Singapore generic

Authorities in Singapore have reportedly seized some $736 million in assets in raids against a suspected money laundering ring involved in “scams and online gambling”.

According to Barron’s, police arrested some 10 foreigners during the raids, including individuals from China, Cambodia, Cyprus, Vanuatu and Turkey.

Police also seized luxury items, properties and vehicles allegedly linked to “overseas organized crime activities”.

Bank accounts to the amount of $80.9 million and $17 million in cash were also seized.

Singaporean authorities conducted the raids on luxury homes and high-end condos, with more than 400 police assisting in the operations.

The police note that “investigations are ongoing” and that “more assets may be seized (and) bank accounts frozen”.