![\"Bungalows,](\"https:\/\/c.ndtvimg.com\/2023-08\/bvklgcig_singapore-money-laundering-case_625x300_17_August_23.jpg\"\/ "\\"Bungalows,")
<\/div>\nThe raids on at least nine locations netted assets totalling a staggering S$1 billion, police said.<\/p>\n<\/div>\n
Singapore: <\/b><\/p>\n
Singapore’s police said they have seized S$1 billion ($734.32 million) in assets from a gang of foreigners laundering proceeds from organised crime, including plush bungalows in the most sought-after addresses, bundles of cash, luxury cars, jewellery, handbags and gold bars.<\/p>\n
In one of its biggest money-laundering cases, police said 400 officers fanned out across Singapore on Tuesday and launched simultaneous raids on residences across the city-state, from the Orchard Road shopping belt to the resort island of Sentosa.<\/p>\n
The raids on at least nine locations netted assets totalling a staggering S$1 billion, police said. These included 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 jewellery and two gold bars.<\/p>\n
At least 10 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 neighbourhood and was found hiding in a drain.<\/p>\n
The man, a 40-year-old Cypriot national, sustained injuries in the fall and was taken to hospital. From his home, police seized cash amounting to more than 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 more than S$118 million.<\/p>\n
The other arrested people included citizens from China, Cambodia, Cyprus and Vanuatu. One woman was among them.<\/p>\n
Twelve people 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.<\/p>\n
A police statement said the group was suspected to be laundering proceeds from overseas organised crime, including scams and online gambling.<\/p>\n
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”.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
Singapore has in recent years seen an influx of foreign money. 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.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n