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Chinese hacker Wang Yunhe’s arrest brings fresh scrutiny of Singapore wealth flows

  • Wang, the alleged mastermind behind the ‘911 S5’ botnet that facilitated cyberattacks and large-scale fraud, lived the high life in the city state
  • His arrest has put a renewed spotlight on the difficult balancing act faced by Singapore as it bids to woo the world’s ultra rich

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A hacking case involving a Chinese national has put a fresh spotlight on the challenges of policing the influx of foreign wealth into Singapore. Photo: Bloomberg
Bloomberg
Before he was arrested this month for allegedly running what’s likely the world’s largest cybercrime computer network, Wang Yunhe enjoyed a lavish lifestyle in Singapore.
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He held a bank account in the city state, was a director of several local companies and lived in a multimillion-dollar apartment overlooking a premier shopping district, according to an indictment and local filings. All the while, the 35-year-old Chinese national was amassing riches by offering cybercriminals access to millions of infected devices for a fee, the US Justice Department said.

The case is putting a fresh spotlight on the challenges of policing the influx of foreign wealth into Singapore, less than a year after 10 people of Chinese origin were charged in the nation’s biggest money-laundering scandal.
While Wang is accused of a different set of crimes to the remote-gambling ring that was taken down last year, the alleged modus operandi is similar. He set up companies in Singapore that had local citizens serving as directors or corporate secretaries. Besides properties accumulated in the city state, Thailand, Dubai and the US, authorities are also seeking to seize cryptocurrency, watches and luxury cars.

The revelations are a reminder of the difficult balancing act faced by Singapore and other financial hubs as they push to attract the world’s ultra rich. That drive has helped turn Singapore into a premier wealth management centre, yet it has also been accompanied by a string of scandals in recent years – along with vows from authorities to step up oversight.

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Wang was arrested in Singapore at his home on May 24. He is charged among other things with conspiracy to commit wire fraud and money laundering, according to the DOJ. If convicted on all counts, Wang faces a maximum penalty of 65 years in prison.

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