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The Straits Times: Singapore busts largest money laundering case in recent years, 10 arrested with total amount involved reaching 1 billion yuan.

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Police issued a disposal ban on 94 assets, 50 vehicles, multiple pieces of jewelry and alcohol, with a total value exceeding 815 million yuan.

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Source: Lianhe Zaobao

These nine men and one woman are originally from Fujian, China. Three of them are still Chinese citizens, while the others hold Chinese passports but have different nationalities. One of them is a Chinese buyer who purchased 20 units in the Conning River Bay for 85 million yuan last May. Twelve others are currently assisting in the investigation, and eight are currently wanted by the police. None of the individuals involved are Singaporean citizens or permanent residents.

The police also found a large amount of alcohol in the suspect's home. (Provided by the police)

10 foreigners were arrested by the police on Tuesday, August 15th, on suspicion of crimes such as forgery of documents and money laundering. The total value of the assets involved in the case is about 1 billion yuan, believed to be the largest amount of money involved in criminal activities in Singapore in recent years.

10 people believe that they are originally from Fujian, China, and three of them are still Chinese citizens. Although the rest hold Chinese passports, their nationalities are different. One of them is believed to be a Chinese buyer who purchased 20 units at Canninghill Piers for 85 million yuan in May last year.

Nine men and one woman, aged between 31 and 44, are suspected members of an organized crime group involved in overseas fraud and online gambling activities. They were brought before the national court via video conference at 8pm on the 16th and the judge ordered them to be remanded in custody at the Central Police Station for one week, during which they are allowed to be taken out of the police station for investigation. The case will be heard on August 23.

The police issued a statement on the evening of the 16th, stating that 12 other individuals are assisting in the investigation, and eight others are currently wanted by the police, all of whom are believed to be connected. None of the individuals involved are Singaporean citizens or permanent residents.

More than 400 investigators from the Commercial Affairs Department, Criminal Investigation Department, Special Operations Command, and Police Intelligence Department conducted raids in various locations across the country on Tuesday, including high-end villas and apartments, and arrested 10 people.

The police have issued a prohibition order on 94 assets and 50 vehicles, with a total value of over 815 million yuan, as well as multiple pieces of jewelry and alcohol.

警方针对 94 个房地产和 50 辆车发出禁止处置令，总值超过 8.15 亿元。（警方提供）

The police have issued a disposal ban on 94 real estate properties and 50 vehicles, with a total value of over 815 million yuan. (Provided by the police)

The police also seized more than 35 related bank accounts with a total balance of over 110 million yuan. The police have launched an investigation to prevent the stolen property from being transferred.

The authorities seized more than 23 million yuan in cash, including foreign currency, over 250 luxury bags and watches, over 120 electronic devices, over 270 pieces of jewelry, two gold bars, and 11 documents related to virtual assets.

The authorities seized more than 23 million yuan in cash, including foreign currency. (Provided by the police)

According to the announcement, the police received intelligence that someone may be engaging in illegal activities, including suspected use of forged documents to prove the source of funds in Singapore bank accounts. Through extensive investigations and intelligence tracking, including analysis of suspicious transaction reports, the police have identified a group of foreigners suspected of being involved in money laundering.

The Director of the Commercial Affairs Department, Zhou Xiangtai, said that the authorities take a serious view of criminals laundering money through Singapore's financial system and will continue to cooperate with law enforcement agencies and financial intelligence units to prevent Singapore from becoming a hub for such criminal activities.

We also have a zero-tolerance attitude towards criminals or their families using Singapore as a safe haven or abusing Singaporean banking facilities.

The Hong Kong Monetary Authority: Will not tolerate the abuse of the financial system for illegal activities.

The Monetary Authority of Singapore has also issued a statement indicating that it will not tolerate the abuse of the financial system for illegal activities. The authorities take a strong stance on this case and are in contact with financial institutions that may have illegal funds. Regulatory work is still ongoing.

The authorities have also stated that they will crack down severely on financial institutions involved in money laundering or funding terrorist activities, or those with inadequate regulation.

The police investigation is still ongoing, during which more assets may be seized, bank accounts frozen, and disposal orders issued.