A UCD economics student has been charged in connection with a €1.4 million money laundering investigation.
Cheng Yu, 25, was charged with four offences under the Criminal Justice (Money Laundering and Terrorist Financing Act). He is from China but has been residing in Ireland for the past two years, and has an address at Roebuck Castle, Clonskeagh, Dublin 14.
He is accused of laundering sums totalling €137,090, from September 11th until November 2nd this year in two Bank of Ireland accounts in Dublin.
Detective Garda Tom Victory told Judge Bryan Smyth at Dublin District Court that these were sample charges in relation to the investigation into €1.4 million in lodgements. Further charges could be brought, he told a contested bail hearing.
He said it was alleged documentation in a number of names was found at the accused’s address. He told the court the accused was a flight risk.
Diamond dealer
Detective Garda Victory alleged a letter was found claiming to be from a high-end diamond dealer in Co Louth mentioning that lodgements of €30,000 were to be expected. However, the letter did not look professional and had typographical errors.
Defence solicitor Donal Quigley asked the court to note it could only consider the charges before the court.
His client, who listened to the proceedings with the aid of an interpreter, would abide by bail conditions and would surrender his passport, the solicitor submitted.
Judge Smyth set bail in Mr Yu’s own bond of €500 with an independent surety of €12,000.
He was remanded in custody with consent to bail to appear at Cloverhill District Court on November 11th next.
Legal aid was granted to Mr Yu who has not yet indicated how he will plead.
