Singapore arrests 10 foreigners and seizes assets worth one billion Singapore dollars in a money laundering investigation

SINGAPORE (Reuters) – Singapore police have arrested 10 foreigners for alleged money laundering and counterfeiting in a case involving nearly 1 billion Singapore dollars ($737 million) in cash, property, luxury cars and other assets.

The police statement on Wednesday said that the police carried out simultaneous raids on Tuesday across the city to arrest the suspects.

94 property and 50 vehicles with a total value of more than S$815 million were issued with restraining orders.

Other seizures included bank accounts, cash, luxury bags, jewelry, watches, electronic devices and some documents containing information on virtual assets.

Singapore police said the foreigners were between the ages of 31 and 44, and were of Chinese, Turkish, Cypriot, Cambodian and Ni-Vanuatu nationalities.

In a separate statement, Singapore’s central bank said it was “in contact with financial institutions (FIs) where potentially tainted funds have been identified. Supervision processes with these financial institutions are still ongoing,” without naming the financial institutions.

($1 = 1.3572 Singapore dollars)

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