$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery

[Atonchia]

On 8/19/2023 at 3:48 PM, Voodooman said:

KJ might be right.

This started in 2017 (6 years ago), the 10 bought more than 100 properties, kept hundreds of millions in bank accounts, bought numerous cars and no one bank / property agent reported them till 3 months ago. You gotta be kidding a 3 years old to think they didn't know. 

You know I know lah but G really close 2 eyes, 1 nose and even their ass for this one.  Now the world knows this may just be the tip of the gigantic iceberg (read: washing machine).

Now we know where are the real Bosch and Life's Good washing machines.

[inlinesix]

 

[Moonface138]

One of them director of listed company no signboard le.. respectable businessman le.. SGX endorsed.. no one ask sgx if they kyc & later kenna stock manipulation.. etc aml.. 

most mom issued ep & dp passes.. mom also chevk but found nothing ?

they setup local companies. Acra approved but chk n found nothing ?

here since 2017.. if govt agencies chk n clear them.. normal pax how to chk ? 

[inlinesix]

On 8/19/2023 at 7:12 PM, Moonface138 said:

One of them director of listed company no signboard le.. respectable businessman le.. SGX endorsed.. no one ask sgx if they kyc & later kenna stock manipulation.. etc aml.. 

most mom issued ep & dp passes.. mom also chevk but found nothing ?

they setup local companies. Acra approved but chk n found nothing ?

here since 2017.. if govt agencies chk n clear them.. normal pax how to chk ? 

 

[Sosaria]

On 8/19/2023 at 7:12 PM, Moonface138 said:

One of them director of listed company no signboard le.. respectable businessman le.. SGX endorsed.. no one ask sgx if they kyc & later kenna stock manipulation.. etc aml.. 

most mom issued ep & dp passes.. mom also chevk but found nothing ?

they setup local companies. Acra approved but chk n found nothing ?

here since 2017.. if govt agencies chk n clear them.. normal pax how to chk ? 

If you read carefully, it's a sleeping director only, not actively involved in day to day running of the business. So, under the radar. 

[Wt_know]

On 8/19/2023 at 8:22 PM, Sosaria said:

If you read carefully, it's a sleeping director only, not actively involved in day to day running of the business. So, under the radar. 

to buy "creditibility" ... to show people ... a director of a listed company leh

101% good person ...

we have seen this in all TVB drama liao ...

Edited August 19, 2023 by Wt_know

[Voodooman]

On 8/19/2023 at 7:12 PM, Moonface138 said:

One of them director of listed company no signboard le.. respectable businessman le.. SGX endorsed.. no one ask sgx if they kyc & later kenna stock manipulation.. etc aml.. 

most mom issued ep & dp passes.. mom also chevk but found nothing ?

they setup local companies. Acra approved but chk n found nothing ?

here since 2017.. if govt agencies chk n clear them.. normal pax how to chk ? 

Owning a listed company doesn't make one respectable and it is really easy to register a company in Singapore.

Think agent needs to screen names against a database and report suspicious transactions (don't think any agent will do it even if they know the money is not clean).

Taken from CEA website.

[Wt_know]

a lot of bengs also simi director of used car company, car workshop, this and that ... LOL

Edited August 19, 2023 by Wt_know

[DOBIEMKZ]

On 8/16/2023 at 9:15 PM, Mockngbrd said:

https://m.facebook.com/story.php?story_fbid=pfbid02cbAWpTBwfmNfr2rPJ9iLUc1DfJdnPFwDDqiPP7RS9n6mahDVBRG4krDzaZUsRYpVl&id=100064761068356&mibextid=Nif5oz

 

