10 Foreigners Arrested For Alleged Money Laundering Activities, S’pore Police Seize S$1B Worth Of Assets

Singapore Police Arrest 10 Foreigners For Suspected Money Laundering Activities On 15 Aug

The Singapore Police Force (SPF) has arrested 10 foreigners for their suspected involvement in money laundering offences. They also seized about S$1 billion worth of cash and assets in the process.

One of the suspects allegedly jumped from the second floor of his Good Class Bungalow (GCB) to presumably evade arrest.

Eight individuals, believed to have connections to those arrested, remain at large.

Police arrest 10 foreigners in simultaneous raids on 15 Aug

In a Facebook post today (16 Aug), the SPF elaborated in detail about the recent raids and arrests.

On Tuesday (15 Aug), they deployed more than 400 officers from various departments to conduct simultaneous raids at multiple locations. These included residences such as GCBs and condominiums.

During the raids, officers arrested 10 foreigners including:

• Three PRC nationals
• Three Cambodian nationals
• Two Cypriot nationals
• One Ni-Vanuatu national
• One Turkish national

Even though the suspects were of different nationalities, they all had in possession foreign passports believed to be issued by other countries.

One of the Cypriot nationals reportedly jumped from the second floor of his GCB when police arrived at his residence.

Officers eventually found him hiding in a drain. The 40-year-old sustained injuries as a result of the jump and was conveyed to the hospital.

All 10 suspects will be charged for offences including forgery and/or money laundering.

Police seize S$815 million worth of properties & vehicles

In total, the police seized more than S$23 million in cash and 35 bank accounts with a total balance of more than S$110 million.

They also issued prohibition of disposal orders against 94 properties and 50 vehicles. These assets reportedly carry a total value of more than S$815 million.

Luxury bags, watches, jewellery and gold bars, were among the other items that the police seized.

12 individuals are assisting with investigations. Another eight are currently at large.

Foreigners suspected of laundering money from organised crime activities

In their lengthy post, SPF shared that they became aware of “possible illicit activities” involving the use of forged documents.

Individuals had reportedly used these documents to substantiate the source of funds in local bank accounts.

SPF identified the group of foreigners after conducting extensive investigations.

These foreign nationals are suspected to be involved in laundering proceeds from organised crime activities overseas.

Also read: 

S’pore & M’sia Police Bust Fake Friend Scam Syndicate Targeting S’poreans In Johor, 12 Arrested

During the course of the ongoing investigations, the police may seize more assets or issue more prohibition of disposal orders.

To read about the case in further detail, you may read the SPF’s post in full here.

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Featured image adapted from Singapore Police Force on Facebook.