Singapore: Singapore has raised the value of assets seized in connection with a major money laundering case by S$3 billion ($2.2 billion, 10.37 billion) as police freeze more properties, luxury bags and cars. It was announced that the amount has increased by more than RM 1,000,000.
Police said in a statement that arrest warrants and Interpol Red Notices have been issued for Su Yongkang and Wang Huoqiang on charges of money laundering. Police said both men had left the city-state before the Aug. 15 raid, which resulted in 10 people of Chinese descent being charged with similar crimes and forgery.
The development has shocked a well-ordered nation and prompted a review of policies that may have been exploited by some of the world’s largest banks to enable large sums of money to be laundered over long periods of time.
Both Mr. Su and Mr. Wang were on previous wanted lists issued by Chinese police for remote online gambling crimes. Both men are also relatives of Wang Dehai, one of the 10 defendants currently detained in Singapore, according to police affidavits obtained by Bloomberg News.
Police seized more than S$16 million in cash and bank accounts totaling more than S$145 million in connection with Su.
Regarding Wang, a total of S$188,000 in cash and more than S$5 million in bank accounts were seized. Both are Cambodian citizens and previously held passports issued by China.
Police also froze 55 properties and 15 vehicles.
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