The Singapore Police Force has reported the arrest of 10 individuals following a series of coordinated raids targeting a suspected money laundering operation. In these operations, assets valued at approximately one billion Singapore dollars (equivalent to $737 million) were confiscated. The raids, which took place across Singapore, were part of an investigation into activities believed to be connected to overseas organized crime, including scams and online gambling.
The seized assets include 94 properties, 50 luxury vehicles, along with cash, luxury bags, jewelry, watches, electronic devices, fine wine, documents related to virtual assets, and a collection of ‘Bearbrick’ ornaments. The individuals arrested in these raids hail from various countries, including China, Turkey, Cambodia, Cyprus, and Vanuatu, and range in age from 31 to 44.
Over 400 officers were involved in the operation, apprehending suspects in luxury bungalows and condominiums located in some of Singapore’s most affluent neighborhoods. While eight suspects are reportedly still at large, 12 others are currently assisting with the investigation.
The Singapore Police Force indicated that the investigation is ongoing and additional assets may be seized or bank accounts frozen in the future. Singapore, recognized as a global financial hub, has stringent laws against money laundering, with convictions carrying prison sentences of up to 10 years.
The Monetary Authority of Singapore, the nation’s central bank, has also issued a statement, noting that it is in communication with financial institutions where the suspected tainted funds have been identified, although these institutions have not been publicly named. This action underscores Singapore’s commitment to combating financial crimes and maintaining the integrity of its financial system.
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