Illegal gambling and money laundering spark major crime crisis in Singapore
Singapore authorities have busted a major criminal gang that made a living operating illegal gambling platforms and laundering money. The cash seizure has been described as one of the largest police operations in the country's history.
The Singapore Police Force (SPF) seized about S$1 billion ($736 million) in the raid, according to a press release. They also arrested ten people, but some of the defendants did not remain silent.
All those aged between 31 and 44 were reportedly foreigners holding passports from Turkey, Cyprus, Dominican Republic and others. Some of them even hold multiple passports issued by different countries. They remain in jail after a judge denied bail.
Coordinated Attack
At dawn on 15 August, a force of more than 400 SPF personnel conducted elaborate raids simultaneously at 94 locations across Singapore. During the operation, the police station seized a number of valuable items, including vehicles, watches, high-priced wallets, etc.
In addition to over 100 pieces, there is also a large collection of gold and silver coins as well as a cryptocurrency wallet. The SPF did not provide details of the cash value but said S$50 million ($41.2 million) in cash was found in one raid alone.
The company is also reportedly linked to global financial institution Citibank, but there is no evidence the bank played an active role. Instead, it was likely an unwitting participant in a money laundering scheme.
The raid went without any problems except for one person who tried to escape. According to reports, the suspect, who held a Cypriot passport, jumped from the second-floor balcony and suffered multiple fractures to his hands and feet. Authorities are still trying to find eight other suspects.
INVESTIGATION LEAD TO RAID
The Singaporean government has become aware of certain funds it believes are linked to illegal drug dealing and gambling. Specifically, they found that many forged documents were used to open bank accounts as the country cracks down on anti-money laundering (AML) compliance.
In response, the government took action and set up a special team to conduct a comprehensive investigation. This helped them link 85 bank accounts with balances of S$108.7 million ($80 million), triggering subsequent raids.
The judge denied a request for bail to prevent the suspects from sharing their stories with others. They are due back in court next week for the start of the trial.
In Singapore, anyone found guilty of money laundering offenses can be fined up to S$500,000 ($367,000) and jailed for 10 years. The same penalty is also available for forgery. Forgery of documents is punishable by up to four years in prison and a fine.
Read also:
- Pope County casino license remains unclear after Arkansas Supreme Court ruling
- Italy cracks down on youth gambling with SIM card controls
- Former MGM Resorts CEO Jim Murren finally finds buyer for Summerlin Mansion
- Nathan Chasing Horse Again Asks Nevada's Top Judge to Drop Charges
Source: www.casino.org
