Singapore’s banking giants entangled in US$740 million money-laundering scandal
- The saga has raised questions about crash barriers against illicit money flowing into one of the world’s most important financial hubs
- Some of the individuals who were arrested and charged this month held funds totally millions from unlicensed moneylending in China and illegal gambling
In charge sheets seen by Bloomberg News, some of the individuals who were arrested and charged this month held funds totally millions from unlicensed moneylending in China, and illegal gambling in United Overseas Bank and the local units of Citigroup and RHB Bank. They also allegedly tried to cheat banks Oversea-Chinese Banking Corp, Standard Chartered and CIMB Bank using fake documents, the charge sheets show.
The wide roster of banks joins property agents, precious metals dealers and golf clubs in the city that have been drawn into this scandal. This has raised questions about crash barriers against illicit money flowing into one of the world’s most important financial hubs.
The accused allegedly used their criminal proceeds to buy luxury cars, Tether stablecoins and, in one case, an upscale condominium unit near the city’s prime shopping belt for S$23 million, the charge sheets show. Some also allegedly had millions in safe deposit boxes held with Certis Cisco Security, a security firm backed by state investor Temasek Holdings.
Most of the 10 people arrested were charged with more offences on Wednesday in court. Authorities have earlier said they are seeking documents from at least 10 financial institutions in relation to the case, although they were not named.