light regarding this.
Vang claimed that the money were the result of his investor gains from Xiamen Likanghang Trading and Xiamen Yetian Trading, two alleged e-commerce businesses.
After his imprisonment, he admitted they were not the cause, but claimed the money came from his product business in China, Xiamen Mingxin Promise.
Vang “maintained this account” through 18 claims to officers from Aug 15 to August 4, 2023, said the trial.
But on Sep 26, 2023, he admitted this was misleading. The money, according to him, was derived from “his gambling winnings and real estate investments in the Philippines” ( poker ).
Vang has no substantiated this say, the trial noted.
The bulk of Vang’s costs, 18 of them, involved submitting documents to several Singaporean banks that he had reason to believe to be fake.
When lenders questioned Vang about the money’s resources in his accounts, he used these documents.
In terms of the proceeding charge, Mr. Koh outlined how Vang had secured the sending of more than HK$ 29 million ( US$ 29 million ) from an Indonesian remittance agent to his Citibank account in April and May 2021.
Since Vang did not reside in Indonesia, Citibank inquired about the source of the funds and his connection with the payments broker.
Through one Wang Qiming, who was then his marriage manager, Vang provided a document apparently from the payment agent, stating that it received the funds as” second party flows” from the accused.
Additionally, according to the payments firm, it was able to receive cash from Vang for the equivalent of HK$ 8 million through an approved adviser in China named” Chen Ze Long.”
Vang provided a alleged bank statement from a China Merchant Bank account in his brand that showed payments from” Chen Ze Long” when Citibank’s compliance department requested additional documents to confirm these assertions.
However, Vang admitted that the speech was fake and that he did not have any China Merchant Bank accounts while being investigated after his imprisonment.
The other made records allegedly contained Xiamen Likanghang, Xiamen Yetian, and Xiamen Mingxin’s financial statements. These were sent to Bank Julius Baer & Co in July 2022 and UOB Kay Hian in June 2022.
According to Mr. Koh, the accused “represented to the banks that his success came from three Chinese companies, of which he was a shareholder, either directly or through his exterior asset managers.”
The accused had cause to believe that these economic remarks were fake, and they were.