SINGAPORE, Nov 19 — Fifteen foreigners implicated in Singapore’s S$3 billion (RM10 billion) money laundering case have surrendered assets worth S$1.85 billion to the state, the Singapore Police Force (SPF) confirmed yesterday.
Media outlet CNA reported this represents 98.6 per cent of the total assets seized from them.
The individuals, who fled Singapore during the investigation, are now barred from returning, SPF said.
Their cases are closed, SPF added, while investigations continue for the two remaining suspects, whose assets — totalling S$144.9 million — remain under restriction orders.
The case, one of Singapore’s largest money laundering investigations, began in 2021 following reports of foreigners using forged documents to launder funds.
The probe escalated in August 2023 with the arrests of nine men and one woman in affluent neighbourhoods.
These individuals, all of Chinese origin, have since been convicted and deported, with over S$944 million of their seized assets surrendered.
SPF said two other suspects, Cambodian nationals Su Yongcan and Wang Huoqiang, remain at large, with warrants and Interpol Red Notices issued against them.
It is understood that lawyers for the 15 who surrendered assets negotiated with authorities to lift similar notices in exchange for immediate asset handovers.
Authorities continue to pursue other linked individuals, including former bank employees and associates accused of aiding the culprits.
Police reiterated their commitment to tackling financial crime, stating: “We will spare no effort to take down criminals exploiting Singapore’s ecosystem for illicit gains.”
