Multiple high-value jewellery items were seized, including a watch worth at least $2 million, during the arrest in Vaucluse of the alleged founder of an international money laundering ring.
The alleged founder of an international money laundering organisation has been refused bail despite offering a $4 million surety, including a home on Sydney’s lower north shore, after prosecutors told the court the sum was not so impressive, given he owned a $2 million watch.
According to court documents, Xin and others allegedly conspired to deal with $121.6 million they intended would become an instrument of crime. “When one puts it into perspective ... it’s not such an impressive amount of surety in these circumstances that would act as a sufficient deterrent for the applicant fleeing the jurisdiction,” McDonald said.Steven Hoitou Xin was arrested at his Vaucluse home in February 2023 and is accused of laundering enormous amounts of money.
She said the Department of Home Affairs, in response to an inquiry from the Crown, stated Xin acquired Australian citizenship on Australia Day in 2017, but it was “unknown” whether he still held Chinese citizenship.The court heard Xin is the subject of an arrest warrant in China due to his involvement in online gambling.Defence barrister Simon Buchen, SC, tendered material from the Chinese embassy indicating citizenship is “automatically lost” when someone becomes a citizen of a foreign country.
He said the brief of evidence was “enormous”, with an index spanning over 1000 pages, more than 250 witness statements and an estimated 13 terabytes of data.
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