William Yan, Chinese businessman and multi-million dollar gambler, gained notoriety for losing $4.6 million last year in just 82 minutes. Now, unfortunately for him, Yan has again appeared in the news, but for much more nefarious reasons. It appears, or so sources say, that the Chinese magnate has been stealing million over the last decade to fund his extremely expensive lifestyle.
In news that has just come to light, Yan – between 2001 to 2013 – gambled away NZ$300 million dollars playing a wide range of casino games at the VIP lounge, part of the incredibly popular Auckland casino. In total, the amount gambled and won was $NZ563 million, leaving Yan with a net loss of NZ$37 million. The New Zealand resident, in the last 10 years, lost a grand total of NZ$3.7 million a year. Something that would make any mere mortal shudder.
Yan’s house raid and assets seizure
Yan has now become the center of an investigation, with the main crime being money laundering. His apartment was raided in 2014 and his Auckland home was stipped of assets worth NZ$40 million. New Zealand police have been working with the Chinese authorities since this occurred, and inquiries have focussed on Yan’s gambling activities.
Investigations began with Yan transferring $NZ2.3 million to his wife from a forex dealer. His wife the deposited all of the money into Yan’s SkyCity account. Within the first hour of this deposit occurring, half a million dollars was withdrawn in chips and handed over to an estate agent, which was used to purchase an apartment on the 35th floor of the complex which is located nearby.
Granted citizenship under scrupulous circumstances
Yan has been in the country since 2001 and was granted citizenship, even though issues had been flagged up in the past. Yan has been known to have three identities, and Interpol alerted the government after searches on his name. David Jones, Yan’s lawyer, has offered no comment whatsoever. No criminal charges have been filed as of yet, and Yan continues to plead innocent to any claims.
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