Ten foreigners arrested as $735 million in cash and assets seized in Singapore

SINGAPORE-Ten foreign nationals have been arrested in Singapore on suspicion of committing offenses such as forgery and money laundering after about S$1 billion ($735 million) worth of cash and assets were seized in raids across the country.
Eight other people are wanted by the police, the Singapore Police Force said in a statement on Wednesday.
More than 400 officers conducted simultaneous raids in multiple locations on Tuesday.
Two gold bars, more than S$23 million ($17 million) in cash, more than 250 luxury bags and watches, more than 270 jewelry items, more than 120 electronic devices and 11 documents related to virtual assets were seized, according to police. The force said it froze more than 35 bank accounts with a total estimated balance of more than S$110 million ($81 million) for its investigations and to prevent suspected criminal proceeds being spent.
Also targeted were 94 properties and 50 vehicles, with an estimated total value of more than S$815 million ($599 million), police added.
Ten people, aged between 31 and 44, have been arrested. One of the suspects, a 40-year-old male Cypriot national, allegedly jumped out of the second-floor balcony of his residence when police ordered him to open his door. He was found by police hiding in a drain and was arrested, according to the police statement.
If found guilty, individuals charged with money laundering could face up to 10 years in prison and/or a fine of up to hundreds of thousands of dollars. Forgery for the purpose of cheating carries a similar prison sentence and could carry a fine.

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