In a speech to lawmakers, home affairs second minister Josephine Teo said the case was one of the city-state’s largest anti-money laundering operations, and was on the radar of police since 2021 after the filing of suspicious transaction reports by financial institutions.

“We started investigations because we suspected that offences had been committed in Singapore. Once we confirmed our suspicions, we acted,” said Teo.

In simultaneous raids in mid August, authorities seized gold bars, designer handbags and fistfuls of jewellery, as well as scores of properties and luxury cars, in a haul that shocked the wealthy nation known for low crime rates.

Teo said rumours that the operation happened because of pressure from authorities in China were “completely untrue”.