Wei Wang fronts court over money laundering scheme

The last of three Melbourne men involved in Australia’s largest ever money laundering operations has confessed to his illegal and greedy offending.

Wei Wang is awaiting sentence for his part in a money laundering syndicate in Melbourne involving $32m.

A man has admitted laundering $32m in cash and cryptocurrency in one of Australia’s largest ever money laundering operations that prompted sweeping raids across Melbourne’s eastern suburbs.

Wei Wang was the last of three men involved in a suburban money laundering syndicate that washed millions in cash and sweeping raids across Melbourne’s eastern suburbs netted police luxury cars, Mike Tyson memorabilia and 24 karat gold playing cards.

The 35-year-old pleaded guilty to four charges of dealing with money suspected to be proceeds of crime and appeared for a plea hearing in the County Court on Wednesday.

Two others- Boliang Liu and Tao Zhou washed $63m between them in just over a year- were sentenced in August to between three and a half years and five and a half years’ imprisonment.

Wei Wang outside County Court after pleading guilty to his involvement in a money laundering syndicate with two others.

The court heard that Liu and Wang operated money remittance businesses where their clients would provide them with large sums of cash to be deposited into numerous bank accounts in exchange for a commission.

Zhou’s role was to act as a “money runner”.

Wang received nearly $16m cash that was deposited in 44 bank accounts between December 2020 and October 2021.

He received a further $16.9m in cryptocurrency over a six-month period in 2021.

Police found $217,500 cash in his car and in a bag at his home the day he was arrested in October 2021.

When asked about the large cash deposits into numerous bank accounts, Wang said it was nothing to do with him.

He refused to provide passcodes for any of his devices that were seized, saying he could not remember them.

Boliang Liu, Tao Zhou, Wei Wang laundered $93m between them as part of a secretive money laundering syndicate in Melbourne.

Prosecutor Michael Wilson submitted a sentence of more than three years was appropriate, given Wang’s sophisticated offending that involved a large amount of money.

Defence lawyer Leonard Hartnett referred to Wang’s financial problems, his impressive character, guilty plea and no priors as mitigating factors.

He said the offending was out of character and that Wang was working through a mental health plan and his prospects of rehabilitation were excellent.

Wang is on bail and will be sentenced on October 31.