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Singapore Police Arrest Over 10 People For $1 Billion Money Laundering Scheme

Key Points:

Singapore police arrested more than 10 people for money laundering and forgery.
94 real estate properties and a large amount of cash and cryptocurrency were seized, totaling over $1 billion USD.
Most of those arrested were Chinese and Cambodian nationals involved in organized crime activities, including scams and online gambling.

Singapore police arrested over 10 people for money laundering and forgery, seizing 94 properties, cash, and cryptocurrency valued at over $1 billion USD.

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

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Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.