Singapore Seizes Alleged Launderer’s Millions in Swiss Banks
- Funds are part of S$1.8 billion money laundering, forgery case
- Accused also paid for 11 luxury homes in upscale neighborhoods
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Singapore police seized S$125 million ($92 million) from a suspected money launderer’s accounts with Bank Julius Baer and Credit Suisse Group AG’s local unit as a billion-dollar scandal continues to unfold.
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.