SPF seizes $1 bil assets in form of GCBs, cars and property, in money laundering raid
After investigation, they identified a team of foreign nationals presumed to be associated with laundering the proceeds of criminal activity from their international ordered criminal activity activities including scams along with on the internet gaming.
The SPF states that twelve other ones are assisting with cases and 8 other are already looked for, with assumed affiliations between themselves.
Ten foreigners have been apprehended by the Singapore Police Force (SPF) for supposed money laundering of a determined worth of $1 billion assets in the form of good class bungalows (GCBs), premium condos as well as owned high-end autos. This is according to a Facebook post by the SPF on Aug 16.
The law enforcements got details of possible illicit actions may include using presumed created documents applied to substantiate the supply of funds in Singapore bank accounts.
If pronounced guilty, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with jail time for approximately ten years, or a penalty of as much as $500,000, or both.
Also taken was about $23 million in cash, more than 250 high-end bags plus watches, greater than 120 electronic gadgets such as computers and mobile phones, more than 270 items of jewellery, 2 gold bars, and 11 papers with details on digital assets.
Following the raid, restriction of disposal orders was provided versus 94 properties as well as 50 motor vehicles, with a total determined value of greater than $815 million, plus several ornaments also containers of liquor as well as wine.
In addition, greater than 35 related checking account were taken, with a complete estimated balance of over $110 million for probes moreover to stop moves of the suspected criminal proceeds.
On Aug 15, over 400 police officers from four units in the SPF conducted raids at multiple locations island-wide, leading to the arrest of the 10 individuals, aged 31 to 44.
