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

10 foreigners have been jailed by the Singapore Police Force (SPF) for supposed money laundering of an estimated price of $1 billion possessions in the kind of good class bungalows (GCBs), high-end residences and owned deluxe cars. This is according to a Facebook content by the SPF on Aug 16.

On Aug 15, over 400 officers from 4 departments in the SPF conducted raids at several locations island-wide, leading to the apprehension of the ten persons, aged 31 to 44.

The SPF states that 12 other ones are facilitating with cases and also 8 more are now looked for, with assumed associations between themselves.

The cops received details of possible illegal actions involving using presumed built documents applied to substantiate the supply of funds in Singapore account.

Also confiscated was about $23 million in money, more than 250 high-end bags and watches, at least 120 digital equipments such as computers and mobile phones, greater than 270 items of jewellery, two gold bars, and also 11 files with info on virtual assets.

Midtown Bay condominium

If convicted, the offence of cash laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for approximately ten years, or a fine of up to $500,000, or both.

Additionally, greater than 35 associated checking account were seized, with an overall calculated balance of over $110 million for inspections and to prevent movements of the suspected criminal earnings.

Following the raid, restriction of disposal orders was provided against 94 properties as well as 50 motor vehicles, with a complete estimated value of greater than $815 million, plus several accessories and containers of alcohol and wine.

After examination, they identified a group of international nationals thought to be associated with laundering the earnings of criminal offense from their overseas organised crime events consisting of scams and even on-line betting.

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