SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 foreigners have been arrested by the Singapore Police Force (SPF) for alleged money laundering of a determined price of $1 billion possessions in the form of good class bungalows (GCBs), high-end condominiums and possessed luxury vehicles. This is according to a Facebook content by the SPF on Aug 16.
The authorities received details of potential prohibited activities including making use of suspected forged records used to validate the supply of funds in Singapore bank accounts.
On top of that, more than 35 related bank accounts were seized, with a complete calculated balance of over $110 million for probes moreover to prevent moves of the presumed criminal earnings.
The SPF claims that 12 other persons are assisting with investigations and eight more are currently wanted, with assumed associations amongst themselves.
If pronounced guilty, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of as much as $500,000, or both.
Additionally confiscated was about $23 million in cash money, more than 250 high-end bags and watches, more than 120 electronic devices such as computers and smart phones, more than 270 items of jewellery, two gold bars, and 11 documents with information on online properties.
After investigation, they determined a group of foreign nationals believed to be involved in laundering the proceeds of crime from their foreign ordered crime activities consisting of frauds and on-line betting.
Following the raid, restriction of disposal orders was issued versus 94 buildings and 50 autos, with an overall approximated value of more than $815 million, along with multiple ornaments also containers of liquor as well as wine.
On Aug 15, over 400 officers from 4 departments in the SPF conducted captures at multiple places island-wide, causing the apprehension of the ten individuals, aged 31 to 44.