SINGAPORE – A total of 54 properties, 33 vehicles, and 11 country club memberships linked to a $3 billion money laundering case have been liquidated by the Government as of 2024.
Proceeds from the sale of these non-cash assets will be allocated to the Consolidated Fund, according to Minister for Home Affairs and Law K. Shanmugam in a written response to a parliamentary question on February 26.
As of December 2024, approximately $1.8 million has been transferred into the Consolidated Fund, with an additional $390 million, including liquidation proceeds, pending transfer for the 2024 financial year.
Mr. Shanmugam was responding to a query from Non-Constituency MP Leong Mun Wai regarding the proportion of non-cash assets that have been sold and deposited into the fund. Mr. Leong also inquired about the total value of seized assets and the costs incurred by law enforcement in maintaining them.
To date, around $2.79 billion in assets associated with the case have been surrendered to the Government. Of this amount, $1.54 billion consisted of cash or financial assets, while the remainder included properties, vehicles, and other high-value items.
Mr. Shanmugam noted that the police incurred approximately $600,000 in maintenance costs for these assets during the 2023 financial year. He stated that these figures are tracked on an annual basis.
In January 2024, The Straits Times reported that authorities had confiscated 207 properties, 77 vehicles, over $1.45 billion in bank accounts, and more than $76 million in cash across multiple currencies. Other seized assets included cryptocurrency valued at over $38 million, 68 gold bars, 483 luxury bags, 169 branded watches, 580 pieces of jewelry, and thousands of bottles of liquor and wine.
Ten individuals—nine men and one woman—were arrested during a police operation on August 15, 2023, and subsequently charged with offenses such as money laundering, forgery, and resisting arrest. All were later convicted and sentenced to prison terms ranging from 13 to 17 months. Upon completing their sentences, they were deported and prohibited from re-entering Singapore.
Authorities also identified an additional 17 individuals linked to the case, who left Singapore during the investigation. In November 2024, police announced that they had resolved matters with 15 of these individuals, who agreed to surrender assets valued at approximately $1.85 billion and were barred from returning to Singapore. Investigations into the remaining two individuals were ongoing, with assets worth around $144.9 million still under seizure or subject to prohibition of disposal orders.
The operation involved over 400 officers from various units, including the Criminal Investigation Department, Commercial Affairs Department, Special Operations Command, and the Police Intelligence Department.
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