𝗧𝗘𝗡 𝗙𝗢𝗥𝗘𝗜𝗚𝗡 𝗡𝗔𝗧𝗜𝗢𝗡𝗔𝗟𝗦 𝗧𝗢 𝗕𝗘 𝗖𝗛𝗔𝗥𝗚𝗘𝗗 𝗙𝗢𝗥 𝗢𝗙𝗙𝗘𝗡𝗖𝗘𝗦 𝗜𝗡𝗖𝗟𝗨𝗗𝗜𝗡𝗚 𝗙𝗢𝗥𝗚𝗘𝗥𝗬 𝗔𝗡𝗗 𝗠𝗢𝗡𝗘𝗬 𝗟𝗔𝗨𝗡𝗗𝗘𝗥𝗜𝗡𝗚 𝗪𝗜𝗧𝗛 𝗔𝗡 𝗘𝗦𝗧𝗜𝗠𝗔𝗧𝗘𝗗 𝗩𝗔𝗟𝗨𝗘 𝗢𝗙 𝗔𝗕𝗢𝗨𝗧 𝗢𝗡𝗘 𝗕𝗜𝗟𝗟𝗜𝗢𝗡 𝗜𝗡 𝗖𝗔𝗦𝗛 𝗔𝗡𝗗 𝗩𝗔𝗥𝗜𝗢𝗨𝗦 𝗔𝗦𝗦𝗘𝗧𝗦 𝗦𝗘𝗜𝗭𝗘𝗗, 𝗙𝗥𝗢𝗭𝗘𝗡 𝗢𝗥 𝗜𝗦𝗦𝗨𝗘𝗗 𝗪𝗜𝗧𝗛 𝗣𝗥𝗢𝗛𝗜𝗕𝗜𝗧𝗜𝗢𝗡 𝗢𝗙 𝗗𝗜𝗦𝗣𝗢𝗦𝗔𝗟 𝗢𝗥𝗗𝗘𝗥𝗦

The Police have arrested ten persons, aged between 31 and 44, for their suspected involvement in offences of forgery and/or, money laundering, and resistance to lawful apprehension. Twelve other persons are assisting with investigations and eight other persons are currently wanted by the Police. These persons are believed to have connections amongst themselves. All the persons involved are neither Singapore Citizens nor Permanent Residents.

The Police received information of possible illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts. Through extensive investigations and follow-up from intelligence - including the analysis of Suspicious Transaction Reports (STRs) - the Police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.

On 15 August 2023, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the ten persons.

Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine. The Police also seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent dissipation of suspected criminal proceeds. Cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelleries, two gold bars, and 11 documents with information on virtual assets.

All ten persons will be charged in court on 16 August 2023. The case facts are as follows:

a) A 40-year-old male Cypriot national was arrested at his residence at a GCB along Ewart Park. He was also found in possession of other foreign passports believed to be issued by the People’s Republic of China (PRC) and Cambodia. During the arrest, when the Police identified themselves to the man outside his bedroom and ordered him to open the door, the man allegedly jumped out of the second-floor balcony of the GCB and was found by the Police to be hiding in a drain. He was conveyed conscious to the hospital as he sustained injuries arising from the jump. The Police seized cash of more than S$2.1 million and other foreign currencies, and issued prohibition of disposal orders for 13 properties and five vehicles with an estimated value of more than S$118 million, as well as multiple ornaments and bottles of liquor and wine. The Police also froze four related bank accounts with a total balance of more than S$6.7 million. The man will be charged with one count of resistance to lawful apprehension under Section 225B of the Penal Code. One other person is assisting with investigations.

b) A 42-year-old male Turkish national was arrested at his residence at a GCB along Bishopsgate. He was also found in possession of a foreign passport believed to be issued by PRC and Vanuatu. The Police seized close to S$720,000 in cash and other foreign currencies, one electronic device, 36 luxury watches and bags, and issued prohibition of disposal orders for four properties and three vehicles with an estimated value of more than S$29 million, as well as multiple bottles of liquor and wine. The Police also froze two related bank accounts with a total balance of more than S$1.18 million and other foreign currencies. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.

c) A 44-year-old male PRC national and a 43-year-old female PRC national were arrested at their residence at a bungalow along Pearl Island at Sentosa Cove. The man was also found in possession of a foreign passport believed to be issued by St Kitts and Nevis and the woman was found with other foreign passports believed to be issued by the Dominican Republic and Turkey. The Police seized cash of more than S$7.6 million and other foreign currencies, and issued prohibition of disposal orders for nine properties and five vehicles with an estimated value of more than S$106 million. The Police also froze a related bank account with a total balance of more than S$22 million and other foreign currencies. The man and woman will each be charged with one count of forgery for the purpose of cheating under Section 468 of the Penal Code.

d) A 41-year-old male Cambodian national was arrested at his residence at a GCB along Nassim Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$777,000 and other foreign currencies, 11 electronic devices, 33 luxury bags and watches, 75 pieces of jewelleries, and issued prohibition of disposal orders for seven properties and six vehicles with an estimated value of more than S$76 million. The Police also froze three related bank accounts with a total balance of more than S$2.4 million. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.

