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 assets in the kind of good class bungalows (GCBs), premium residences and also owned deluxe automobiles. This is according to a Facebook content by the SPF on Aug 16.
The SPF says that 12 additional people are assisting with investigations and also eight other are already wanted, with assumed associations among themselves.
Following the raid, restriction of disposal orders was provided against 94 properties as well as 50 vehicles, with an overall approximated value of greater than $815 million, plus several ornaments and containers of liquor as well as wine.
The cops obtained info of likely prohibited events may include the use of suspected forged files utilized to confirm the supply of funds in Singapore financial account.
On Aug 15, over 400 police officers from 4 departments in the SPF carried out busts at multiple places island-wide, bring about the arrest of the 10 individuals, aged 31 to 44.
If founded guilty, the offence of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately ten years, or a penalty of as much as $500,000, or both.
After investigation, they recognized a team of international nationals suspected to be involved in laundering the earnings of crime from their overseas organised crime events consisting of scams and online betting.
Likewise seized was around $23 million in money, more than 250 deluxe bags including watches, greater than 120 electronic devices such as computers and smart phones, more than 270 items of jewellery, two gold bars, and also 11 records with info on virtual possessions.
Furthermore, greater than 35 associated bank accounts were confiscated, with a complete projected balance of over $110 million for investigations moreover to avoid movements of the presumed criminal profits.