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A 25-year-old student has been charged in connection with a € 1.4 million money laundering investigation.
Cheng Yu of Roebuck Castle, Clonskeagh in Dublin 14, has been charged with four offenses under the Criminal Justice (Money Laundering and Terrorism Financing Act).
He is from China, but has been living in Ireland for the past two years and is an economics student at UCD.
He is accused of laundering sums totaling € 137,090, from September 11 to November 2 of this year in two Bank of Ireland accounts in Dublin.
Garda Detective Tom Victory told Judge Bryan Smyth in Dublin District Court that these were sample charges in connection with the investigation of € 1.4 million in filings.
More charges could be filed, he said at the bond hearing.
He said that documentation with multiple names was allegedly found at the defendant’s address. He told the court that the defendant was a flight risk.
Detective Garda Victory alleged that a letter was found claiming to be from a high-end diamond dealer in Co Louth mentioning that deposits of € 30,000 were expected.
However, the letter looked unprofessional and had typographical errors.
Defense attorney Donal Quigley asked the court to note that he could only consider the charges in court.
His client, who listened to the proceedings with the help of an interpreter, would fulfill the conditions of the bond and hand over his passport, the lawyer said.
Judge Smyth set a bond on Mr. Yu’s own bond of € 500 with a separate bond of € 12,000.
Once the deposit has been recovered, you should not request new travel documents after you have delivered your passport, you must be contacted by mobile phone and reside at your current address in Dublin.
He was placed in pretrial detention with consent to bail to appear in Cloverhill District Court on November 11.
Legal aid was granted to Mr. Yu, who has not yet indicated how he will pronounce himself.
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