e) A 35-year-old male Ni-Vanuatu national was arrested at his residence at a GCB along Third Avenue. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized more than S$1.4 million in cash and other foreign currencies, 95 pieces of jewelleries, 69 luxury bags and watches, 22 electronic devices, two gold bars, and issued prohibition of disposal orders for 13 properties and four vehicles with an estimated value of more than S$120 million. The Police also froze six related bank accounts with a total balance of more than S$20 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). One other person is assisting with investigations.

f) A 33-year-old male Cambodian national was arrested at his residence at a condominium along Leonie Hill Road. He was also found in possession of other foreign passports believed to be issued by PRC and the Dominican Republic. The Police seized cash of close to S$600,000 and other foreign currencies, 23 pieces of jewelleries, six luxury watches, 11 documents with information on virtual assets, and 12 electronic devices, and issued prohibition of disposal orders for one property and three vehicles with an estimated value of more than S$12.6 million. The Police also froze two related bank accounts with a total balance of more than S$28,000 and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.

g) A 34-year-old male Cypriot national was arrested at his residence at a condominium along Paterson Hill. He was also found in possession of other foreign passports believed to be issued by PRC and Cambodia. The Police seized cash of more than S$2.2 million, 11 electronic devices, 35 luxury watches and bags, 51 pieces of jewelleries, and issued prohibition of disposal orders for one property and two vehicles with an estimated value of more than S$23 million. The Police also froze five related bank accounts with a total balance of more than S$1.7 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.

h) A 31-year-old male PRC national was arrested at his residence at a condominium along Tomlinson Road. He was also found in possession of a foreign passport believed to be issued by Vanuatu. The Police seized cash of close to S$112,000 and other foreign currencies and three electronic devices, and issued probation of disposal order for one vehicle with an estimated value of more than $300,000. The man will be charged with money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.

i) A 31-year-old male Cambodian national was arrested at his residence at a GCB along Lewis Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$600,000 and other foreign currencies, 11 electronic devices, 16 luxury bags and watches, 11 pieces of jewelleries, and issued prohibition of disposal orders for two vehicles with an estimated value of more than S$580,000, as well as multiple bottles of liquor and wine. The Police also froze eight related bank accounts with a total balance of more than S$10 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.

j) Four other persons are assisting with Police investigations. The Police seized cash of more than S$6.7 million and other foreign currencies, 60 luxury bags and watches, more than 20 pieces of jewelleries, more than 50 electronic devices and issued prohibition of disposal orders for 29 properties and 15 vehicles with an estimated value of more than S$227 million. The Police also froze one bank account with a total balance of more than S$2.8 million.

k) Eight other persons are currently wanted by the Police.

Police investigations are ongoing. More assets may be seized, bank accounts frozen, or prohibition of disposal orders issued, in the course of investigation.

If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to $500,000, or both. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.

The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.

So all the while the authorities are hurting for the MEGs! Well done!

[BanCoe]

On 8/19/2023 at 4:21 PM, inlinesix said:

KYC is not just form filling.

There must be basic documentation of google search and ACRA search.

All these must be there to show that the necessary checks has been done.

This is to cover backside.

Hmmm ….. what does ACRA search really show?? Just directors names / paid up capital / Accountant’s name ….. what more is there to actually red flag , Now Google search I’m not really sure holds water ,  there are also companies doing searches but I don’t know how in-depth they can really reveal or unravel much when your history is being wiped out with a new citizenship ( maybe even the old names too ) 

[Mercs]

On 8/19/2023 at 10:23 AM, BanCoe said:

All this KYC thingy only our resident guru @Mercs can answer lah...... but Banks for sure will kenna but then again if source of funds are foreign ; banks cannot ask too much also; maybe there are no Banks even involved.... if all pay full  cash 1 which might have raised eyebrows/ red flags in MAS/ IRAS maybe ... to the rest like Agent/Lawyers/Banks  is like a simple car transaction and most of the time even if you ask Bank manager all the KYC compliance BS  ........ I can guarantee here most of them dont even know whats in it (its almost like 1/2 yellow pages tel directory thick) .......... will say just sign here and there with the bookmarks here and there..... just sign and date it .... thats all           

@BanCoe me no guru, this type of full cash for expensive properties not only foreigners, locals also may kanna ask go lim kopi since long time ago, basically if salary or income mismatch to be able afford, ahgong may like to know where the funds from and if it's income got pay tax? 😉

 

Agents/developers suppose to due diligence into wash money, but then with any sale developer earn profit, agent earn comm so how?

https://www.mnd.gov.sg/newsroom/parliament-matters/q-as/view/written-answer-by-ministry-of-national-development-on-property-agents-and-developers-failing-to-take-due-diligence-measures-for-anti-money-laundering-lapses-and-breaches-under-the-estate-agents-act

Written Answer by Ministry of National Development on property agents and developers failing to take due diligence measures for anti-money laundering lapses and breaches under the Estate Agents Act

https://www.allenandgledhill.com/sg/publication/articles/23408/new-anti-money-laundering-and-terrorism-financing-responsibilities-for-developers-from-28-june-2023?agreed=cookiepolicy

 

 

Everybody also know even for those super duper RICH or any savvy property investor when buying property will leverage, who would go full cash?

