In connection with an ongoing investigation into money laundering, the Singapore Police Force has seized additional assets, bringing the total amount of seized money to almost S$2.4 billion ($1.76 billion). Since the initial procedure in August, the reported number has increased by twofold.
According to a statement released by the police on September 20, more asset seizures took place as a result of subsequent operations. Over S$76 million in cash, S$38 million ($27.8 million) in cryptocurrency, 294 designer bags, 546 pieces of jewellery, 68 gold bars, 204 electronic devices, and 164 luxury watches, valued at over S$1.127 million ($825,000), are among the items that have already been confiscated. With a total worth of S$1.2 million, the quantity of properties and vehicles subject to prohibited disposal orders has climbed to 110 and 64, respectively.
The ongoing money laundering investigation, which involves 10 foreign citizens of Chinese descent with passports from Cyprus, Turkey, Cambodia, Ni-Vanuatu, and China, is one of Singapore‘s biggest crackdowns. Authorities conducted home raids in August and detained foreign nationals who were accused of forgery and money laundering. Despite the fact that the suspects have been detained, the police reported that 12 persons are helping with the investigation while another eight remain at large. At that time, the value of the assets and cash that had been frozen exceeded S$1 billion ($737 million). Prosecutors claim that the amount later grew to S$1.8 billion in September as a result of additional inquiries.