Singapore authorities have seized assets worth nearly US$750 million in sweeping raids against a suspected international money laundering ring, police said Wednesday.
During the operation, which targeted locations across the city-state on Tuesday, the police arrested 10 foreign nationals -- from China, Turkey, Cambodia, Cyprus and Vanuatu.
Authorities also seized properties, vehicles, and luxury items such as bags and watches in a haul that police said had a total value of Sg$1 billion (US$736 million).
Police said they discovered a group that was laundering proceeds from "overseas organised crime activities including scams and online gambling".
Also seized were bank accounts with a total estimated balance of more than Sg$110 million, cash amounting to more than Sg$23 million, and documents with information on virtual assets, police said.
More than 400 officers took part in the raids, during which the suspects were arrested from luxury homes and high-end condominiums.
"Investigations are ongoing. More assets may be seized (and) bank accounts frozen," police said.
Singapore is a global financial hub, and has strict laws against laundering illicit funds, which can carry up to 10 years in jail.
Source: AFP