SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
10 immigrants have been apprehended by the Singapore Police Force (SPF) for supposed money laundering of a determined worth of $1 billion properties in the kind of good class bungalows (GCBs), premium residences and owned deluxe vehicles. This is according to a Facebook update by the SPF on Aug 16.
Following the raid, prohibition of disposal orders was released against 94 buildings and 50 vehicles, with an overall approximated worth of more than $815 million, along with multiple ornaments and bottles of alcohol and also wine.
Also seized was around $23 million in money, more than 250 luxury bags including watches, greater than 120 electronic equipments such as computers and cellphones, greater than 270 items of jewelry, 2 gold bars, and also 11 records with information on virtual possessions.
In addition, more than 35 relevant checking account were seized, with an overall estimated balance of over $110 million for investigations moreover to stop moves of the presumed criminal earnings.
After examination, they recognized a group of overseas nationals suspected to be involved in laundering the earnings of criminal offense from their overseas ordered criminal activity acts including shams and on the internet gaming.
The Hill @ One North Singapore
If convicted, the offense of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately one decade, or a penalty of up to $500,000, or both.
The SPF states that twelve different persons are facilitating with probes and 8 other are currently wanted, with assumed associations between themselves.
On Aug 15, over 400 policemans from four departments in the SPF carried out captures at multiple locations island-wide, leading to the arrest of the 10 persons, aged 31 to 44.
The cops received info of possible prohibited events may include making use of presumed built files applied to substantiate the source of funds in Singapore account.
