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 an approximated value of $1 billion assets in the kind of good class bungalows (GCBs), premium residences and possessed luxury vehicles. This is according to a Facebook article by the SPF on Aug 16.
If pronounced guilty, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with jail time for approximately 10 years, or a damages of as much as $500,000, or both.
The law enforcements received information of possible illegal activities including using suspected created papers utilized to substantiate the source of funds in Singapore funds.
After investigation, they identified a team of international nationals thought to be associated with laundering the earnings of criminal offense from their international ordered criminal activity activities including scams along with online gambling.
The SPF states that twelve other people are facilitating with probes and eight more are now wanted, with concluded affiliations amongst themselves.
Also seized was around $23 million in cash, greater than 250 luxury bags plus watches, at least 120 electronic devices such as computers and cellphones, more than 270 items of jewellery, 2 gold bars, and also 11 papers with information on digital possessions.
Following the raid, restriction of disposal orders was provided against 94 properties and also 50 autos, with a total estimated worth of greater than $815 million, plus numerous accessories and bottles of liquor and wine.
Pinetree Hill showflat location
On Aug 15, over 400 policemans from 4 departments in the SPF conducted busts at multiple places island-wide, causing the arrest of the ten people, aged 31 to 44.
Additionally, greater than 35 related checking account were taken, with a complete projected balance of over $110 million for investigations moreover to avoid movements of the believed criminal proceeds.
