Led a criminal organization
The ex-president of the Macau Chinese Bank has been accused of securing fake casino loans.
Chu took loans totaling around $62m
Arrested for fraud, the Macau Public Prosecutor’s Office stated that Yau Wai Chu took loans totaling around $62m. Involved in the fraud were 14 other people, but Chu is said to have led the criminal organization.
Those involved have been charged with criminal association, bank fraud, and document forgery.
Employee sign-off
Some of the fake loans were related to projects that didn’t exist at casinos and hotels such as MGM, Wynn, Treasure Island, Venetian, Grand Lisboa, and the Londoner. On top of that, other fake loans were purportedly for constructing the light rapid transit line to Hengqin, which isn’t expected to open until 2025.
According to the Macau Public Prosecutor’s Office, bank employees involved in the fraud signed off on the loans, while Chu managed to convince the bank to drop the correct protocols when vetting new staff. It was some of these new employees who were involved in approving the bogus loans.
Prostitution ring
Elsewhere within the upper echelons of the casino world, Macau’s Judiciary Police (PJ) arrested a Macau Gambling Regulatory Official after their suspected involvement in a prostitution ring.
admitted to moderating the chat forums of the crime syndicate’s prostitution website
Last February, the PJ arrested a man with the surname Ng who was one of the suspects moderating the site that the ring ran to advertise prostitution services and attract sex clients. According to police reports, Ng admitted to moderating the chat forums of the crime syndicate’s prostitution website for ten years.
Before being arrested, Ng worked for the Gaming Inspection and Coordination Bureau (DICJ) for 30 years. The DICJ is both the watchdog and regulator for the Chinese Special Administrative Region (SAR’s) gaming industry.