British Columbia’s self-regulated casino industry has been blasted for its lax anti-money laundering measures. The issue appeared on the authorities’ radar screen after the recently-elected government released a disturbing casino report, alleging money laundering at River Rock Casino Resort in Vancouver. The revelation sparked a money-laundering probe into underground banking and alleged laundering of drug cash in B.C. casinos.
The 50-year-old man Paul “King” Jin appeared to be at the center of the investigation. According to B.C. government documents, Jin is allegedly the head of an illegal financing network that lent suspected drug dealer cash to Chinese high-rollers to buy chips at River Rock Casino. The VIP players, on the other hand, used gambling chips bought with large amounts of money in C$20 denominations. Back in the days, the police warned that C$20 bills are largely used by drug dealers.
The name of the Richmond spa owner Paul “King” Jin made the headlines once again. The man claimed that he loaned C$2.68 million in cash to a Chinese real estate developer in a Richmond coffee shop. In B.C. Supreme Court filings, Jin admits that he loaned the cash to a man named Xiao Bing Liu. He added that they met at a coffee shop, where the “cash transaction” took place. Jin’s claims are approved by a sworn statement from Jian Qiu Rong.
What are the Different Claims
According to Rong, Liu was looking for a C$3 million loan, when they met in Richmond. She elaborated that Xiao Bing Liu introduced himself as a person involved in the real estate industry, but the man did not specify why he needs the loan. Rong explained that she was aware of the fact that Jin is involved in the money lending business and she introduced the two men to each other. Rong claimed that she was asked to become a witness to the deal between the two men. She detailed that the deal took place on 24th December 2015 at a local coffee shop, where Jin gave Liu a bag of cash.
Liu, on the other hand, claims that he signed a document in exchange for gambling chips, but he did not ink any loan agreement. In that sense, Liu does not owe any money to Jin. Liu claims that he visited an illegal gambling den in Richmond, but he never asked Jin for a loan.
Law enforcement and Richmond casino insiders told Postmedia that some of the businesses, that are allegedly involved in the underground banking network, are located in close proximity to the coffee shop, where Jin allegedly loaned money to Liu. Such business is the money-transfer company Silver International Investment.
