Wang Shuiming's International Money Laundering Network Uncovered Across Singapore and Hong Kong

The arrest of Wang Shuiming marks a major breakthrough in dismantling one of Asia’s most sophisticated transnational money laundering operations. According to reports from NetEase Qingliu Studio in early 2025, wang shuiming, originally from Anxi in Fujian province, was detained in Montenegro and now faces extradition to China. This case has exposed intricate connections between cryptocurrency fraud, international asset concealment, and organized crime networks spanning multiple countries.

The Hong Kong Crypto Platform Collapse and Su Weiyi’s Role

The investigation into wang shuiming’s operations revealed a crucial connection: his partner Su Weiyi is the mastermind behind the Hong Kong cryptocurrency platform scam involving Atom Asset Exchange (AAX). The collapse of AAX in November 2022 shocked the crypto community when the platform abruptly suspended withdrawals before declaring bankruptcy. During this debacle, Su Weiyi absconded with approximately HK$16.74 million in user funds. Following the incident, Hong Kong police authorities arrested Su Weiyi in July 2024.

Notably, Su Weiyi maintains business relationships with other partners who have documented ties to Alice Guo, a Chinese Filipino descended individual previously convicted of serving as a city mayor—adding another layer of complexity to the international criminal network.

Singapore’s Largest Money Laundering Operation Dismantled

The scope of wang shuiming’s criminal enterprise became clear when Singapore authorities launched a comprehensive law enforcement operation. On August 15, 2023, more than 400 Singapore police officers executed coordinated raids that successfully dismantled what has been described as Singapore’s largest money laundering scandal in history. The operation encompassed criminal proceeds totaling approximately 3 billion Singapore dollars (roughly equivalent to 16 billion Chinese yuan).

The police arrested 10 primary suspects on the scene, all between 31 and 44 years old and predominantly originating from Fujian province. These individuals, known informally as the “Fujian Gang,” operated a sophisticated scheme utilizing multiple national passports, forged documentation, shell company structures, and cryptocurrency transfers to conceal illicit funds. The money itself derived from illegal gambling operations and fraud schemes throughout Southeast Asia, which were then reinvested in high-value assets across Singapore and international markets.

Extensive Asset Holdings Across Multiple Jurisdictions

Investigation into wang shuiming’s financial footprint revealed staggering asset accumulation across Asia. Within mainland China alone, Wang Shuiming maintained company investments reaching 32 million yuan. His physical holdings include a factory valued at several million yuan and two residential apartments in Xiamen with a combined appraised value of 20 million yuan.

International holdings proved equally substantial: Wang Shuiming maintained a Hong Kong bank account containing 2 million Hong Kong dollars in deposits, supplemented by cryptocurrency holdings valued at 110,000 US dollars. The geographic distribution and diversity of his assets underscore the highly organized and international nature of this money laundering network, with wang shuiming orchestrating asset concealment strategies across multiple regulatory jurisdictions.