Economics student Cheng Yu (25) has been charged in connection with an alleged €1.5 million money-laundering operation.
Appearing at Dublin District Court on four sample money laundering charges, the Chinese national is alleged to have been in possession of over €137,000 in criminal proceeds in banks over a two-month period.
Mr Yu was granted a €12,000 bail, half of which must be paid in cash, and remanded in custody until he is able to take up bail.
Unknown to gardaí, Mr Yu had multiple identification documents that were not in his name.
Mr Yu’s charges were related to third-party lodgements and activity occurring on accounts that were not in his name. Upon arrest, gardaí found two bank cards relating to other people, two student plus bank statements, an AIB fee device, an AIB personal bank account and a KBC sample bank statement, all of which were related to different people.
A document by a taxation consultant was also found at Mr Yu’s bedsit which confirmed a named individual was the director of a company that trading high-end diamonds with lodgements of €30,000 a day expected. Gardaí doubt the legitimacy of this document which contained typos and didn’t appear professional.
Believing that he has no ties with Ireland, gardaí are not satisfied with Mr Yu’s identity. He will appear in Cloverhill District Court on the 11th of November.