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SINGAPORE: Singapore police have seized or frozen more than US$1.76 billion worth of assets in one of the biggest money laundering cases ever uncovered in the city state, local media reported today.

Authorities had seized assets worth nearly US$750 million in sweeping raids against a suspected international money laundering ring last month.

During the operation police arrested 10 foreign nationals – from China, Turkey, Cambodia, Cyprus and Vanuatu – members of a group suspected to be laundering proceeds from overseas criminal activity including scams and online gambling.

Bank accounts, cash, documents with information on virtual assets, properties, vehicles, and luxury items such as bags and watches were seized during the raids.

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