Former Citibank employee implicated in $3 billion money laundering scheme faces multiple charges
Wang Qiming, a former Citibank relationship manager, is set to plead guilty to 10 charges, including money laundering and forgery, related to Singapore’s largest money laundering case.
The 27-year-old Chinese national, who was charged on Aug 15, 2024, indicated his intention to plead guilty during a court appearance on Dec 11. He is currently out on bail set at S$25,000 and will return to court on Jan 8, 2025.
Wang is accused of assisting clients involved in the scheme, including two convicted money launderers, Su Baolin and Vang Shuiming. Notably, he allegedly helped Su forge a loan agreement to mislead Standard Chartered Bank about the source of a deposit, and he forged a loan document for Vang to facilitate a deposit into Vang’s Citibank account.
Wang also faces charges related to the possession of S$481,678, which is suspected to be the proceeds of criminal activity. Furthermore, he allegedly deleted communication records on his phone, obstructing the investigation, and gave false information to immigration authorities about his lost passport.
The investigation into Wang’s actions and other individuals involved led to simultaneous raids in August 2023, uncovering around S$3 billion in cash and assets, including jewelry, luxury cars, and alcohol. The 10 convicted foreigners agreed to surrender over S$900 million as part of their plea deals.
Ongoing investigations continue, with authorities having seized S$1.85 billion worth of assets from suspects who fled Singapore.
