The police received information of possible illicit activities including the use of suspected forged documents used to substantiate the source of funds in Singapore bank accounts.
Ten foreigners have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an estimated value of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums and owned luxury cars. This is according to a Facebook post by the SPF on Aug 16.
The SPF says that 12 other persons are assisting with investigations and eight other are currently wanted, with believed connections amongst themselves.
