$/€ Singapore Probes Biggest Gambling Money Laundering Case in Its History
Lina Almans
10 October 2023
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Singaporean authorities have cracked down on a massive money laundering operation that used illegal online gambling as a cover. The operation involved 10 Chinese nationals who had fake passports from the Dominican Republic, Turkey, and Cyprus.
The suspects were arrested in August, and the authorities seized about $732 million from them. But that was just the tip of the iceberg. According to the latest update, the total value of assets seized from the syndicate has reached $2 billion (and it’s still counting).
The suspects ran shady online platforms that offered gambling services and used them to launder money.
They tried to get out on bail with travel restrictions, but a local judge shut them down.
Besides cash, the police investigation also led to the confiscation of 152 luxury properties and 62 high-end cars. Plus, they froze the cryptocurrency wallets owned by the group members. The investigation was tough because the criminals were careful to cover their tracks.
This is said to be the largest financial scandal involving money laundering in Singapore’s history. In light of this case, the authorities are planning to review and tighten their laws on gambling and money laundering.
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