Foreign Suspects Surrender Assets Worth S$1.85 Billion in Singapore’s Largest Money Laundering Case

In a significant development in Singapore’s largest-ever money laundering investigation, 15 foreign suspects have agreed to surrender assets valued at approximately S$1.85 billion ($1.4 billion), according to police reports. This recovery brings the total assets reclaimed in the case to nearly S$2.8 billion.

Earlier, S$944 million in assets had been surrendered by 10 foreign nationals arrested during the investigation. These individuals were subsequently jailed, deported, and permanently barred from re-entering Singapore.

The focus of the investigation then shifted to 17 individuals who fled the country amidst the ongoing probe. On November 18, the Singapore Police Force announced that 15 of the 17 individuals who fled are now prohibited from returning to Singapore. Authorities stated that their cases have been “dealt with,” though no specific details were provided about the measures taken.

Police confirmed that investigations are ongoing for the remaining two suspects. “Assets amounting to S$144.9 million linked to them remain seized or the subject of prohibition of disposal orders,” the Singapore Police Force stated. “Investigations and court proceedings against other persons who have allegedly facilitated the money laundering activities are also ongoing.”

The S$3 billion ($2.2 billion) money laundering case initially led to the arrest of 10 foreign nationals during a series of coordinated raids on August 15, 2023. These raids were part of a broad operation targeting illicit financial networks.

The last of the 10 jailed offenders was sentenced in June 2024. After serving their sentences, all 10 were deported and are barred from re-entering Singapore.

In June 2024, authorities revealed that, beyond the initial arrests, another 17 individuals were under investigation. None of these 17 suspects have returned to Singapore since the inquiry began.

The Singapore Police Force continues its efforts to trace and prosecute those involved in facilitating the alleged money laundering scheme, marking this case as one of the most substantial financial crime investigations in the nation’s history.

By fLEXI tEAM