Money laundering: Singapore seizes foreigners’ assets worth USD 734 million
Virendra Pandit
New Delhi: Cars, bungalows, and other valuables were among the USD 734 million worth of assets seized in a money laundering case in Singapore on Tuesday.
In one of its biggest money-laundering cases anywhere, Singapore police said 400 officers fanned out across the tiny island nation on Tuesday and launched simultaneous raids on residences across the city-state, from the Orchard Road shopping belt to the resort island of Sentosa.
Police said they seized S$1 billion (USD 734.32 million) in assets from a gang of foreigners laundering proceeds from organized crime, including plush bungalows in the most sought-after addresses, bundles of cash, luxury cars, jewelry, handbags, and gold bars, the reports added.
The raids on at least nine locations netted these assets, including 94 properties, bank accounts with S$110 million, 50 vehicles, stacks of cash amounting to more than S$23 million, hundreds of luxury handbags and watches, fistfuls of jewelry and two gold bars.
A dozen foreigners aged between 31 and 44 were arrested, including one man who jumped out of the second-floor balcony of his bungalow in a tony neighborhood and was found hiding in a drain.
The man, a 40-year-old Cypriot national, sustained injuries in the fall and was taken to hospital. From his home, police seized cash worth over S$2.1 million, four bank accounts with more than S$6.7 million, and ownership documents of 13 properties and five vehicles with an estimated value of S$118 million.
The other arrested people, including a woman, were citizens from China, Cambodia, Cyprus, and Vanuatu.
Twelve arrested accused were assisting police in their investigations while another eight were wanted. Police said all those in the case were foreigners and were linked to each other.
A police statement said the group was suspected to be laundering proceeds from overseas organized crime, including scams and online gambling.
The Monetary Authority of Singapore said it takes this case seriously and has 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 Chew.
Singapore has in recent years seen an influx of foreign money. The latest figures from the central bank show that total assets under management in Singapore rose 16% in 2021 to S$5.4 trillion, compared with a global increase of 12% to $112 trillion the same year.
