Singapore Police Seize $734 Million in Massive Money Laundering Sweep

Singapore cops arrested 10 foreigners and seized a whopping $734 million in gold bars, luxury goods and cash in a sweep targeting organized crime and money laundering in the prosperous law-and-order city state. 

Ninety-four properties, including houses in some of Singapore’s wealthiest neighborhoods, and 50 cars were seized in raids on Tuesday, the national police said. More than 400 officers took part in the sweep. One suspect jumped from a second-floor balcony in a failed bid to escape.

The suspects, holding passports from China, Cambodia, Turkey and the tiny Pacific island of Vanuatu, were "suspected to be involved in laundering the proceeds of crime from their overseas organized crime activities including scams and online gambling," the police said in a detailed statement. 

They faced charges including forgery, money laundering, and resisting arrest. Eight more suspects were still wanted by the police and 12 accomplices were cooperating with the investigation.

“We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities,” David Chew, director of the national police’s commercial affairs department, said in a statement. 

The suspects face possible sentences of 10 years in prison for each count of money laundering and forgery. 

One of the targets, a 40-year-old Cypriot national, jumped from a second floor balcony as officers knocked on his bedroom door and was later found hiding in a culvert. Police found millions of dollars in cash and jewelry in his apartment, as well as Chinese and Cambodian passports.

That suspect was taken to the hospital for injuries from the fall, police said.

Among the items police seized were 250 luxury handbags, 60 Bearbrick collectibles, cars including Bentleys, and dozens of watches.