MONEY laundering accused Chen Qingyuan has substantial wealth in multiple jurisdictions overseas, including links to a casino business in Cambodia and high-end clubs and property in Thailand.

These sources of overseas wealth were revealed in investigating officer (IO) Poon Chee Ming’s affidavit filed on Sep 6, which was referenced in court on Friday (Nov 17).

Chen is one of 10 individuals embroiled in the S$2.8 billion money laundering case. More than S$20 million worth of his assets were seized or issued prohibition of disposal orders, which means they cannot be sold. He faces charges involving over S$8 million of these assets.

According to the affidavit, Chen has US$5 million in profits from a casino business in Cambodia, which is in local bank Canadia Bank.

He also has 75 million baht (S$2.9 million) in high-end clubs and property in Thailand.

His girlfriend, Wang Qiujiao, owns two properties in Kuala Lumpur, Malaysia, worth around RM2 million (S$583,000), noted the IO.

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In addition, he has numerous businesses overseas. Chen told the IO that his company in China, Xiamen Yi She Wang Luo, has earned 10 million yuan (S$1.9 million) from 2019 to date and remains in operation.

He also has several businesses in Cambodia in real estate, dried goods as well as food and beverage, which earned around US$800,000 from 2017 to 2021.

The IO had filed this affidavit to support the prosecution’s application for no bail, which was heard in court on Friday. District Judge Brenda Tan denied Chen bail, stating he was a flight risk.

In response to the IO’s affidavit, Chen filed an affidavit on Oct 16, stating he has no interest in casinos in Cambodia and that his Cambodian investment holding company had been set up to invest in real estate, which “did not come to fruition”.

However, he and some friends had invested in canteen businesses in Cambodia. He has also invested in real estate property in Thailand and Malaysia, but has no interest in “high-end clubs”, said Chen.

Meanwhile, the IO’s affidavit added that the accused also has links to external parties who could assist Chen if he attempts to abscond.

Chen claimed to have received large sums of interest-free loans from at least four individuals, ranging from HK$10 million (S$1.7 million) to HK$15 million each in 2018, said the IO.

“On the accused’s own account, he has access to substantial financial assistance from individuals located outside Singapore,” he added.

Chen denied this in his affidavit, which was also referenced in court.

The IO maintained that there was credible evidence of the accused working for an organisation that ran an online casino in the Philippines targeting customers from China, and that he received a share of profits from online gambling activities.

A “large proportion” of Chen’s assets in Singapore are therefore linked to the online gambling activities, said the IO.

Chen then countered that the Philippines casino business he is involved with is legitimate, as it had a licence to operate online casinos.

Of the seized assets linked to Chen, about S$4.2 million worth were under his girlfriend Wang’s name, noted the affidavit.

This includes a vehicle worth S$1 million that was issued a prohibition of disposal order, and bank account balances of more than S$3 million.