UCD economics student held on money-laundering charges

A UCD economics student has been charged in connection with a €1.4 million money-laundering probe.

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 living 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.

Det Garda Tom Victory told Judge Bryan Smyth at Dublin District Court that the these were sample charges in relation to the investigation into €1.4 million in lodgments.

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.

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.

Mr Yu has not yet indicated how he will plead.