Thursday, February 29, 2024
HomesingaporeBillion-dollar money laundering case: What the authorities have seized so far

Billion-dollar money laundering case: What the authorities have seized so far

SINGAPORE: As investigations into the billion-dollar money laundering probe continue, the value of the assets and cash involved continues to grow.

When police made public the case in mid-August, they estimated S$1 billion (US$730 million) to be involved.

Prohibition of disposal orders were then issued against 94 properties and 50 vehicles, while police also seized over S$110 million from more than 35 bank accounts, cash of more than S$23 million, over 270 pieces of jewellery, as well as 250 luxury bags and watches.

But in an update by Second Minister for Home Affairs Josephine Teo in parliament on Tuesday (Oct 3), she revealed that over S$2.8 billion worth of assets – nearly triple the original amount – are now linked to the case. 

Here’s the latest breakdown:

PROPERTIES

A total of 152 properties have been issued with prohibition of disposal orders.

Of these, 94 are residential properties, comprising 60 completed resale units and 34 uncompleted units sold directly by developers. 

Eight properties are landed homes at Sentosa Cove where there are no restrictions on foreign ownership.

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