A Turkish national arrested in Singapore’s S$1.8 billion ($1.3 billion) money laundering case had financed the purchase of 11 luxury condominium units in upscale neighborhoods of the city-state, according to an affidavit by a police investigator.
(Bloomberg) — A Turkish national arrested in Singapore’s S$1.8 billion ($1.3 billion) money laundering case had financed the purchase of 11 luxury condominium units in upscale neighborhoods of the city-state, according to an affidavit by a police investigator.
Vang Shuiming had financed 10 units at Canninghill Piers, which is being built by City Developments Ltd and CapitaLand Development, and one unit at Shun Tak Holdings’ Park Nova. The units are currently under construction and have been served with prohibition of disposal orders.
City Developments and Shun Tak did not immediately respond to requests for comment. A spokesperson for CapitaLand Development said the firm is not able to comment as investigations are ongoing.
Investigations so far have established that Vang is closely associated with at least two other accused persons under probe, according to the affidavit.
Read More: Singapore Money Laundering Case Exposes Gaps in Defenses
–With assistance from Selina Xu.
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