$13 Million Gambling Spree by Businessman and Associate Scrutinised by High Court

_{Jho Low and Tan Kim Loong under scrutiny as High Court delves into alleged use of 1MDB funds for a $13 million Las Vegas casino spree. (Image: Casinos.com)}

People often gamble modest amounts in casinos, but laws and regulations target those placing larger bets. Anti-money laundering is an important part of the industry, and training is given to staff at casino destinations as well as other establishments, such as banks. 

We saw in the most recent case involving TD Bank in Canada how that can be manipulated and allow organised crime gangs to prosper.

That appears to be the case, as the High Court was informed of the latest development in a case against fugitive businessman Low Taek Jho, commonly known as Jho Low, and his associate, who allegedly funnelled US$13 million in funds linked to 1Malaysia Development Bhd (1MDB) for gambling activities in Las Vegas back in 2012. 

Trail Linked to Stepson of Former Prime Minister

The trail for this alleged money laundering journey led financial fraud investigator Richard Templeman to testify that the substantial amount was transferred through Riza Aziz, stepson of former Prime Minister Datuk Seri Najib Razak, via his company Red Granite Capital, based in Hollywood. 

_{Templeman links 1MDB funds to Riza Aziz through Hollywood-based Red Granite Capital. (Image: Associated Press / Alamy)}

Shell Company Used in Fraud 

The staggering amount of money—a whopping US$41 million—was directed from the According to Templeman, on June 20, 2012, a total of US$41 million was directed from the Red Granite Capital account to a shell company named Alsen Chance, which was established in the British Virgin Islands and owned by Tan Kim Loong, a close associate of Jho Low, according to Templeman. 

This company is alleged to be a vehicle for laundering misappropriated funds from 1MDB. 

$13 Million Gambled in a Two-Day Spree

It is alleged that during the course of a two-day gambling spree, $13 million was transferred to Las Vegas Sands LLC—identified as a prominent casino and resort operator. Two players were said to have used the funds, with one player known as player 3454296 gambling $11 million while $2 million was allocated to Tan Kim Loong, known as player number 4678710. 

Further investigation revealed that on July 23, 2012, Alsen Chance received payments totalling US$8.65 million from Las Vegas Sands LLC, marked as "funds due from Low Taek Jho" and "funds due from Tan Kim Loong." 

These funds were believed to be the remaining balances of earlier transactions made in July 2012. 

Tip of the Iceberg as Lawsuit Alleges up to $248 Million Misappropriated

The incredible amounts of money involved in this case are the makings of a mob film. The trial, which is being overseen by Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan, is ongoing.  

Riza Aziz and his companies are accused of receiving up to $248 million in misappropriated funds for personal gain, including film financing and property acquisitions. The case forms part of a broader civil lawsuit initiated by 1MDB and its subsidiaries—1MDB Energy Holdings Limited, 1MDB Energy Limited, and 1MDB Energy (Langat) Limited. 

The case is ongoing and one in which 1MDB seeks a declaration holding Riza responsible for the misappropriated funds and demands repayment.