t was estimated that Shan was able to get away with as much as USD 1B to USD 3B.
The suspect was believed to have embezzled the funds and went on the run, having been missing for more than two years. Reports have now surfaced that state Shan was recently detained in Cambodia for his crimes.
Yesterday, the Macau Gaming Information Association reported that Shan had been located in Cambodia. The MGIA was created for the junket industry earlier in 2016 to help maintain the rights of investors in gaming as well as operators.
The group claims that Shan was transferred to Ha Long Bay which is in Vietnam. The individual is reportedly under guard by representatives of the creditors’. It has not been revealed if any of the money has been recovered
Before the crime took place, Shan was gaining attention in the junket world by promising investors that he could provide a return of 2.5% in monthly payouts based on their stake.
This is somewhat higher than the normal 1 to 2 percent that usually takes place. This promise brought investors in to Shan which allowed him to embezzle funds. After the incident with Shan, other incidents began happening in the junket industry which led to consolidation within a two-year time frame with several smaller junket operators going out of business.