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 alleged money laundering of an estimated worth of $1 billion properties in the sort of good class bungalows (GCBs), high-end condos as well as had high-end automobiles. This is according to a Facebook post by the SPF on Aug 16.
Furthermore, more than 35 associated checking account were seized, with a complete projected balance of over $110 million for inspections moreover to avoid movements of the suspected criminal profits.
On Aug 15, over 400 policemans from 4 departments in the SPF carried out captures at several areas island-wide, bring about the apprehension of the ten persons, aged 31 to 44.
The SPF states that twelve different ones are assisting with probes and also eight other are currently looked for, with assumed associations between themselves.
Also confiscated was about $23 million in cash money, more than 250 luxury bags and watches, at least 120 electronic equipments such as computers and mobile phones, more than 270 items of jewelry, two gold bars, and 11 records with details on virtual properties.
The authorities obtained information of possible illegal events including the use of suspected built files used to corroborate the source of funds in Singapore account.
After examination, they recognized a group of overseas nationals presumed to be involved in laundering the profits of criminal activity from their international organised unlawful act activities including scams along with on-line gambling.
If convicted, the offense of money laundering for people under Section 54 of the CDSA 1992 is punishable with jail time for approximately 10 years, or a penalty of as much as $500,000, or both.
Following the raid, prohibition of disposal orders was issued versus 94 buildings as well as 50 autos, with a complete determined value of more than $815 million, plus several ornaments also bottles of booze as well as wine.