Singapore Laundering Case Assets Seized Rise to Over S$2.4 billion


Cash seized by police.
Source: Singapore Police Force

September 20, 2023

The value of assets seized in one of Singapore’s largest-ever money-laundering case has climbed to more than S$2.4 billion ($1.8 billion), the country’s police said.

More assets were seized during additional operations conducted by the police, according to a statement Wednesday. That includes bank accounts with a value of more than S$1.13 billion and cryptocurrencies of over S$38 million.

Prohibition of disposal orders were also issued against more than 110 properties and 62 vehicles worth more than S$1.24 billion, according to the statement.

The probe in Singapore erupted into public view in mid-August after police arrested 10 foreigners — all originating from China — and accused them of forgery and laundering criminal proceeds. They were allegedly laundering the proceeds of their overseas organized crime activities, including scams and online gambling activities, according to the statement.

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