Singapore Police Force has busted one of the country’s biggest money laundering cases involving about US$750 million worth of properties, luxury watches, bags as well as expensive wines and whiskies.
Ten people, three of whom believed to be Chinese nationals and seven others with Chinese passports, were arrested in relation to laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.
During the police raid on August 15, police prohibited the disposal of 94 properties and 50 vehicles including Bentleys and Rolls Royce, with a total estimated value of more than S$815 million.
Photos released by Singapore police also showed cases of Macallan and a cellar full of the famous scotch and fine wines.
Cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags including various Hermes and watches were also uncovered during the police raids carried out simultaneously at high-end bungalows and luxury condominiums.
Other valuables seized include 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.
The police investigation is still ongoing and eight other people are still wanted by the police.
According to Singapore laws, money laundering is punishable with imprisonment for up to 10 years, or a fine of up to S$500,000, or both. Forgery for the purpose of is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.