SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid

Following the raid, restriction of disposal orders was provided versus 94 real estates and 50 vehicles, with an overall determined value of greater than $815 million, along with several accessories plus bottles of booze and wine.

The SPF says that twelve different people are helping with investigations and eight other are currently looked for, with assumed connections amongst themselves.

If pronounced guilty, the offence of cash laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately 10 years, or a damages of as much as $500,000, or both.

The authorities got details of possible illicit activities may include using believed forged records applied to validate the source of funds in Singapore account.

One Bernam Singapore

On Aug 15, over 400 police officers from four departments in the SPF carried out busts at numerous locations island-wide, bring about the apprehension of the 10 individuals, aged 31 to 44.

Also seized was around $23 million in cash, more than 250 luxury bags plus watches, at least 120 digital devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, as well as 11 records with info on virtual properties.

Furthermore, more than 35 associated checking account were seized, with a complete projected balance of over $110 million for investigations moreover to stop movements of the suspected criminal proceeds.

After inspection, they determined a group of overseas nationals presumed to be involved in laundering the proceeds of criminal offense from their international organised criminal activity activities including shams and even online gambling.

Ten foreigners have been arrested 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 residences as well as possessed high-end cars. This is according to a Facebook content by the SPF on Aug 16.

Add Comment

error: Content is protected !!