Singapore seizes $735m in money laundering crackdown and arrests 10 foreign nationals
Raids carried out at nine locations across city-state involves coordination between 400 police officials
Singapore police have seized assets worth $734.32m in one the biggest crackdown on money laundering in the country.
The assets include proceeds of organised crime, including plush bungalows at fancy locations, luxury cars, jewellery, handbags, and gold bars.
These were seized from a gang of foreigners suspected to be laundering proceeds from overseas organised crime, including scams and online gambling.
At least 10 foreigners aged between 31 and 44, accused of being involved in the laundering, were arrested in raids that are otherwise rare in Singapore due to its low crime rate.
A 40-year-old Cypriot national jumped out of the second-floor balcony of his bungalow in a tony neighbourhood and was arrested after he was found hiding in a drain.
He sustained some injuries and was taken to the hospital. The other arrested people included citizens from China, Cambodia, Cyprus, and Vanuatu. One woman was among those arrested.
The simultaneous raids carried out on Tuesday at residences fanning out across Singapore involved at least 400 officers, said the police.
They were carried out on at least nine locations including homes from the Orchard Road shopping belt to the resort island of Sentosa.
According to authorities, it included 94 properties that had total assets worth a staggering $734.32m, including 50 vehicles, stacks of cash, hundreds of luxury handbags and watches, fistfuls of jewellery, and two gold bars.
Twelve people were assisting the police in their investigations while another eight were wanted. Police said all those in the case were foreigners and were linked to each other.
After the arrest, the Monetary Authority of Singapore said it took this case seriously and had contacted the financial institutions "where the potentially tainted funds have been identified".
David Chew, director of commercial affairs at the police force, said Singapore has "zero tolerance" for being used as a safe haven for criminals or their families and for banking facilities to be abused.
"Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws," said Mr Chew.
Additional reporting from the wires
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