Singapore: 10 foreign nationals arrested over seizure of $735 million in cash and assets

The arrested people are aged between  31 and 44.

"Twelve other persons are assisting with investigations and eight other persons are currently wanted by the Police. These persons are believed to have connections amongst themselves. All the persons involved are neither Singapore Citizens nor Permanent Residents," read a statement issued by the police.

"Through extensive investigations and follow-up from intelligence - including the analysis of Suspicious Transaction Reports (STRs) - the Police 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," read the statement.

On 15 August 2023, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the ten persons.

Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine.

The Police also seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent dissipation of suspected criminal proceeds.

Cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelleries, two gold bars, and 11 documents with information on virtual assets.

Police investigations are ongoing. More assets may be seized, bank accounts frozen, or prohibition of disposal orders issued, in the course of investigation.

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. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.

The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.

Director of the Commercial Affairs Department, David Chew, said, “We take the most serious stance against criminals laundering their criminal proceeds through our financial system. We will continue to work with law enforcement agencies and Financial Intelligence Units to detect, deter, and prevent Singapore from hosting such criminal elements."

"We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities. Our message to these criminals is simple - if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws," he said.