Singapore's Largest Money Laundering Case Sees Asset Value Rise to S$2.8 Billion

According to The BlockBeats: The total value of assets seized or frozen in Singapore's largest money laundering case has escalated to S$2.8 billion (equivalent to US$2 billion), according to a Bloomberg report dated October 3rd. The assets comprise 152 properties, 62 cars, thousands of wine bottles, cryptocurrencies, gold bars, and jewelry pieces, marking a significant expansion in the case.

Simultaneously, the government has hinted at tightening immigration regulations to curb the influx of illicit funds. The initial amount involved in this case exceeded SGD 1 billion, which then amplified to SGD 1.8 billion, and later spiked to SGD 2.4 billion on September 20.

As of October 3, the total value of assets either frozen or under restriction orders has surged to S$2.8 billion. This information comes months after the Singapore police froze SGD 1 billion (approximately US$736 million) in capital and assets in a major anti-money laundering operation in mid-August.

It was initially established that ten individuals originally from Fujian province, China were involved. By September 20, based on reports from Lianhe Zaobao, the total asset value implicated in the case had rose to S$2.4 billion. This case marks the most extensive of its kind in Singapore's history.