VANCOUVER — The Bank of Nova Scotia has demanded payment of a $1.2-million mortgage on a West Vancouver home allegedly owned by a key target in an RCMP investigation of B.C.’s biggest money-laundering case.
The bank filed a petition in B.C. Supreme Court on Jan. 22 seeking an order that the owed mortgage on the property at 2738 Chelsea Court be paid immediately and that the mortgage be set as a priority over other interests in the property.
The West Vancouver home and mortgage is listed in the name of the target’s niece, Yuanyuan Jia.
But a B.C. Civil Forfeiture claim filed in B.C. Supreme Court in March 2019 alleges the home is owned by her uncle Paul King Jin and that it is the proceeds of crime and has been used to launder money.
Jin and his niece have denied all allegations.
Jin, named as a key suspect in the RCMP’s E-Pirate money-laundering probe, was arrested on Feb. 24, 2016 for possession of proceeds of crime, money laundering and running illegal gambling operations, but was not charged, according to court documents.
The threshold for proving a civil claim is lower than for a criminal conviction, a balance of probabilities rather than beyond a reasonable doubt.
E-Pirate is considered B.C.’s largest money-laundering investigation and uncovered an underground bank in Richmond, Silver International, that allegedly laundered as much as $220 million a year, and possibly as much as $1 billion.
Police allege clients of the bank included local drug traffickers, high-roller Chinese gamblers and members of Mexican drug cartels, according to court documents.
In its filing in January, the Bank of Nova Scotia states that under the mortgage and personal credit agreement, $1,208,981.23 was owed as of Jan. 6.
The bank is seeking full payment plus interest that is accrued after Jan. 6.
The B.C. Civil Forfeiture Office filed a certificate of pending litigation in June 2019 on the West Vancouver property, which prevents the property from being sold or further indebted without approval of the court.
The B.C. Assessment Authority pegged the property’s value at $2.72 million in 2020. That’s down from its assessed value of $3.24 million in 2019.
B.C. Land Title documents show that Jia bought the Chelsea Court property, a 5,700-square foot, six-bedroom home, for $3.45 million on Oct. 3, 2016. A Bank of Nova Scotia mortgage was registered in Jia’s name on the same date.
In court filings, the forfeiture office stated: “Mr. Jin is the beneficial or true owner of the Chelsea Court Property. Ms. Jia acted as a nominee owner or owner of convenience on behalf of Mr. Jin with respect to the Chelsea Court property.”
