The scandal now includes luxury goods, properties, and cryptocurrencies, with investigations uncovering more hidden assets.
SINGAPORE: A colossal transnational money laundering investigation in Singapore has grown even larger, with the total value of seized or frozen assets now exceeding S$2.4 billion (US$1.8 billion).
This figure more than doubles the initial S$1 billion in assets reported in mid-August when Singapore police conducted raids across the island, resulting in the arrest of 10 foreign nationals. In early September, prosecutors raised the amount to S$1.8 billion.
The latest update from the Singapore Police Force on Wednesday (Sep 20) revealed the results of additional operations that have uncovered even more assets, including:
Bank accounts valued at over S$1.127 billion.
Cash, including foreign currencies, totaling more than S$76 million.
68 gold bars, up from the initial two reported.
294 luxury bags and 164 luxury watches.
546 pieces of jewelry, significantly up from the earlier tally of 270.
204 electronic devices, including mobile phones and computers.
Cryptocurrencies exceeding S$38 million.
110 properties and 62 vehicles valued at more than S$1.242 billion.
The inventory also includes bottles of liquor, wine, and decorative ornaments, highlighting the opulent lifestyles financed by the illicit activities under investigation.
Background of the Case
The money laundering network involves individuals of Chinese origin holding passports and nationalities from countries including Cyprus and Cambodia. At least two suspects are wanted by Chinese authorities, and Singapore’s Ministry of Law has named 24 additional suspects linked to the case.
Parliamentary Oversight
The scale of the scandal has prompted intense scrutiny from lawmakers, with over 20 parliamentarians submitting more than 30 questions during the latest sitting. The Ministry of Home Affairs, in collaboration with other ministries, plans to issue a detailed ministerial statement in October to address the concerns.
Ongoing Investigations
The 10 suspects remain in custody, denied bail as investigations deepen. Singapore authorities continue to unravel the network behind what is shaping up to be one of the largest money laundering cases in the country’s history.”Singapore Money Laundering Case Expands to Over S$2.4 Billion in Seized and Frozen Assets
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