The amount involved in Singapore’s largest money laundering case expanded to S$2.4 billion, and more than S$38 million in cryptocurrency was seized

Odaily Planet Daily News In the largest money laundering case in history investigated in August, the Singapore Police has seized assets with a total value of more than S$2.4 billion (equivalent to 12.72 billion yuan) and issued a prohibition order. In addition, the police have seized more than S$1.127 billion in bank account deposits, more than S$76 million in cash (including foreign currency), 68 gold bars, 294 designer bags, 164 luxury watches, 546 pieces of jewelry, and more than S$38 million. (equivalent to about 200 million yuan) of cryptocurrency, and 204 electronic devices. In addition, the police also issued prohibition orders against 110 real estate properties and 62 vehicles with a total value of more than S$1.242 billion, as well as multiple items of jewelry and alcohol. The police investigation is ongoing. (Lianhe Zaobao) According to previous news, Singapore uncovered the largest money laundering case in recent years, and 10 people including Su Baolin, the founder of Xinbao Investment, were arrested. The case involves some large local institutions and global financial institutions, with those involved holding funds in local subsidiaries of United Overseas Bank and Citigroup. They also allegedly attempted to defraud OCBC Bank and Standard Chartered Bank using false documents. DBS Group is a creditor of an investment company linked to one of the defendants, while Deutsche Bank is also a creditor of a related party.