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 a determined worth of $1 billion properties in the kind of good class bungalows (GCBs), high-end residences and possessed deluxe automobiles. This is according to a Facebook article by the SPF on Aug 16.
The SPF states that twelve other ones are facilitating with cases and also eight more are now looked for, with believed connections amongst themselves.
Also taken was around $23 million in money, more than 250 luxury bags and watches, greater than 120 digital equipments such as computers and smart phones, greater than 270 items of jewellery, two gold bars, as well as 11 papers with info on online possessions.
If founded guilty, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for up to ten years, or a damages of as much as $500,000, or both.
The law enforcements received details of possible prohibited events including the use of presumed created records applied to confirm the source of funds in Singapore account.
Following the raid, restriction of disposal orders was released versus 94 properties as well as 50 autos, with a total approximated value of greater than $815 million, along with multiple accessories and bottles of liquor as well as wine.
On Aug 15, over 400 officers from four departments in the SPF conducted busts at several areas island-wide, resulting in the arrest of the ten people, aged 31 to 44.
After examination, they determined a group of foreign nationals thought to be associated with laundering the proceeds of criminal offense from their international ordered unlawful act events including frauds along with on the internet gambling.
On top of that, more than 35 associated savings account were confiscated, with an overall projected balance of over $110 million for investigations and to stop movements of the believed criminal proceeds.