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

If founded guilty, the offense of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for around one decade, or a fine of up to $500,000, or both.

Additionally confiscated was about $23 million in cash, greater than 250 high-end bags plus watches, greater than 120 electronic gadgets such as computers and smart phones, greater than 270 items of jewellery, 2 gold bars, and also 11 records with information on online assets.

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Additionally, more than 35 associated savings account were confiscated, with a complete estimated balance of over $110 million for investigations moreover to avoid moves of the presumed criminal profits.

The cops got info of possible illegal actions including using believed built documents used to substantiate the supply of funds in Singapore financial account.

Ten immigrants have been detained by the Singapore Police Force (SPF) for supposed money laundering of a determined worth of $1 billion properties in the kind of good class bungalows (GCBs), premium apartments as well as possessed deluxe cars. This is according to a Facebook post by the SPF on Aug 16.

After investigation, they identified a team of overseas nationals believed to be involved in laundering the earnings of criminal activity from their foreign organised crime acts consisting of frauds along with on the internet betting.

The SPF claims that twelve different persons are helping with cases and eight other are currently looked for, with concluded affiliations between themselves.

Following the raid, prohibition of disposal orders was released versus 94 real estates and 50 vehicles, with a total approximated worth of more than $815 million, along with multiple ornaments also bottles of alcohol as well as wine.

On Aug 15, over 400 officers from four units in the SPF carried out raids at multiple areas island-wide, causing the apprehension of the 10 persons, aged 31 to 44.


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