By South China Morning Post | Created at 2024-11-19 00:38:13 | Updated at 2024-11-19 02:42:59
2 hours ago
Singapore police ended their pursuit of 15 people involved in the country’s largest-ever money laundering scandal, after the suspects agreed to surrender a total of S$1.85 billion (US$1.4 billion) worth of assets to authorities.
A total of 17 individuals, who are all foreign nationals, have been at large since local police made a series of high-profile arrests of 10 other money launderers in August last year.
The suspects who agreed to forfeit assets have been barred from returning to Singapore, according to a statement from the Singapore Police Force on Monday.
The deal means the cases against the 15 people in the record S$3 billion scandal have been closed, with no charges brought against them. The police did not name any of the individuals, or give the reasons for its decision. It added that investigations into the remaining two foreign nationals are ongoing, and S$144.9 million worth of assets linked to them remain seized or effectively frozen.
The massive money laundering case has rocked the Asian financial and wealth hub, and banks, property agents and other institutions are still dealing with the fallout.
