The number of firms in Singapore being questioned highlights growing scrutiny on the extent to which the financial system was used for illicit activities in this case. Authorities last week confiscated more than $1 billion of properties, luxury cars, cash and other assets, and charged 10 foreigners for allegedly laundering the proceeds of crime from activities such as scams and online gambling.
The Singapore police are waiting for documents from at least nine financial institutions in their probe into one of the biggest money laundering cases in the country.
Investigations are still at an early stage, according to public prosecutors at a court hearing on Wednesday. They argued for extending the remand of those arrested and said luxury cars and properties have been seized.
