CAB target Yan Yan Fan hopes to find out if collection of designer items will be recovered

Among the luxury items confiscated from Yan Yan Fan by the Criminal Assets Bureau were a fur coat and designer handbags worth tens of thousands of euros.

A fur coat and designer handbags valued at tens of thousands of euros were among the luxury items seized from Yan Yan Fan by the Criminal Assets Bureau (CAB).

In April, he defended himself during a hearing in which CAB requested that the assets along with €229,000 be declared proceeds of crime.

The Bureau’s case is that Ms Fan is linked to an organized crime gang involved in cannabis cultivation and that she played a role in property management.

Judge Alex Owens had said he would expedite sentencing, but told him at a recent session it would not be ready until the next term.

Despite having worked on the case “every day for the last three weeks” it wasn’t ready yet, but it was almost finished.

Mrs. Fan, who appeared in court, thanked the judge.

She previously told the court she was a fashion lover and denied the products had been bought as part of a sophisticated money laundering operation between Ireland and China.

It is also linked to 12 bank accounts that it controls, into which 1.7 million euros have been transferred since 2005.

CAB’s lawyer said it was “incredible” that all the cash transactions came from his parents in China, and that his evidence that they came from property sales was “inconsistent”.

The purchase of luxury items could not have been financed from his declared income, which at its highest level was just under €30,000 a year, CAB claimed.

A property in Dublin was bought for €145,000 in 2015 and later sold for €229,000, via bank drafts and cash transfers, and €50,000 from “unknown sources”.

It was learned that he spent 129,000 euros on luxury items with his Brown Thomas platinum card between 2010 and 2020.

While she says the money came from her parents, CAB said it did not provide any evidence to support its claim.

Investigators say the products were part of a money laundering scheme that used the “daigou” method, in which money is sent from China to buy luxury goods abroad.

The items seized include a Chanel Petite Timeless Tote Black Caviar Leather bag valued at €2,500, a Louis Vuitton On-the-Go Tote MM valued at €2,000, a Chanel Medallion bag with grained calfskin valued at €4,400 and a Louis trunk Vuitton Petite Malle valued at €3,950.

Other items include a Chanel Gold Vinyl Chain tote bag valued at €1,000, a Louis Vuitton Monogram passport cover valued at €245 and Jimmy Choo shoes.

“I don’t know why they don’t believe me,” he said of CAB.

Fan said he spends money on shoes and clothes, “it’s the only hobby I have.”

The headline figure of €1.7 million put forward by CAB is “shocking”, he said, but it is not true when you get into the details.

He said that many of the transactions are the same money that moves with the sale of apartments and transfers from his parents.