PETALING JAYA: An estimated value of S$1 billion in assets, including properties, vehicles, luxury goods and gold bars, have been seized or frozen in one of Singapore’s largest police probes into money laundering and forgery offences.
10 foreigners, between the ages 31 to 44, were of Cypriot, Turkish, Chinese, Cambodian and Ni-Vanuatu nationalities. They were arrested for their suspected involvement in the raid. None of the foreigners are either Singaporean citizens or permanent residents.
According to the Singapore Police Force, there are 12 other people assisting with the investigations and eight people still on the run.
Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine.
Police also seized more than 35 related bank accounts with a total estimated balance of more than S$110 million, cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices, more than 270 pieces of jewelleries, two gold bars, and 11 documents with information on virtual assets.
According to TodayOnline, the Monetary Authority of Singapore said it had worked closely with the police in the lead-up to the arrests. The police had been alerted to suspicious activities by information from suspicious transaction reports filed by financial institutions in Singapore.
Through extensive investigations, they identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.
