A UCD economics student has been charged and held in custody under money laundering charges in relation to a €1.4 million money-laundering investigation.

The UCD student, Cheng Yu, is accused of laundering almost €140,000 from September to November of this year from two Bank of Ireland Dublin based bank accounts.

The 25 year-old is listed as living in Roebuck Castle currently, UCD’s most expensive on-campus accommodation block.

Yu is being charged with four offences under the Criminal Justice (Money Laundering and Terrorist Financing Act). Section 7 part 3 of the act says that “A person who commits an offence under this section is liable (a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or (b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 14 years (or both).

A spokesperson for An Garda Síochána told the court the UCD student was a flight risk. Judge Smyth set bail for Yu at €500 with an independent surety of €12,000 after Yu had surrendered his passport to the court.

Yu is currently remanded in custody to appear at Cloverhill District Court on 11 November by which time more charges may have been brought against the student.

Hugh Dooley – News Editor