SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
The SPF says that 12 additional people are assisting with investigations and eight more are now looked for, with assumed associations among themselves.
After investigation, they determined a group of foreign nationals presumed to be associated with laundering the earnings of criminal activity from their international organised unlawful act acts consisting of frauds and even on-line betting.
Following the raid, restriction of disposal orders was provided versus 94 properties and also 50 motor vehicles, with a complete estimated value of more than $815 million, plus numerous accessories also bottles of liquor and wine.
The law enforcements received information of potential illegal events involving the use of presumed created records utilized to confirm the supply of funds in Singapore funds.
Ten immigrants have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an approximated value of $1 billion assets in the sort of good class bungalows (GCBs), premium condominiums and also owned high-end autos. This is according to a Facebook article by the SPF on Aug 16.
On Aug 15, over 400 officers from 4 divisions in the SPF carried out raids at numerous areas island-wide, resulting in the arrest of the 10 people, aged 31 to 44.
Also taken was about $23 million in money, greater than 250 deluxe bags plus watches, greater than 120 digital equipments such as computers and smart phones, greater than 270 pieces of jewellery, two gold bars, and 11 papers with information on virtual assets.
Additionally, more than 35 associated checking account were taken, with a total projected balance of over $110 million for probes moreover to prevent transfers of the believed criminal profits.
If convicted, the offense of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to ten years, or a fine of as much as $500,000, or both.