Singapore seizes assets valued at US$1.76bn in money laundering case

Police arrested ten foreign people last month.
Police arrested ten foreign people last month.

Assets seized include cash, gold bars, cryptocurrency, properties and vehicles.

Singapore.- Authorities have reported that they have seized assets worth S$2.4bn (US$1.76bn) following the arrest of ten people on suspicion of involvement in money laundering last month. The assets include more than S$76 million in cash, 68 gold bars, cryptocurrencies valued at over S$38m, more than 110 properties and a fleet of 62 vehicles worth over S$1.2m.

The arrests were made last month when 400 police officers simultaneously conducted raids across Singapore, resulting in the apprehension of 10 foreign nationals. Police were seeking eight other people. None of the suspects possesses citizenship or permanent residency in Singapore, holding passports from countries including China, Turkey, Cambodia and Vanuatu.

Initially, police reported seizing assets worth S$1b. This figure was revised upwards to S$1.8bn in early September. Investigations led to the discovery of additional assets held in Swiss banks.

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