Singapore law enforcement has seized around $1.8 billion as a result of the country's largest digital asset laundering case.
As reported by Bloomberg, the police have also seized bank accounts worth more than $825 million as well as $27 million in crypto.
The police arrested ten Chinese nationals in the middle of last month on suspicion of involvement in money laundering and document forgery.
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They were reportedly allegedly involved in laundering money from organized criminal activities abroad, including online fraud and gambling.
As a result of the case, Singapore banks have tightened their grip on Chinese customers. Some lenders are even reviewing the opening of new accounts and transactions.
According to Bloomberg, at least one international bank has already stopped providing services to a number of nationals from Cambodia, Cyprus, Turkey and Vanuatu.