SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 foreigners have been detained by the Singapore Police Force (SPF) for alleged money laundering of an estimated value of $1 billion properties in the form of good class bungalows (GCBs), premium apartments as well as possessed luxury vehicles. This is according to a Facebook content by the SPF on Aug 16.
The cops received info of likely prohibited activities including making use of presumed built documents utilized to validate the source of funds in Singapore financial account.
Additionally seized was about $23 million in cash, more than 250 luxury bags and watches, greater than 120 electronic devices such as computers and smart phones, more than 270 items of jewellery, 2 gold bars, and 11 records with info on virtual assets.
On top of that, more than 35 associated checking account were taken, with a complete projected balance of over $110 million for investigations and to avoid movements of the suspected criminal proceeds.
After inspection, they identified a team of foreign nationals believed to be associated with laundering the earnings of criminal offense from their international organised criminal activity events consisting of shams along with online gaming.
If founded guilty, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with jail time for around 10 years, or a damages of up to $500,000, or both.
The SPF says that twelve different persons are facilitating with cases and also 8 more are already looked for, with assumed affiliations among themselves.
Following the raid, prohibition of disposal orders was issued against 94 buildings and also 50 motor vehicles, with a complete approximated worth of greater than $815 million, plus numerous ornaments also containers of liquor and also wine.
On Aug 15, over 400 policemans from four units in the SPF performed busts at several areas island-wide, causing the arrest of the 10 individuals, aged 31 to 44.