Singapore Police Seize Money From Suspected Money Launderer's Accounts – Media

Editorial Staff

7 September 2023

Singapore police have reportedly seized S$125 million ($92 million) from a suspected money launderer’s accounts with .

A report by Bloomberg (6 September) said that authorities took hold of S$92 million held by Turkish national Vang Shuiming in Credit Suisse Singapore, according to an affidavit by the police and presented in the Singapore High Court on Tuesday. Another S$33 million was seized from his Julius Baer account. The amounts were much larger than the S$2.6 million frozen at RHB Bank Bhd and S$600,000 at UOB Kay Hian Pte, the report said.

Credit Suisse and Julius Baer declined to comment to this news service.

The newswire's report said the judge in the case denied a request from Shuiming’s lawyer to have him released on bail. At Wednesday’s court hearing, all 10 people so far charged in this case had their remand extended, it said.

The matter became public in August after police arrested 10 foreigners and accused them of forgery and laundering criminal proceeds. Another 12 are assisting with the investigations and eight others are wanted by the police.