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 $1.85 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 2023.
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 $3 billion scandal have been closed, with no charges brought against them. The police added that investigations into the remaining two foreign nationals are ongoing, and $144.9 million worth of assets linked to them remain seized or effectively frozen.
In response to Bloomberg queries, the police said it will withdraw Interpol notices filed against the 15 individuals. Singapore’s public prosecutor has advised that “it will be difficult to have the 17 foreign nationals extradited as their whereabouts are unknown and the evidence available may not be sufficient for extradition,” the police said.
The massive money laundering case has rocked the Asian financial and wealth hub, and banks, real estate agents and other institutions are still dealing with the fallout. Much of the illicit funds came from illegal gambling and unlicensed money lending in China, and the money was used to purchase luxury cars, upscale homes, golf club memberships, gold bars and and other collectibles.
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The 10 China-born individuals who were arrested last year have been convicted of money laundering and other offenses, and sentenced to jail terms of 13 to 17 months each. They were deported and also barred from re-entering Singapore.
Singapore earlier this year criminally charged two Chinese private bankers who had served some of the money launderers. A Singaporean driver for one of the suspects was also charged after the suspect left Singapore.
