Singapore Records Crypto Asset Seizures Worth $28M in Major Money Laundering Case

September 26, 2023

By Sharan Kaur Phillora

The Singapore Police Force has grabbed more assets linked to an ongoing money laundering investigation. The total value of the seized items is now more than S$2.4 billion. This amount is double what was reported after the first operation in August.

Here’s what we know:

On September 20, the police shared an official statement that they had carried out additional operations to seize more assets. So far, they have taken over S$76 million in cash and S$38 million ($27.8 million) in digital money. They also seized 294 fancy bags, 546 pieces of jewelry, 68 gold bars, 204 electronic devices, and 164 luxury watches. The total value of these items is over S$1.127 million ($825,000).

Additionally, the police have placed restrictions on 110 properties and 64 cars, which are worth a combined S$1.2 million (~$879,000). The police have also taken liquor, wine, and several decorations. The total value of all assets seized, frozen, or restricted is now over S$2.4 billion ($1.76 billion), and the investigation is ongoing.

This case is one of the biggest in Singapore and involves ten foreigners, mainly from China, who hold passports from Cyprus, Turkey, Cambodia, Ni-Vanuatu, and China. In August, the police raided several homes and took these foreigners into custody. They are accused of laundering money from criminal activities and forging documents.

The police have arrested some suspects, but about eight others are still free, and 12 people are helping with the case. Initially, the value of the seized cash and assets was over S$1 billion ($737 million), but this figure increased to S$1.8 billion in September.

One of the arrested foreigners, Vang Shuiming from Turkey, faces several charge, including money laundering and forgery. His request for bail was denied. Shuiming and his brother are also wanted in China for illegal gambling.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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