Gold, watches and other luxury items totaling $1.75B seized in Singapore money laundering scheme
abcnews.go.comSingapore police say they have uncovered more luxury watches, gold bars and other assets from a massive money laundering scheme that was busted last month, bringing the total amount of assets seized or frozen to $1.75 billion
KUALA LUMPUR, Malaysia — Singapore police say they have uncovered more luxury watches, gold bars and other assets from a massive money laundering scheme that was busted last month, bringing the total amount of assets seized or frozen to 2.4 billion Singapore dollars ($1.75 billion).
The police had launched further operations related to a group of foreign nationals suspected to be involved in laundering the proceeds of their organized criminal activities, including scams and online gambling, police said in a statement on Wednesday.
The latest action followed multiple other raids across the city-state last month that saw properties, vehicles, luxury goods and gold bars worth SG$1 billion ($731 million) seized or frozen. Nine men and a woman from Cyprus, Turkey, China, Cambodia and Vanuatu have been charged in court.
The case has cast a shadow on Singapore's status as a financial hub known for its low crime and clean image.
The latest operations saw additional assets seized or frozen, with the total estimate growing to SG$2.4 billion ($1.75 billion), police said Wednesday. This included bank accounts with a total estimated value of more than SG$1.127 billion ($824 million) and cash of more than SG$76 million ($55 million).
Police also seized 68 gold bars, 294 luxury bags, 164 luxury watches, 546 pieces of jewelry, 204 electronic devices and cryptocurrencies worth more than SG$38 million ($28 million). The statement said that prohibition of disposal orders were been issued against more than 110
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