Several students from Raffles Institution (RI) recently filmed themselves carelessly playing around with cash.
The various clips were then uploaded to a student's Instagram Stories.
In it, students clad in the RI uniform were laughing as they flushed a S$50 note down the toilet, referring to the money as "our toilet paper".
Another two clips showed the students throwing another S$50 note off the school building, where it landed on the top of the shelter below.
Students have undergone counselling
Previously, RI revealed that they are aware of the incident and are investigating.
In a statement subsequently shared with Mothership at night, RI updated that three of their students were involved in the incident.
The school has since "firmly counselled the students on the severity and insensitivity of their acts", and will be taking strict disciplinary action against the trio.
RI stated that they are "disappointed" to see their students throwing money "in such a careless manner".
The students have also expressed remorse, and regret their actions, according to RI.
Their parents have also been informed about the incident.
"The school is confident that the students will learn from their mistakes and commit to higher standards of behaviour in future," RI said.
You can watch the original Instagram Stories here:
Recent news of RI students doing blackface went viral
The school made the news recently when a 2016 photo of students putting on blackface made the rounds on social media.
RI acknowledged the photo on their Facebook page, emphasising that it was a "private" birthday celebration organised by a group of friends, and called the use of black paint and black face masks "clearly inappropriate and insensitive".
The school added that teachers would have intervened and counselled the students if they had known about their plans.
They also revealed that the students involved have contacted the school to apologise for their actions, in addition to the apologies on social media and the letters that were sent to media outlets.
Top photo from Mothership reader