British Columbia’s Civil Forfeiture Office is after Richmond-based homes that might be linked to money laundering operation. Now the Toronto Dominion bank seeks to have a CA$1,176,500 mortgage covered in relation to a Vancouver home associated with money laundering operation. Owned by Caixuan Qin, this Burquitlam Drive home is mentioned in court documents seeking its foreclosure in the foreseeable future.
British Columbia has been in the center of attention for many months now and discoveries revolving around its money laundering policies have been stirring the pot. The last months of 2018 saw the unfortunate halt of the famous Royal Canadian Mounted Police E-Pirate probe that looked into alleged money laundering practices and businesses facilitating the act of washing dirty cash in British Columbia.
Vancouver Home Eyed by B.C. Civil Forfeiture Office
As British Columbia Attorney-General David Eby clarified back then that the B.C. government failed to adequately estimate money-laundering scandal’s true magnitude which eventually led to the tumbling down of the case. All charges were stayed but the individuals mentioned in the E-Pirate probe remained a topic of interest to the B.C. Civil forfeiture Office and now to the bank.
The CA$2.3-million home is located in the southeast end of Vancouver and according to the information, its owner is no other than Caixuan Qin. The spouses Caixuan Qin and Jain Jun Zhu have been linked to the illegal operation of Richmond-based underground bank. The operation of Silver International supposedly washed copious amounts of dirty cash with the help of casino venues sprinkled throughout the province.
The spouses were able to launder millions of Canadian dollars before their illegal ring came to the surface in the E-Pirate probe conducted by the RCMP. As a result of the illegal operation of the underground bank, about CA$220 million on an annual basis was washed. Now the Toronto Dominion Bank is willing to take possession of the mortgaged property as the mortgagor failed to keep up their mortgage payments.
Silver International – B.C. Underground Bank
The bank holds some CA$1,176,500 mortgage, but about CA$1 million is yet to be bagged. If everything goes according to the bank’s plan, British Columbia would see less than the CA$2.3-million price slapped on the Vancouver two-story home. According to previous filings by the British Columbia Civil Forfeiture Office, the house has been associated with the illegal operation of the spouses.
For the time being, neither of the spouses has publicly issued their position on the recent foreclose petition, but this could happen in the upcoming weeks. During police raids in October 2015, other assets associated with casino operation were also located on the premises of the house.
Those were to the likes of thousands of Canadian dollars in East Asian currencies, as well as chips associated with River Rock Casino in Richmond, amounting to some CA$17,800. In addition to the cash and casino chips, the raid also discovered a small amount of cocaine, a digital scale, various counterfeits IDs, a hand-stun device, as well as several rifle cartridges.
The Civil Forfeiture Office is also after a house located in West Vancouver linked to well-known loan shark Paul King Jin.
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Author: Yolina
Yolina has followed closely the latest development on the Canadian gaming scene over the past years, monitoring the land-based, lottery, and online offerings up for grabs. The dynamic nature of the local lottery and casino fields, as well as the opportunities lying ahead of Canada fire her enthusiasm for what is to come. A sports betting enthusiast, in her spare time Yolina could be found in her natural habitat – turning the pages of biographies and catching up on the latest stand-up comedy podcasts.