Singapore police seize S$1 billion worth of properties, cars & luxury goods, arrest 10 foreigners in islandwide money laundering raid

Singapore police arrested 10 foreigners, aged 31 to 44, during a comprehensive operation targeting a transnational money laundering syndicate suspected of laundering proceeds from overseas organized crimes, including scams and online gambling.

In a press release on August 16, 2023, the police revealed they seized more than S$1 billion worth of assets, including properties, vehicles, luxury items, and cash. The operation involved over 400 officers from various units, including the Commercial Affairs Department and the Criminal Investigation Department, who conducted simultaneous raids across multiple locations, such as Good Class Bungalows (GCB) and condominiums.

The arrested individuals face charges related to forgery, money laundering, and resisting lawful apprehension. In addition, 12 other individuals are assisting with investigations, while eight others are currently wanted. Notably, none of those involved are Singapore citizens or permanent residents.

The police launched the operation after receiving intelligence regarding potential illicit activities, including the use of forged documents to justify the source of funds in Singapore bank accounts. Following extensive investigations, authorities identified the group of foreign suspects.

The seizures included 94 properties and 50 vehicles, with an estimated total value exceeding S$815 million. The police also confiscated over S$23 million in cash (including foreign currencies), more than 250 luxury bags and watches, over 120 electronic devices, more than 270 pieces of jewelry, two gold bars, and multiple bottles of liquor and wine.

Additionally, authorities issued prohibition of disposal orders against more than 35 related bank accounts, with a total estimated balance of over S$110 million, to prevent the dissipation of suspected criminal proceeds. All 10 individuals will face charges in court on August 16.