Singapore authorities reported that they had arrested ten foreigners and charged them with a money laundering probe following the seizure of nearly $1 billion in assets.
Police revealed that the assets they seized from the suspects included cash, properties, luxury cars, and others. A statement revealed that law enforcement personnel conducted simultaneous raids across the city-state to arrest the ten foreigners on Tuesday.
Singapore Arrests 10 Amid Money Laundering Probe
Authorities prohibited disposal orders against nearly 100 properties and more than four dozen vehicles with an estimated value of almost $600 million. Law enforcement also made other seizures, including bank accounts, cash, luxury bags, jewelry, watches, electronic devices, and documents containing information regarding virtual assets.
Singapore police revealed that they arrested and charged foreigners aged between 31 and 44. They also noted that the suspects' nationalities included Cambodian, Chinese, Cypriot, Ni-Vanuatu, and Turkish.
The country's central bank released a separate statement saying it had already been in touch with the financial institutions (FIs) where the potentially fraudulent funds were identified. It added that supervisory engagements were already ongoing with the FIs, but did not name them, as per Reuters.
Officials identified three Chinese nationals among the arrested foreigners as 44-year-old Zhang Rujin, 43-year-old Lun Baoying, and 31-year-old Wong Baosen. All suspects' names were released after they were charged in court.
Six of the individuals were arrested at their residences located at Good Class Bungalows, with one of whom was arrested at a bungalow in the ultra-luxurious Sentosa Cove. It is known as Singapore's version of Monte Carlo. Law enforcement arrested three of the suspects at condominium units.
There are 12 others who are assisting police investigations, and eight individuals are still wanted by authorities. None of the people involved in the money laundering allegations are Singaporeans.
The Singapore Police Force said their officers received information regarding potential illicit activities, including using suspected forged documents. According to the South China Morning Post, these were used to substantiate the source of funds hidden inside Singapore bank accounts.
Nearly $1 Billion in Assets
The force added that they identified a group of foreign nationals suspected to be involved in money laundering through extensive investigations and follow-up from intelligence. The money the suspects used is believed to have come from their overseas organized crime activities, including scams and online gambling.
The suspects were found to have 35 related bank accounts with a total estimated balance of more than $80 million seized to prevent attempted transfers. Police also said they could take more enforcement action related to the investigation.
The suspects included a 40-year-old man who jumped out of the second-floor balcony of a GCB in his desperate attempt to flee from authorities. He was later found by police hiding inside a drain.
Authorities identified other suspects as 40-year-old Su Haijin, 42-year-old Vang Shuiming, 41-year-old Su Baolin, 35-year-old Su Jiangfeng, and 34-year-old Wang Dehai. The individuals arrested who were not Chinese had foreign passports that were supposedly issued by China and other countries, such as Turkey and the Dominican Republic, said Channel News Asia.
Related Article: US Pledges Funds To Support Ecuador's Anti-Drug Initiatives
