Key Points:
Singapore police recently announced the arrest of more than ten people and the search for eight suspects on suspicion of money laundering, forgery, and other offenses. Most of those arrested were Chinese and Cambodian nationals, and the police seized 94 real estate properties and a large amount of cash and cryptocurrency, involving more than $1 billion USD.
The police received information about possible illicit activities that included the use of suspected forged documents to substantiate the source of funds in Singapore bank accounts.
Through extensive investigations and follow-up from intelligence – including the analysis of Suspicious Transaction Reports (STRs) – the police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organized crime activities including scams and online gambling.
On August 15th, 2023, more than 400 officers from various departments conducted simultaneous raids at multiple locations islandwide, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the ten persons.
Prohibition of disposal orders was issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments, bottles of liquor and wine, and more.
All ten persons will be charged in court on August 16th, 2023, and the case facts are as follows:
| Person | Age | Nationality | Total Money (S$) | Properties Seized | Vehicles Seized | Bank Accounts Frozen |
|---|---|---|---|---|---|---|
| 1 | 40 | Cypriot | 2,100,000 | 13 | 5 | 4 |
| 2 | 42 | Turkish | 720,000 | 4 | 3 | 2 |
| 3 | 44 | PRC | 7,600,000 | 9 | 5 | 1 |
| 4 | 41 | Cambodian | 777,000 | 7 | 6 | 3 |
| 5 | 35 | Ni-Vanuatu | 1,400,000 | 13 | 4 | 6 |
| 6 | 33 | Cambodian | 600,000 | 1 | 3 | 2 |
| 7 | 34 | Cypriot | 2,200,000 | 1 | 2 | 5 |
| 8 | 31 | PRC | 112,000 | 1 | 1 | – |
| 9 | 31 | Cambodian | 600,000 | 2 | 2 | 8 |
| 10 | – | – | 6,700,000 | 29 | 15 | 1 |
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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