SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
On Aug 15, over 400 policemans from 4 units in the SPF conducted captures at several places island-wide, causing the apprehension of the ten persons, aged 31 to 44.
After investigation, they identified a group of overseas nationals suspected to be involved in laundering the earnings of criminal offense from their overseas organised unlawful act activities including shams along with on the internet betting.
Following the raid, restriction of disposal orders was provided against 94 real estates and 50 vehicles, with a total determined value of more than $815 million, plus multiple accessories plus containers of liquor and also wine.
If convicted, the offence of money laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for around 10 years, or a damages of up to $500,000, or both.
Also seized was around $23 million in cash, greater than 250 high-end bags and watches, more than 120 digital gadgets such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, and 11 papers with information on virtual possessions.
The SPF says that twelve other persons are helping with cases and also 8 other are currently looked for, with concluded associations between themselves.
Ten immigrants have been jailed by the Singapore Police Force (SPF) for alleged money laundering of an approximated price of $1 billion possessions in the sort of good class bungalows (GCBs), premium apartments and also possessed high-end automobiles. This is according to a Facebook post by the SPF on Aug 16.
The law enforcements got information of likely illegal events including using presumed built records utilized to corroborate the source of funds in Singapore bank accounts.
Additionally, more than 35 relevant savings account were confiscated, with a complete projected balance of over $110 million for probes and to stop moves of the presumed criminal profits.
