SINGAPORE: More than US$2.8 million in cryptocurrencies from a suspect’s account was withdrawn while he was remanded in relation to a S$2.4 billion money-laundering probe, the lead investigating officer has revealed.prosecution’s objection to bail for Vang ShuimingVang currently faces five charges - one of using a forged document and four of possessing criminal benefits worth S$2.4 million from unlicensed moneylending in China.
Two days after this, while Vang was remanded, more than US$2.8 million worth of cryptocurrencies was withdrawn from his Binance account. Mr Teh said the overall quantum of cryptocurrency assets is believed to amount to more than US$30 million and investigations on this front are ongoing. Vang relocated to Singapore with his wife, son and daughter in 2019, and his children are attending international schools, the court heard.
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