Busted: Money laundering and the lottery effect
ON TUESDAY, Aug 15, some 400 law enforcement officers descended on sprawling bungalows and luxury apartments nestled in gentrified neighbourhoods. In one fell swoop, they arrested 10 people allegedly connected to a Fujian money laundering syndicate.
Police seized 105 properties, 50 cars (many Bentleys), hundreds of watches and luxury bags (two rare Patek Philippes worth S$8 million each and umpteen Birkins), fine wines, and oh, some loose change (S$23 million in cash).
In so doing, they lifted the veil on what many have suspected for years - that illicit money had been flowing hard and fast into Singapore and was parked under our noses.
TRENDING NOW
Prima to move out of historic Keppel Road flour mill building in 2028
Grab CEO’s wife Chloe Tong on life with Anthony Tan and finding her purpose
OCBC sheds S$8 billion in value as shares close nearly 6% down; analysts cautious on banks
As Asia’s food delivery giants rejig the pie, who will win the market?
