SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 foreigners have been apprehended by the Singapore Police Force (SPF) for supposed money laundering of a determined price of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums as well as possessed luxury autos. This is according to a Facebook content by the SPF on Aug 16.
The authorities got information of possible prohibited activities involving making use of presumed forged records used to confirm the source of funds in Singapore financial account.
If pronounced guilty, the offense of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with jail time for around one decade, or a penalty of up to $500,000, or both.
Furthermore, greater than 35 related bank accounts were taken, with a total projected balance of over $110 million for probes moreover to stop transfers of the presumed criminal proceeds.
After inspection, they identified a group of foreign nationals believed to be associated with laundering the profits of crime from their international organised crime activities consisting of shams and online gaming.
On Aug 15, over 400 officers from 4 departments in the SPF performed raids at several places island-wide, leading to the arrest of the ten people, aged 31 to 44.
Also seized was around $23 million in cash money, greater than 250 high-end bags including watches, greater than 120 digital devices such as computers and cellphones, more than 270 pieces of jewelry, two gold bars, as well as 11 documents with information on virtual properties.
Following the raid, restriction of disposal orders was issued against 94 buildings and also 50 vehicles, with a complete estimated value of greater than $815 million, plus multiple ornaments and containers of alcohol as well as wine.
The SPF says that twelve other persons are facilitating with investigations and also 8 other are already looked for, with believed connections among themselves.
