SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
If pronounced guilty, the offense of money laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for around 10 years, or a fine of as much as $500,000, or both.
Likewise seized was about $23 million in cash, more than 250 luxury bags including watches, greater than 120 electronic devices such as computers and smart phones, greater than 270 pieces of jewellery, two gold bars, and 11 records with information on digital assets.
In addition, greater than 35 associated checking account were confiscated, with an overall projected balance of over $110 million for inspections and to stop movements of the suspected criminal earnings.
After investigation, they recognized a team of international nationals suspected to be associated with laundering the proceeds of crime from their international ordered crime acts consisting of frauds and on-line gaming.
Following the raid, prohibition of disposal orders was issued against 94 real estates as well as 50 autos, with a complete approximated worth of greater than $815 million, along with multiple accessories plus bottles of alcohol as well as wine.
The SPF claims that 12 additional people are assisting with cases and also eight more are now wanted, with assumed affiliations between themselves.
The cops got info of potential prohibited actions involving using believed forged files utilized to substantiate the source of funds in Singapore financial account.
On Aug 15, over 400 policemans from four units in the SPF conducted raids at multiple places island-wide, causing the apprehension of the 10 people, aged 31 to 44.
Ten immigrants have been detained by the Singapore Police Force (SPF) for alleged money laundering of an estimated price of $1 billion assets in the kind of good class bungalows (GCBs), high-end residences as well as owned luxury cars. This is according to a Facebook update by the SPF on Aug 16.