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

10 foreigners have been jailed by the Singapore Police Force (SPF) for supposed money laundering of an approximated value of $1 billion properties in the sort of good class bungalows (GCBs), premium condos and possessed luxury autos. This is according to a Facebook update by the SPF on Aug 16.

Sceneca Residences Tanah Merah price

Furthermore, greater than 35 associated bank accounts were seized, with a total projected balance of over $110 million for inspections and to stop movements of the believed criminal earnings.

Likewise confiscated was about $23 million in cash money, greater than 250 high-end bags plus watches, more than 120 electronic equipments such as computers and cellphones, greater than 270 pieces of jewellery, two gold bars, as well as 11 documents with information on virtual assets.

On Aug 15, over 400 police officers from four divisions in the SPF performed captures at numerous locations island-wide, causing the apprehension of the 10 people, aged 31 to 44.

The SPF claims that 12 additional people are helping with probes and 8 more are now looked for, with assumed affiliations amongst themselves.

If pronounced guilty, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a damages of approximately $500,000, or both.

After investigation, they recognized a team of foreign nationals thought to be associated with laundering the profits of crime from their international ordered unlawful act activities consisting of frauds along with online gaming.

The cops obtained details of possible illicit activities involving making use of presumed forged papers used to substantiate the supply of funds in Singapore account.

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, and numerous ornaments and bottles of alcohol and wine.

error: Content is protected !!