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Ten foreigners have been detained in Singapore by Singapore Police Force (SPF) for alleged cash laundering that is estimated to be worth of $1 billion in assets the form of high-end bungalows (GCBs) and high-end condominiums, as well as high-end automobiles. According to an announcement on Facebook from the SPF on August 16.
The SPF states that 12 additional people are involved in investigations, and eight are being sought, including suspicions of connections between them.
The police were informed of possible criminal activities like the use of suspect fake documents to prove the origin of money in Singapore account in banks.
Following an investigation, they discovered foreign nationals suspected of being involved in laundering profits of crime from their organised crime activities abroad such as scams and online gaming.
On the 15th of August, more than 400 officials from the four department of the SPF carried out raids at various locations across the island, resulting in the arrest of ten people, ranging from 31 to 44.
In the aftermath of the raid, a prohibition of disposal was imposed against the 94 properties along with 50 motor vehicles which have a amount of $815 million. There were also numerous ornaments, bottles of wine and liquor.
Additionally, more than 35 bank accounts related to the case were taken into custody and a total value of $110 million, which was used for investigation and to prevent the transfer of suspected proceeds of crime.
In addition, the seized items included around $23 million of cash plus more than 250 luxurious watches and bags as well as over 120 devices that are electronic, such as mobile phones and computers More than 270 pieces of jewelry and two gold bars and 11 documents that contained information about virtual assets.
If convicted, the offense of money laundering by individuals in accordance with Section 54(1) of CDSA 1992 can result in the possibility of imprisonment for up to 10 years or a fine up to $500,000 or both.