The police arrested 10 foreigners, aged 31 to 44, in an island-wide operation to crack down on a transnational money laundering syndicate believed to be laundering the proceeds of overseas-organised crimes such as scams and online gambling.
In a press release on Aug. 16, 2023, the police said they seized more than S$1 billion worth of properties, vehicles, ornaments, bottles of liquor and wine, cash, luxury bags and watches, electronic devices, jewellery, gold bars, bank accounts and documents with information on virtual assets.
More than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department conducted simultaneous raids at multiple locations, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the 10 persons.
10 arrested, 12 assisting with investigations, 8 wanted
The 10 persons were arrested for suspected involvement in offences of forgery, money laundering and resistance to lawful apprehension.
A total of 12 other persons are assisting with investigations. Eight other persons are wanted.
None of the people involved are Singapore citizens or permanent residents.
Image via Singapore Police Force
The police said they received information about possible illicit activities, including the use of suspected forged documents to substantiate the source of funds in Singapore bank accounts.
After extensive investigations and follow-up from intelligence, investigators identified the group of foreign suspects.
94 properties, 50 vehicles, 250 bags and watches, and more
Prohibition of disposal orders was issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million.
The police also seized cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, 11 documents with information on virtual assets, multiple ornaments, and bottles of liquor and wine.
Image via Singapore Police Force
Image via Singapore Police Force
Image via Singapore Police Force
Image via Singapore Police Force
More than 35 related bank accounts with a total estimated balance of more than S$110 million were seized for investigations and to prevent the dissipation of suspected criminal proceeds.
All 10 persons will be charged in court on Aug. 16.
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Top image via Singapore Police Force