Home singapore Billion-dollar money laundering case: Assets seized or frozen grow to more than S$2.4b

Billion-dollar money laundering case: Assets seized or frozen grow to more than S$2.4b

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Billion-dollar money laundering case: Assets seized or frozen grow to more than S$2.4b
The value of assets that have been seized or issued with prohibition of disposal orders in one of Singapore’s largest anti-money laundering probes has gone up to more than S$2.4 billion The figure is now more than double the initial sum when news of the case first broke in AugustProsecutors had told the High Court earlier in September that the amount had ballooned further to S$1.8 billion, before the police gave the latest figure on Sept 20 

By Renald Loh Published September 20, 2023 Updated September 20, 2023 Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn

SINGAPORE — The value of assets that have been seized or issued with prohibition of disposal orders in one of Singapore’s largest anti-money laundering probes has gone up to more S$2.4 billion, more than double the initial sum when news of the case first broke last month.

In a media statement on Wednesday (Sept 20) evening, the police said that they had conducted further operations in relation to the group of foreign nationals suspected to be involved in laundering the proceeds of their overseas organised crime activities, including scams and online gambling.

During these operations, more assets were seized and issued with prohibition of disposal orders.

To date, the total value of assets seized or issued with prohibition of disposal orders by the police stands at more than S$2.4 billion. They included:

Seizures of bank accounts with a total estimated value of more than S$1.127 billionCash (including foreign currencies) amounting to more than S$76 million68 gold bars, 294 luxury bags, 164 luxury watches and 546 pieces of jewelleryCryptocurrencies of more than S$38 million204 electronic devices such as computers and mobile phones

Prohibition of disposal orders were also issued against more than 110 properties and 62 vehicles with a total estimated value of more than S$1.242 billion — as well as bottles of liquor, wine and multiple ornaments.

On Aug 15, in first announcing the arrest of 10 foreign nationals implicated in the case, the police said that they had seized or issued prohibition of disposal orders to about S$1 billion in cash and assets.

These included 94 properties, 50 vehicles and 270 pieces of jewellery.

After charges were brought against the 10 people, prosecutors told the High Court earlier this month that the amount had ballooned further to S$1.8 billion.

Su Haijin, a former non-executive director of restaurant operator No Signboard Holdings who is one of the 10 accused persons in the case, was denied bail last Wednesday due to the 40-year-old being what District Judge Brenda Tan called an “extremely high” flight risk.

All nine others have also been denied bail.

Police investigations are ongoing.