Busted: Money laundering and the lottery effect
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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.
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