20-9-2023 (SINGAPORE) A massive transnational money laundering case in Singapore has grown significantly, with over S$2.4 billion (US$1.8 billion) in assets now seized or frozen, more than doubling the original estimate of S$1 billion. The case came to light in August when Singaporean police conducted raids and arrested 10 foreigners across the island. In early September, prosecutors updated the total value to S$1.8 billion.
Police have conducted further operations, leading to the seizure of additional assets and the issuance of prohibition of disposal orders. These assets include bank accounts worth over S$1.127 billion, foreign currency cash of more than S$76 million (up from S$110 million and S$23 million initially), 68 gold bars (up from two), 294 luxury bags, 164 luxury watches, 546 pieces of jewelry (up from 270), and 204 electronic devices like computers and mobile phones.
Prohibition of disposal orders has been issued for more than 110 properties and 62 vehicles, with a total estimated value exceeding S$1.242 billion (up from 105 and 50, respectively). Additionally, cryptocurrencies valued at over S$38 million, bottles of liquor, wine, and various ornaments have been seized.
The total value of seized or restricted assets has now surpassed S$2.4 billion, and investigations are ongoing. The 10 suspects, all of Chinese origin with various nationalities and passports, have been denied bail, and some are wanted by Chinese authorities. Another 24 suspects were named in a notice from the Law Ministry in late August.
Over 20 lawmakers have submitted more than 30 questions regarding the money laundering probe for Singapore’s parliament session, scheduled for October, where the Home Affairs Ministry will respond in collaboration with other ministries.
