Singapore money laundering case: Bungalows and cars among assets worth $734.32 million seized
Singapore: The Singaporean police have announced the confiscation of assets worth S$1 billion ($734.32 million) from an international criminal syndicate involved in money laundering activities. The seized assets include opulent bungalows located in highly desirable locations, significant amounts of cash, high-end vehicles, exquisite jewellery, designer handbags, and even gold bars.
As per the authorities, a team of 400 officials conducted coordinated operations on Tuesday, spreading across Singapore. Simultaneous raids were carried out on various residences throughout the city-state, encompassing areas ranging from the bustling Orchard Road shopping district to the idyllic Sentosa resort island.
During the executed raids at at least nine sites, the authorities successfully seized assets amounting to an astounding S$1 billion, as confirmed by the police. This remarkable haul encompassed 94 properties, bank accounts holding a cumulative S$110 million, a fleet of 50 vehicles, substantial piles of cash exceeding S$23 million, a multitude of luxurious handbags and timepieces, generous collections of jewellery, and even two gold bars.
As per Reuters, at least 10 foreigners in the 31-44 age group were arrested, including one man who jumped out of the second-floor balcony of his bungalow in a tony neighbourhood and was found hiding in a drain.
The suspect, a 40-year-old citizen of Cyprus, sustained injuries from the fall and was subsequently taken to a hospital for treatment. During the search of his residence, law enforcement confiscated a substantial sum of cash exceeding S$2.1 million, along with documentation of four bank accounts collectively holding over S$6.7 million. Additionally, the police retrieved ownership records for a total of 13 properties and five vehicles, which are estimated to be worth more than S$118 million in total.
Among the individuals taken into custody, the group consisted of citizens from diverse nationalities, including China, Cambodia, Cyprus, and Vanuatu. Notably, one woman was also among those who were arrested.
As per Reuters, 12 persons were assisting the police in their investigations while another eight were wanted. The police said all those in the case were foreigners and were linked to each other.
According to a statement issued by the police, the group was believed to be involved in the laundering of funds obtained from organised criminal activities abroad, which encompassed fraudulent activities and online gambling.
- With inputs from agencies
