Major Singapore Banks Named in $740 Million Money-Laundering Scandal in Which Police Seized Millions in Crypto
Top local and international banks in Singapore have found themselves entangled in one of the city-state’s biggest money-laundering scandals, encompassing over $740 million.
Recent chargesheet filed against 10 individuals have unveiled a web of illicit financial activities that have implicated not only major banks but also executives from various sectors, Bloomberg reported.
These individuals, who were apprehended and charged in the recent month, are alleged to have held millions in funds originating from unlicensed moneylending and illegal gambling operations.
The funds were reportedly held in esteemed financial institutions such as United Overseas Bank Ltd., Citigroup Inc., and RHB Bank Bhd.
The accused even attempted to deceive other reputable banks including Oversea-Chinese Banking Corp., Standard Chartered Plc, and CIMB Bank Bhd. through the use of counterfeit documents, as detailed in the charge sheets.
The scope of this scandal extends beyond the financial sector. Alongside the banks, entities ranging from property agents to precious metals dealers, and even golf clubs have been implicated.
The allegations against the accused take an even more intriguing turn with their purported use of ill-gotten gains.
As per police, these individuals used criminal proceeds to buy luxury cars, upscale condominium units, and notably, Tether stablecoins—a form of cryptocurrency pegged to traditional currencies.
In a raid on August 15, 10 foreign individuals were arrested, from Cyprus, Cambodia, Dominica, China, Turkey and Vanuatu.
Some of the accused are said to have held vast sums within safe deposit boxes provided by Certis Cisco Security Pte., a security firm backed by Temasek Holdings Pte., a prominent state investor.
Police also
Read more on cryptonews.com
