$28b Money Laundering Case: Porsche, 2 Rolls-Royces Among 4 Cars Seized from Bt Timah Bungalow
Channel: 🎤 Today News
Date: 2023-10-26

"Singapore news on October 26, 2023
📺: 
- $28b Money Laundering Case: Porsche, 2 Rolls-Royces Among 4 Cars Seized from Bt Timah Bungalow

1. A $2.8 billion money laundering case involving a Singaporean businessman has resulted in the seizure of four luxury cars, including two Porsches and two Rolls-Royces.
2. The case is linked to the 1Malaysia Development Berhad (1MDB) scandal, where billions of dollars were siphoned from the Malaysian state fund.
3. The businessman, known as Mr. Tang, allegedly received illicit funds from 1MDB and used them to purchase the luxury cars, as well as other assets.
4. The seized cars are estimated to be worth around $3 million, and they have been impounded by the authorities.
5. The investigation into the money laundering case is ongoing, and Mr. Tang is currently facing charges related to his involvement in the 1MDB scandal.
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