$1.76 billion seized by Singapore authorities in biggest money laundering case ever!!!
21/09/2023
The total value of assets seized in Singapore's biggest money laundering case has swelled to S$2.4 billion ($1.76 billion), police said on Wednesday, 20 Sept..
During the raids, police seized S$1 billion worth of assets, including bank accounts, cash, luxury homes, cars, bags, watches and two gold bars.
The assets now include.
- Cash amounting to more than S$76 million,
- 68 gold bars,
- Cryptocurrencies of more than S$38 million,
- More than 110 properties and
- 62 vehicles worth more than S$1.2 million.
Last month, 400 police officers ran simultaneous raids across Singapore and arrested 10 foreigners in an anti-money laundering swoop.
Police have said the 10 suspects were allegedly "laundering the proceeds of their overseas organised crime activities, including scams and online gambling".
The 10 also had various passports from Cyprus, Cambodia, Dominica, China, Turkey and Vanuatu.
The large amounts seized in the case have been the talk of the town in Singapore, which has attracted vast investments and private wealth since the pandemic but is generally known for having low crime rates.
The latest figures from the central bank show that total assets under management in Singapore rose 16% in 2021 to S$5.4 trillion, compared with a global increase of 12% to $112 trillion the same year.
SINGAPORE, Sept 21 (Reuters) -
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