S’pore money laundering case among world’s largest with assets seized worth over $2.8b

Following islandwide raids on Aug 15, assets seized or issued with prohibition of disposal orders is now worth more than $2.8 billion.

She said the authorities were alerted in 2021 when they picked up several signals, including the use of suspected forged documents to support sources of funds in bank accounts here. She said the police’s aim was to develop as full a picture as possible of the suspects and their associates, their suspected criminal activities, and their assets, before moving against them.“More and more individuals were implicated in the alleged money laundering operation, and more and more of their assets held in Singapore were discovered. The police painstakingly and discreetly traced their ties and assets.

“In this case, we started investigations because we suspected that offences had been committed in Singapore. Once we confirmed our suspicions, we acted.”In an update on the case, which is currently before the courts, Mrs Teo said the proceeds likely came from criminal activities abroad, including illegal online gambling and unlicensed moneylending.

Other items include thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 294 luxury bags, 164 branded watches and 546 pieces of jewellery.“Some charities have decided on their own to ringfence these donations. Others have made police reports and plan to surrender the monies to the police,” she said.

She added: “Anyone who is found complicit in wrongdoing after ongoing investigations will be dealt with in accordance with the law, regardless of their immigration status or whether they are Singapore citizens.”Property transactions in $2.8b money laundering case likely had minimal impact on prices: Indranee

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