Industry Reports

B.C. Civil Forfeiture Office Now After CA$4.8M Laundered by Loan Shark under Ban

British Columbia has been focused on the money laundering allegations and controversial information emerging on a regular basis. Some of the prominent loan sharks are being eyed at the moment, as the British Columbia’s Director of Civil Forfeiture recently made it clear the agency is after Paul King Jin’s purchases allegedly obtained while he was loaning cash to casino players across the province.

His name is among the most recognizable ones when it comes to alleged money laundering and loans for casino patrons. But allegations highlight even more concerning details surrounding Mr. Jin, among which taking advantage of property transactions, prostitution ring connected with an underground financial institution, numerous cases of tax evasion, an unsuccessful attempt of kidnapping a kid, as well as illegal gambling dens across various homes in Richmond.

Paul King Jin Laundered Millions Despite Ban

Along with the well-known loan shark, the claim also lists his family members that have been directly affected by the transactions and the assets obtained during his illegal operation. Due to the extensive nature of the allegations, more people are involved in the claim that aims to confiscate purchases made amid potentially illegal activity.

The individuals mentioned in the documents filed in the British Columbia Supreme Court include Mr. Jin’s spouse, niece, father, and mother. The documents specify that the office seeks to obtain some CA$4.86 million in cash that has been allegedly washed at River Rock Casino in Richmond and elsewhere. Furthermore, the claim also highlights a Porsche, an apartment located on Jones Road, as well as casino chips.

Some portion of the dirty cash was supposedly laundered via the purchase of a CA$2.4 million West Richmond home, a condo, a 2013 Cadillac Escalade, and a 2013 Bentley Continental GT. What should be highlighted is that the said purchases were not included in the recent claim. As for the gaming dens linked to Mr. Jin’s name, he managed to amass some CA$32 million between June and October 2015. The locations themselves featured gaming tables.

More Details Emerging

Initial estimations reported the amount laundered between 2014 and 2015 while the loan shark was banned from accessing the casino venue reached CA$4.2 million. November 2012 saw the British Columbia Lottery Corporation ban Mr. Jin from entering casino venues across the province, as his loan operation was jeopardizing both the players and casino operators.

In addition to the money laundering allegations, the individual has also been convicted of aggravated assault, sexual assault, and sexual exploitation. Up until this point, however, he has no convictions for washing copious amount of cash via loaning them to casino patrons in the Richmond area. Regardless of the ban, he was even caught on tape via the casino venue CCTV. According to the visual evidence, some 28 cash transactions had occurred between Mr. Jin and his customers in this venue only.

Mr. Jin’s CA$4.2 million is a fair share of the overall estimated cash laundered via the loan and third-party scheme. Allegedly up to CA$5.3 million has been washed in this manner. A response from the loan shark is expected in the foreseeable future. Meanwhile, more and more individuals and communities voice their support to a public inquiry that would shed more light onto the trues scale of the British Columbia money laundering issue.