SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
On Aug 15, over 400 officers from four departments in the SPF performed raids at multiple places island-wide, bring about the apprehension of the ten individuals, aged 31 to 44.
Following the raid, restriction of disposal orders was provided versus 94 real estates and 50 motor vehicles, with a complete approximated worth of more than $815 million, plus several accessories plus containers of liquor and also wine.
Additionally, more than 35 related checking account were confiscated, with an overall estimated balance of over $110 million for inspections and to avoid movements of the presumed criminal profits.
Ten foreigners have been jailed by the Singapore Police Force (SPF) for alleged money laundering of a determined price of $1 billion possessions in the sort of good class bungalows (GCBs), premium condos and also possessed luxury automobiles. This is according to a Facebook article by the SPF on Aug 16.
After examination, they identified a group of foreign nationals thought to be associated with laundering the profits of crime from their international ordered crime events including scams and even on the internet gambling.
If founded guilty, the offence of money laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately one decade, or a fine of as much as $500,000, or both.
Additionally seized was around $23 million in cash, more than 250 high-end bags plus watches, more than 120 digital devices such as computers and cellphones, more than 270 pieces of jewelry, 2 gold bars, and 11 documents with info on online properties.
The law enforcements obtained information of possible illegal events involving making use of suspected forged documents applied to corroborate the source of funds in Singapore account.
The SPF says that twelve additional ones are facilitating with probes and also eight other are now looked for, with believed associations amongst themselves.