So obviously if full cash of course sirens will go off. 🤣

 

https://www.straitstimes.com/singapore/using-properties-to-wash-dirty-money

Properties popular with criminals looking to ‘wash’ dirty money

 

https://www.asiaone.com/singapore/lawyers-accountants-estate-agents-may-knowingly-or-unknowingly-help-criminals-wash-dirty

Lawyers, accountants, real estate agents may 'knowingly or unknowingly' help criminals to 'wash' dirty money through properties

 

https://mustsharenews.com/no-signboard-director-raid/

Money Laundering Raid Suspect Who Jumped Off GCB Balcony Is Former No Signboard Holdings Director

 

https://www.99.co/singapore/insider/gcb-money-laundering-raid-red-flags-tenants-landlords/

Lessons from the GCBs money-laundering raid: 5 red flags in potential tenants landlords should know

Edited August 19, 2023 by Mercs
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[Playtime]

I bet govt getting nervous. 

Instead of getting lotsa praises that will wash away recent CPIB and affairs,  this could actually turn into another nightmare. 🤣

[BanCoe]

See the Guru came in     @Mercs   ............  so now @inlinesix n @yishunite at peace 🤣 and owe me some kopi's 

 

" So obviously if full cash of course sirens will go off." 🤣  ..... huh really???   IRAS  switch got probems  

 

So now the China money AUS got radars, SG radar now started scanning, Dubai still quite lax though its not a very favourit destination but still some park and of course those tax haven islands or ulu ulu islands but the culturally they prefer SG , am sure some is also parked in Bolehland too with their lax laws but lacks stability/foresight       

 

[inlinesix]

On 8/19/2023 at 11:23 PM, BanCoe said:

Hmmm ….. what does ACRA search really show?? Just directors names / paid up capital / Accountant’s name ….. what more is there to actually red flag , Now Google search I’m not really sure holds water ,  there are also companies doing searches but I don’t know how in-depth they can really reveal or unravel much when your history is being wiped out with a new citizenship ( maybe even the old names too ) 

It is part of the due process of a licensed person has to comply with.

It is NOT what can find or cannot find.

 

Edited August 19, 2023 by inlinesix

[Freeder]

On 8/20/2023 at 7:06 AM, BanCoe said:

So now the China money AUS got radars, SG radar now started scanning, Dubai still quite lax though its not a very favourit destination but still some park and of course those tax haven islands or ulu ulu islands but the culturally they prefer SG , am sure some is also parked in Bolehland too with their lax laws but lacks stability/foresight       

 

Parking money in Bolehland bery high chance of “tunggu tersangkut” 🤭

Sg the best if those crooks know how to circumvent those road blocks😅

 

[inlinesix]

On 8/20/2023 at 7:33 AM, Freeder said:

Parking money in Bolehland bery high chance of “tunggu tersangkut” 🤭

Sg the best if those crooks know how to circumvent those road blocks😅

Bolehland still got FX control la.

Money cannot anyhow send out.

[BanCoe]

On 8/20/2023 at 7:33 AM, Freeder said:

Parking money in Bolehland bery high chance of “tunggu tersangkut” 🤭

Sg the best if those crooks know how to circumvent those road blocks😅

 

Across the causeway got many “ other “ avenues to move cash …..nobody will move officially there as Bank Negara lagi strict on remittances out …the politicians are the bestest advisors ….top down 🤣…..  Officially if I’m not wrong is Rm10k only for outgoing remittances 

[BanCoe]

On 8/20/2023 at 7:29 AM, inlinesix said:

It is part of the due process of a licensed person has to comply with.

It is NOT what can find or cannot find.

 

So finally it’s nutting but just dokuments dokuments and dokuments …… ok so guv can just Kopi n paste too ….. only IRAS/MAS has the resources but be vigilant …..ok algorithms must be tweaked to include all those “ ulu ulu “ islanders too now