Gold, watches and other luxury items totaling $1.75B seized in Singapore money laundering scheme

KUALA LUMPUR, Malaysia (AP) — Singapore police say they have uncovered more luxury watches, gold bars and other assets from a massive money laundering scheme that was busted last month, bringing the total amount of assets seized or frozen to $1.75 billion. The police said Wednesday they are continuing to investigate the scheme in which foreigners are suspected of laundering the proceeds of scams, online gambling and other organized criminal activities. The latest action followed raids across the city-state last month. Ten foreigners have been charged in court. The case has cast a shadow on Singapore’s status as a financial hub known for its low crime and clean image.