Singapore banned the disposal of 11 more properties as the police pushed forward with the investigation in one of the country’s biggest money laundering and forgery cases.
(Bloomberg) — Singapore banned the disposal of 11 more properties as the police pushed forward with the investigation in one of the country’s biggest money laundering and forgery cases.
This brings the total number of real estate owned by the individuals under investigation and their spouses to 105, the police said in a statement Friday. The properties, including seven detached houses at the city-state’s luxurious oceanfront Sentosa Cove, is estimated at S$831 million ($612 million), the police said.
READ: Singapore Charges 10 in $736 Million Money Laundering Ring
Authorities arrested and charged 10 foreigners Aug. 15 for their alleged involvement in a money laundering and forgery ring. Twelve others are assisting with the probe and another eight are wanted by the police. The 10 included nationals from China and were in possession of passports believed to be issued by countries including China and Vanuatu.
The portfolio of properties include 79 condominium units and 19 commercial or industrial spaces. A few of the suspects were arrested in the city-state’s most prestigious homes, known as good class bungalows. Those houses are not owned by the accused and are not part of the seized assets, the police said.
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