On Wednesday, the Singapore Police confirmed the arrest of ten persons for alleged involvement in money laundering, fraud, and gambling. In a statement by the law enforcement agency, it added that it also seized 94 real estate properties, and cash and crypto assets worth $1 billion from the suspects.
Also, the Police said the arrested persons were between the age of 31 and 44 and reportedly have connections with one another. Likewise, it revealed that they are neither Singapore citizens nor permanent residents. They are identified as citizens of Cypriot, Turkish, Chinese, Cambodian and Ni-Vanuatu.
In the press statement, the police revealed that it arrested the suspects based on the intelligence report it received about illicit activities involving several Singapore bank accounts. As revealed, the suspects allegedly forged documents to substantiate source of funds in those accounts. Later, extensive investigations into the issue revealed the arrested foreign nationals as the masterminds of the crime. According to the Police, these suspects allegedly laundered the proceeds of their crime from overseas into those accounts.
More so, the law enforcement agency further revealed that over 400 of its officers were deployed on Tuesday to make the arrest. Eventually, the team made the arrests of the suspects at different locations including residences like Good Class Bungalows. After the arrest, it secured a prohibition order against 94 real estate properties, and 50 vehicles belonging to the suspects. These properties were worth $815 million.
Similarly, the Singapore Police also froze $110 million from 35 bank accounts allegedly connected to them. Also, it confirmed the seizure of crypto holdings and cash including foreign currencies worth $23 million, 250 luxury bags and watches, 270 pieces of jewelry, and many more. According to the police, it plans to charge the nabbed suspects to court immediately.
Clampdown on money laundering and fraud in Singapore
Worthy of note that authorities in Singapore want to combat every form of money laundering and fraud drastically. A few days ago, the Police nabbed ten suspects for their involvement in bank-related malware scams. The suspects allegedly leveraged the flaw to carry out unauthorized transactions from the accounts of their victims. According to reports, the Police picked up the suspects in its islandwide operation which unfolded around July 31 and Aug 11, 2023.
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