SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
The authorities received information of likely illicit actions may include using believed created records applied to substantiate the source of funds in Singapore financial account.
Ten foreigners have been jailed by the Singapore Police Force (SPF) for alleged money laundering of an estimated worth of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums and possessed luxury autos. This is according to a Facebook article by the SPF on Aug 16.
The SPF says that 12 additional people are helping with cases and eight more are already wanted, with assumed associations among themselves.
After inspection, they determined a team of international nationals believed to be associated with laundering the profits of crime from their international organised criminal activity activities consisting of shams and even online gambling.
Likewise confiscated was around $23 million in cash money, more than 250 luxury bags and watches, greater than 120 electronic equipments such as computers and mobile phones, greater than 270 items of jewelry, two gold bars, and also 11 documents with info on digital properties.
If pronounced guilty, the offense of money laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately ten years, or a damages of as much as $500,000, or both.
Furthermore, greater than 35 related savings account were taken, with a complete projected balance of over $110 million for investigations and to stop moves of the believed criminal profits.
Following the raid, prohibition of disposal orders was released versus 94 buildings as well as 50 motor vehicles, with an overall determined worth of greater than $815 million, along with multiple accessories plus bottles of liquor and wine.
On Aug 15, over 400 policemans from 4 departments in the SPF conducted raids at several areas island-wide, causing the apprehension of the ten people, aged 31 to 44.