SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 foreigners have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an approximated worth of $1 billion properties in the form of good class bungalows (GCBs), high-end residences as well as owned deluxe vehicles. This is according to a Facebook post by the SPF on Aug 16.
In addition, more than 35 relevant checking account were confiscated, with a complete estimated balance of over $110 million for probes moreover to avoid movements of the presumed criminal earnings.
Likewise seized was around $23 million in cash, greater than 250 high-end bags plus watches, at least 120 digital devices such as computers and cellphones, more than 270 items of jewellery, 2 gold bars, and 11 papers with info on digital properties.
If convicted, the offense of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with jail time for around ten years, or a penalty of up to $500,000, or both.
On Aug 15, over 400 police officers from 4 divisions in the SPF performed busts at numerous locations island-wide, resulting in the apprehension of the 10 people, aged 31 to 44.
The cops obtained details of likely illegal actions may include the use of suspected forged documents utilized to validate the supply of funds in Singapore account.
After examination, they determined a team of overseas nationals presumed to be involved in laundering the profits of crime from their overseas ordered unlawful act activities including shams and online gaming.
The SPF says that twelve additional persons are helping with investigations and eight other are now wanted, with concluded connections among themselves.
Following the raid, restriction of disposal orders was released versus 94 buildings and 50 motor vehicles, with a complete estimated worth of more than $815 million, and multiple accessories plus containers of alcohol and wine.
