Mainland Chinese gamblers bet US$42.2bn on Alvin Chau’s syndicate
Mainland Chinese gamblers placed over RMB300bn (US$42.2bn) in bets on Alvin Chau’s cross-border gambling syndicate, according to a recent report from China Central Television.
Macau.- A China Central Television report has revealed mainland Chinese gamblers reportedly funnelled over RMB300bn (US$42.2bn) into an illicit cross-border gambling syndicate allegedly orchestrated by Alvin Chau Cheok Wa, the former CEO of Suncity (now LET Group Holdings Ltd),
This was part of a three-day trial that took place between 10th and 12th August. The trial involved 34 suspects in three separate cases, including Zhang Ningning, a key figure who helped manage assets on the Chinese mainland. She was sentenced to seven years in prison and fined RMB800,000.
The court stated that since 2015, Chau had hired at least 283 Chinese intermediaries for his operations, running multiple online betting platforms in the Philippines.
Each intermediary was required to invest HK$5m in Chau’s company and achieve a monthly rolling turnover target of HK$D50m. The court also discovered illegal cross-border payments amounting to as much as RMB1.16bn, allowing the now-defunct company to profit at least RMB17m (US$2.4m).
The former CEO of Suncity was handed an 18-year prison sentence in 2023. Alvin Chau and 20 other defendants were involved in illicit activities between 2014 and 2021, which resulted in a loss of tax revenue for the Macau government.
