SINGAPORE: Singapore said the amount of assets seized in relation to a major money-laundering case rose to more than S$3 billion ($2.2 billion - RM10.37 billion), as the police froze more properties, luxury bags and cars.
Warrants of arrest and Interpol Red Notices have been issued against Su Yongcan and Wang Huoqiang for money laundering offenses, the police said in a statement. Both left the city-state before the Aug. 15 raids, according to the police, which led to 10 people of Chinese origin being charged with the same crime and forgery.
The developments have sent shockwaves through the orderly nation, prompting a review of the policies that may have been exploited to allow so much money to allegedly be laundered for so long at some of the world’s biggest banks.
Both Su and Wang were on an earlier wanted list issued by Chinese police for remote online gambling offenses. Both are also relatives of Wang Dehai, one of the ten accused who are currently in remand in Singapore, according to a police affidavit seen by Bloomberg News.
The police seized more than S$16 million in cash, and bank accounts totaling more than S$145 million in relation to Su.
Cash totaling S$188,000 and bank accounts with more than S$5 million were seized concerning Wang. Both are Cambodian nationals and previously held passports issued by China.
The police also froze an additional 55 properties and 15 vehicles.
-- ©2024 Bloomberg L.P.
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