Singapore: About S$1 billion in assets, including properties, vehicles, luxury goods and gold bars, have been linked to a police probe into money laundering and forgery activities.
Ten people, aged between 31 and 44, were arrested for their suspected involvement in money laundering or forgery offences, and for resisting arrest, the Singapore Police Force (SPF) said in a news release on Wednesday (Aug 16).
Twelve others are assisting with investigations while eight more are wanted by the police.
“These persons are believed to have connections among themselves. All the persons involved are neither Singapore citizens nor permanent residents,” said SPF. Those arrested are of Cypriot, Turkish, Chinese, Cambodian and Ni-Vanuatu nationalities.
The nine men and a woman were arrested in simultaneous raids at multiple locations islandwide, including Good Class Bungalows (GCB) and condominiums.
According to the police, some of the suspects lived in GCBs in the Holland and Nassim Road area
The police said they acted on information about possible illicit activities, including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts.
Through extensive investigations and follow-up from intelligence, including the analysis of suspicious transaction reports, the police identified a group of foreigners suspected to be involved in laundering proceeds from their organised crime activities overseas. These activities include scams and online gambling.
More than 400 officers – from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department – mounted simultaneous raids at multiple locations islandwide on Tuesday
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.
The authorities seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent the dissipation of suspected criminal proceeds.
Also confiscated was cash amounting to more than S$23 million, over 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, as well as 11 documents with information on virtual assets.
The 10 people who were arrested are being charged in court on Wednesday.
The Monetary Authority of Singapore (MAS) said financial institutions had filed suspicious transaction reports.
