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 worth of $1 billion possessions in the sort of good class bungalows (GCBs), high-end condos and possessed high-end vehicles. This is according to a Facebook post by the SPF on Aug 16.
In addition, greater than 35 related bank accounts were taken, with a complete projected balance of over $110 million for probes moreover to prevent movements of the suspected criminal proceeds.
If pronounced guilty, the offense of cash laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for around 10 years, or a penalty of up to $500,000, or both.
After inspection, they recognized a team of overseas nationals suspected to be involved in laundering the proceeds of crime from their international ordered criminal activity events including shams and on the internet gambling.
On Aug 15, over 400 police officers from four divisions in the SPF carried out raids at several places island-wide, resulting in the arrest of the 10 persons, aged 31 to 44.
Following the raid, prohibition of disposal orders was provided against 94 buildings as well as 50 motor vehicles, with an overall approximated worth of more than $815 million, plus numerous ornaments plus bottles of alcohol and also wine.
The cops obtained information of possible illegal actions involving using believed created papers utilized to validate the supply of funds in Singapore funds.
Additionally taken was around $23 million in cash money, greater than 250 luxury bags including watches, at least 120 digital gadgets such as computers and cellphones, more than 270 items of jewelry, two gold bars, and also 11 files with information on online assets.
The SPF says that 12 additional ones are helping with investigations and also 8 more are now looked for, with assumed connections among themselves.