>

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

By Nicole Lim,

The Edge Singapore

/ EdgeProp Singapore |

August 16, 2023 9:16 PM SGT

The Singapore Police Force said that ten foreigners were arrested; also seized was about $23 million in cash, and 35 bank accounts with estimated balance of $110 million. Photo: Singapore Police Force Facebook

Join our Telegram channel and follow our Facebook for the latest update.

Ten foreigners have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an estimated value of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums and owned luxury cars. This is according to a Facebook post by the SPF on Aug 16.

The SPF says that 12 other persons are assisting with investigations and eight other are currently wanted, with believed connections amongst themselves.

The police received information of possible illicit activities including the use of suspected forged documents used to substantiate the source of funds in Singapore bank accounts.

After investigation, they identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.

On Aug 15, over 400 officers from four departments in the SPF conducted raids at multiple locations island-wide, leading to the arrest of the ten persons, aged 31 to 44.

Following the raid, prohibition of disposal orders was issued against 94 properties and 50 vehicles, with a total estimated value of more than $815 million, and multiple ornaments and bottles of liquor and wine.

In addition, more than 35 related bank accounts were seized, with a total estimated balance of over $110 million for investigations and to prevent transfers of the suspected criminal proceeds.

Also seized was about $23 million in cash, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, and 11 documents with information on virtual assets.

If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to $500,000, or both.

Read also: Property Unpacked: What makes a bungalow a GCB?

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Far East Shopping Centre’s $908 mil en bloc deal aborted

2

World’s largest Mercure Hotel opens on Club Street

3

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

4

The Residences at W Singapore Sentosa Cove relaunches at prices from $1,648 psf, 40% below the peak

5

Residential transactions with contracts dated March 26 to April 2 [DONE DEALS]

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

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

Related Articles