Singapore Authorities Seize S$1 Billion in Assets in Major Money Laundering Probe
In a sweeping operation, Singaporean law enforcement agencies have confiscated assets worth about S$1 billion (US$736 million) in connection with a major investigation into money laundering and forgery.
Ten individuals, aged 31 to 44, were charged on Wednesday night as part of the inquiry, which has been described as one of the largest police probes of its kind in the country.
The suspects, hailing from Chinese, Cypriot, Turkish, Cambodian, and Ni-Vanuatu backgrounds, were apprehended in simultaneous raids at various locations across the island, including high-end properties in Good Class Bungalows (GCB) and condominiums in the Holland and Nassim Road areas. The investigation revealed that some of the suspects had been living in these upscale residences.
The police were prompted to take action based on suspicions of illicit activities, including the potential use of counterfeit documents to validate the sources of funds in Singaporean bank accounts. After extensive investigations and analysis of suspicious transaction reports, authorities uncovered a network of foreigners believed to be laundering proceeds from organized criminal activities abroad, including scams and online gambling operations.
Over 400 officers from multiple units, including the Commercial Affairs Department, Criminal Investigation Department, Special Operations Command, and Police Intelligence Department, participated in the coordinated raids. As a result, prohibition of disposal orders was placed on 94 properties and 50 vehicles, estimated to be valued at over S$815 million (US$600.2 million).
Officials seized over 35 bank accounts with a collective estimated balance exceeding S$110 million (US$81.0 million), as well as cash totaling more than S$23 million (US$16.9 million). They also confiscated more than 250 luxury bags and watches, over 120 electronic devices, 270 pieces of jewelry, two gold bars, and 11 documents related to virtual assets.
The Monetary Authority of Singapore (MAS) stated that financial institutions had raised red flags by filing suspicious transaction reports, indicating potential illicit activities. These reports highlighted questionable fund flows, dubious documentation of wealth sources, and inconsistencies in information provided to the financial institutions.
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