SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 foreigners have been apprehended by the Singapore Police Force (SPF) for supposed money laundering of an estimated worth of $1 billion assets in the sort of good class bungalows (GCBs), high-end apartments and also possessed deluxe vehicles. This is according to a Facebook update by the SPF on Aug 16.
The SPF states that twelve additional persons are facilitating with investigations and also 8 other are currently looked for, with assumed connections amongst themselves.
After inspection, they recognized a team of international nationals suspected to be associated with laundering the earnings of criminal offense from their international ordered crime activities consisting of shams and online gambling.
Following the raid, restriction of disposal orders was released against 94 properties and also 50 vehicles, with an overall estimated worth of more than $815 million, and multiple ornaments and containers of alcohol and wine.
On Aug 15, over 400 policemans from 4 departments in the SPF carried out raids at numerous places island-wide, bring about the arrest of the ten people, aged 31 to 44.
The authorities received information of possible illicit events including the use of presumed built papers applied to substantiate the supply of funds in Singapore bank accounts.
Additionally, greater than 35 related bank accounts were confiscated, with a complete calculated balance of over $110 million for probes moreover to avoid movements of the believed criminal profits.
Likewise confiscated was about $23 million in cash, more than 250 deluxe bags including watches, greater than 120 digital equipments such as computers and mobile phones, more than 270 pieces of jewelry, two gold bars, and also 11 papers with information on online possessions.
If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a damages of approximately $500,000, or both.