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

10 foreigners have been apprehended by the Singapore Police Force (SPF) for supposed money laundering of a determined worth of $1 billion properties in the form of good class bungalows (GCBs), premium apartments and also possessed luxury vehicles. This is according to a Facebook content by the SPF on Aug 16.

Following the raid, prohibition of disposal orders was issued versus 94 properties and 50 autos, with an overall determined value of greater than $815 million, plus several accessories plus bottles of booze as well as wine.

The SPF says that 12 additional ones are facilitating with probes and also eight other are already looked for, with concluded affiliations among themselves.

If convicted, the offense of cash laundering for people under Section 54 of the CDSA 1992 is punishable with imprisonment for around 10 years, or a penalty of approximately $500,000, or both.

On Aug 15, over 400 policemans from four units in the SPF carried out busts at several areas island-wide, causing the apprehension of the ten individuals, aged 31 to 44.

After investigation, they recognized a team of foreign nationals thought to be involved in laundering the proceeds of criminal activity from their international ordered crime events including frauds and even on-line gambling.

Tembusu Grand condominium

Furthermore, more than 35 relevant bank accounts were taken, with a total calculated balance of over $110 million for investigations and to avoid transfers of the presumed criminal earnings.

Also seized was around $23 million in money, greater than 250 deluxe bags plus watches, at least 120 electronic gadgets such as computers and smart phones, more than 270 pieces of jewellery, two gold bars, and also 11 records with information on online possessions.

The cops obtained information of possible illegal activities may include using presumed created files applied to substantiate the source of funds in Singapore bank accounts.

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