SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid

On Aug 15, over 400 police officers from 4 divisions in the SPF performed raids at multiple places island-wide, causing the arrest of the ten persons, aged 31 to 44.

Likewise taken was about $23 million in cash money, more than 250 luxury bags and watches, at least 120 digital devices such as computers and smart phones, more than 270 items of jewelry, two gold bars, as well as 11 papers with details on online assets.

If pronounced guilty, the offence of cash laundering for individuals under Section 54 of the CDSA 1992 is punishable with jail time for up to one decade, or a fine of up to $500,000, or both.

After investigation, they recognized a group of international nationals believed to be associated with laundering the earnings of criminal offense from their overseas organised crime events including scams and even online gambling.

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The SPF claims that twelve other people are assisting with probes and eight other are now wanted, with assumed affiliations among themselves.

Ten foreigners have been detained by the Singapore Police Force (SPF) for alleged money laundering of an estimated value of $1 billion properties in the form of good class bungalows (GCBs), premium condos as well as possessed high-end cars. This is according to a Facebook content by the SPF on Aug 16.

In addition, greater than 35 related checking account were confiscated, with an overall projected balance of over $110 million for inspections and to stop movements of the suspected criminal proceeds.

Following the raid, prohibition of disposal orders was released against 94 real estates and also 50 autos, with an overall approximated worth of greater than $815 million, plus multiple accessories also containers of alcohol and also wine.

The police received information of likely prohibited events may include making use of believed created records utilized to confirm the supply of funds in Singapore financial account.

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