The Wang Shuiming Money Laundering Case: Singapore's Biggest Crime Exposed

According to NetEase Qingliu Studio, Wang Shuiming, a Fujian native originally from Anxi, has emerged at the center of Singapore’s largest money laundering investigation. The case has expanded to reveal an international criminal network spanning multiple countries, including connections to cryptocurrency fraud and cross-border asset concealment. Recent developments indicate Wang Shuiming has been apprehended in Montenegro and faces imminent extradition to China.

Wang Shuiming Detained in Montenegro, Set for Extradition to China

Wang Shuiming’s arrest in Montenegro marks a significant breakthrough in the case that began in Singapore. His detention comes as part of the broader crackdown on an organized crime syndicate that authorities have been tracking across Southeast Asia. The extradition process is expected to accelerate further investigation into his role as a key figure in the money laundering operation, which has been identified as one of the largest in Singapore’s history.

The Cryptocurrency Fraud Connection: Su Weiyi and Atom Asset Exchange

Wang Shuiming’s associate, Su Weiyi, has been confirmed as the mastermind behind the Hong Kong cryptocurrency platform scam involving Atom Asset Exchange (AAX). In November 2022, the platform abruptly suspended all withdrawal operations before eventually ceasing operations entirely. Su Weiyi subsequently absconded with approximately HK$16.74 million in user funds. Following a lengthy investigation, Hong Kong police apprehended Su Weiyi in July 2024. This connection illustrates how the criminal network extended its operations into the digital asset space, exploiting cryptocurrency’s pseudonymous nature to facilitate fraud.

Notably, Su Weiyi maintains business partnerships with individuals allegedly linked to Alice Guo, a former Chinese-Filipino mayor who was previously convicted of financial crimes. These connections suggest a broader international network operating across multiple jurisdictions and sectors.

The “Fujian Gang” and Singapore’s Historic Crackdown

On August 15, 2023, Singapore police launched an extensive enforcement operation that resulted in the largest money laundering bust in the nation’s history. Over 400 law enforcement officers participated in coordinated raids across multiple locations. The investigation centered on a syndicate colloquially referred to as the “Fujian Gang”—a criminal organization composed of individuals aged 31 to 44, all originally from Fujian Province in China.

The scope of the operation was staggering: the case involved illicit proceeds totaling approximately 3 billion Singapore dollars (roughly 16 billion yuan). Police arrested 10 suspects during the initial raids. The syndicate’s operations were sophisticated, utilizing multiple currencies and methods of concealment. Members held passports from numerous countries and employed forged documentation, shell company structures, and cryptocurrency holdings to obscure the origins of funds derived from illegal gambling operations and fraud schemes perpetrated throughout Southeast Asia.

Tracing Wang Shuiming’s Asset Trail Across Multiple Nations

Investigation into Wang Shuiming’s financial holdings has uncovered significant asset accumulation both domestically within China and internationally. His known assets include substantial investments through his company operations in mainland China valued at approximately 32 million yuan. Additionally, Wang Shuiming owns a manufacturing facility worth several million yuan and maintains real estate holdings in Xiamen comprising two residential properties with a combined valuation of 20 million yuan.

International asset holdings further demonstrate the scope of his wealth concealment strategy. Wang Shuiming maintains a Hong Kong bank account containing 2 million Hong Kong dollars in liquid deposits, supplemented by cryptocurrency holdings valued at approximately 110,000 US dollars. This diversified asset distribution across jurisdictions, asset classes, and currencies reflects a calculated approach to concealing illicitly obtained funds from regulatory oversight and law enforcement detection.

The comprehensive nature of Wang Shuiming’s case—spanning cryptocurrency fraud, traditional money laundering, forged documentation, shell companies, and cross-border asset concealment—underscores the sophisticated methods employed by international criminal networks to exploit regulatory gaps across different financial systems.