SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
The SPF states that 12 other persons are assisting with cases and also 8 other are currently wanted, with believed connections among themselves.
Following the raid, restriction of disposal orders was issued against 94 properties and also 50 motor vehicles, with a total estimated worth of more than $815 million, and multiple ornaments and containers of alcohol as well as wine.
The police received info of possible prohibited actions may include making use of presumed created files utilized to confirm the supply of funds in Singapore financial account.
Additionally seized was around $23 million in money, more than 250 high-end bags and watches, more than 120 electronic equipments such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, and also 11 papers with details on online properties.
On Aug 15, over 400 policemans from four units in the SPF performed captures at several places island-wide, bring about the apprehension of the 10 people, aged 31 to 44.
If pronounced guilty, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for around 10 years, or a penalty of approximately $500,000, or both.
On top of that, greater than 35 relevant checking account were confiscated, with an overall estimated balance of over $110 million for probes moreover to avoid movements of the presumed criminal profits.
After inspection, they identified a team of foreign nationals thought to be associated with laundering the profits of criminal activity from their overseas organised criminal activity activities consisting of scams along with online gambling.
Ten immigrants have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an approximated value of $1 billion possessions in the form of good class bungalows (GCBs), high-end apartments as well as possessed high-end autos. This is according to a Facebook post by the SPF on Aug 16.