SPF seizes $1 billion assets in form of GCBs, cars and property, in money laundering raid

Singapore Police Force (SPF) posted on Facebook page on Aug 16 that ten foreigners were arrested for alleged money laundering of an estimated value of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums and owned super cars. 12 other persons, accordingly to the police, are assisting with investigations and there are eight wanted criminals with believed connections amongst themselves. The police gotten tip off from reliable source of potential illegal activities including the forgery of documents to obtain legit secured loans for money laundering. a group of foreign nationals were identified to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling After investigation over 400 officers from four departments in the SPF were deployed to perform raids at multiple locations island-wide, leading to the arrest of the ten persons, aged 31 to 44. prohibition of disposal orders was issued against 94 properties and 50 vehicles, with a total estimated value of more than $815 million, and multiple ornaments and bottles of liquor and wine Following the raid. Apart from that, more than 35 related bank accounts were also seized, with a total estimated balance of over $110 million for investigations and to prevent transfers of the suspected criminal proceeds. $23 million cash, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, and 11 documents with information on virtual assets were also seized during the raid.

Chuan Park Condo Developer Singapore

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