[Tee tiong huat]

Vang currently faces five charges - one of using a forged document and four of possessing criminal benefits worth S$2.4 million from unlicensed moneylending in China.

The 42-year-old Turk with multiple passports was arrested on Aug 15 this year, said Mr Teh Yee Liang of the Singapore Police Force’s Commercial Affairs Department (CAD) in his affidavit.

Two days after this, while Vang was remanded, more than US$2.8 million worth of cryptocurrencies was withdrawn from his Binance account.

"Information gathered suggests that the movement of assets was by a person of interest after the accused had been arrested," said Mr Teh.

Vang is linked to three other wanted suspects who are on the run, including his brother.

Mr Teh said CAD had not known of these assets initially, and was alerted to them only after receiving information from "foreign authorities".

Mr Teh said the overall quantum of cryptocurrency assets is believed to amount to more than US$30 million and investigations on this front are ongoing.

"This further strengthens my belief that the accused has connections and assets to allow him to relocate outside of Singapore, despite the seizure of his local assets, should he be released on bail," said Mr Teh.

More than S$200 million in assets linked to Vang have been seized in Singapore.

According to Mr Teh, this comprises S$962,000 in cash, S$128.8 million in his bank accounts, S$5.5 million in his wife's bank accounts, 15 properties worth S$104.8 million in his wife's name but funded by him and three vehicles worth S$3.4 million in his wife's name but funded by him.