Singaporean authorities have apprehended 10 individuals and confiscated assets valued at approximately one billion Singapore dollars ($737 million) as part of an investigation targeting a

suspected money laundering syndicate.

Conducted simultaneously on Tuesday, the police raids spanned the city-state, with a focus on a group allegedly involved in laundering proceeds from "organized crime activities overseas, including scams and online gambling," as stated in a Wednesday evening release.

In addition to luxury properties and vehicles, the seizures encompassed cash, designer bags, jewelry, timepieces, electronic gadgets, wine bottles, documents related to virtual assets, and a collection of 'Bearbrick' figurines.

The detainees hailed from China, Turkey, Cambodia, Cyprus, and Vanuatu, ranging in age from 31 to 44, according to Singaporean police.

Over 400 officers participated in the operations, resulting in arrests from lavish bungalows and condominiums located in some of Singapore's most exclusive neighborhoods.

While eight suspects are still evading authorities, 12 individuals are cooperating with the ongoing investigation.

The police emphasized, "Investigations are ongoing. More assets may be seized, and bank accounts frozen."

Singapore, renowned as a global financial hub, enforces stringent laws against the illicit transfer of funds. Those convicted of such offenses could face up to 10 years in prison.

In a separate statement, the Singapore central bank revealed its communication with financial institutions associated with the potentially compromised funds. The institutions in question were not disclosed.

David Chew, Director of the Commercial Affairs Department involved in the raids, affirmed that Singapore remains unwavering in its pursuit of combating unlawful financial activities.

"We have zero tolerance for the use of Singapore as a sanctuary for criminals or their associates, or for the misuse of our banking services," Chew was quoted by the Straits Times, Singapore's premier newspaper.

He further conveyed a clear message to criminals: "If we apprehend you, we will detain you. If we uncover your unlawfully acquired assets, we will seize them. We will address your actions in accordance with the full scope of our legal measures." Photo by Basile Morin, Wikimedia commons.