Singapore's 3 billion money laundering case cracked, Fujian-born mastermind Wang Shuiming arrested internationally, involved in $110,000 worth of crypto assets

Odaily Planet Daily News: The key figure involved in Singapore’s largest money laundering crime case, Wang Shuiming, was recently detained in Montenegro and is about to be extradited to China for trial. The case’s breakthrough marks the dismantling of a large-scale international criminal network and exposes the increasingly prominent role of cryptocurrencies in modern money laundering activities.

Cross-border criminal groups surface; Singapore police launch the largest anti-crime operation in history

On August 15, 2023, Singapore police mobilized over 400 officers to carry out a raid, successfully solving Singapore’s largest money laundering case since its founding. During the operation, 10 suspects aged between 31 and 44, all originally from Fujian, were arrested. This criminal group is known as the “Fujian Gang,” with a total involved amount of up to 3 billion SGD, approximately 1.6 billion RMB.

All suspects hold multiple passports and, through a carefully planned criminal network, used forged documents, shell companies, and cryptocurrencies to systematically launder illegal gambling profits and scam proceeds from Southeast Asia. The cleaned funds were then invested in high-end real estate and investment projects in Singapore and overseas.

Key suspect Su Weiyi linked to the collapse of a crypto platform; connected to convicted former Filipino official

Wang Shuiming’s important partner, Su Weiyi, has been confirmed as the true controller of the Hong Kong-based cryptocurrency trading platform Atom Asset Exchange. In November 2022, the platform suddenly faced withdrawal difficulties and eventually shut down. Su Weiyi fled with approximately HKD 16.74 million (about 15.675 million RMB). In July 2024, he was arrested by Hong Kong police.

Notably, Su Weiyi co-owns multiple companies with other business partners, who have clear financial ties to former Filipino mayor Alice Guo, convicted by Filipino authorities. This further illustrates the complex international network of the criminal group.

Public asset list reveals; Wang Shuiming’s cryptocurrency accounts also subject to seizure

During an in-depth investigation, Singapore police found that Wang Shuiming’s assets outside Singapore are also substantial. According to the publicly disclosed asset list:

• Domestic assets: investments in Wang Shuiming’s companies amount to 32 million RMB, plus a manufacturing factory valued at several million RMB
• Real estate: owns two luxury apartments in Xiamen, valued at about 20 million RMB
• Hong Kong financial assets: holds HKD 2 million in bank accounts and cryptocurrency assets worth $110,000

The discovery of these cryptocurrency assets further confirms the vital role of digital assets in hiding cross-border criminals’ assets. Wang Shuiming attempted to evade traditional financial regulation by converting part of his illegal gains into cryptocurrencies, but he was ultimately tracked and located by international law enforcement agencies.

Wang Shuiming transforms from fugitive to “wanted criminal” overnight; international criminal cooperation network tightens

From being a core suspect in Singapore’s money laundering case to being detained in Montenegro and facing extradition, Wang Shuiming’s case demonstrates the high efficiency of modern international criminal cooperation. Information sharing and joint pursuit mechanisms among multiple countries’ law enforcement agencies make it increasingly difficult for transnational criminals to evade justice by changing locations. The criminal group led by Wang Shuiming and his accomplices has been fully dismantled, sending a clear message to the world: no matter how criminals hide assets or utilize emerging tools like cryptocurrencies, international law enforcement agencies are extending their reach continuously.