Singapore’s normally staid image has had a rough year. Allegations have erupted that wealthy Chinese have been pouring ill-gotten gains into the Asian financial hub, in what the government itself describes as potentially one of the world’s largest money-laundering cases. More than S$2.8 billion ($2 billion) worth of assets from cash to crypto have been seized, while lawmakers debate how much more dirty money has been sloshing around. On top of that, a series of political scandals has dented the city-state’s reputation for propriety, creating new headaches for the long-ruling People’s Action Party just as it’s trying to placate voters anxious about perceived rising inequality and the cost of living.

On Aug. 15, more than 400 police officers conducted raids at dawn across the island and rounded up 10 suspects, all originally from China but carrying multiple passports. They were charged with forging documents and laundering profits from scams and illegal online gambling in Singapore. As of Oct. 5, none had been granted bail after prosecutors cited flight risks. At least one — Vang Shuiming, who had passports from Cambodia, Turkey, China and Vanuatu — has requested a trial. The police banned more than 150 properties connected to them from being sold. Additionally, 62 vehicles, some S$38 million in cryptocurrencies, 68 gold bars and thousands of bottles of liquor were confiscated. Few institutions were unscathed. Some of the accused were also members of prestigious golf clubs, while local media reported that a number were also donors to Singapore charities. While there have been other scandals involving banks in Singapore over the years, including Malaysia’s 1MDB saga in 2016 and the meltdown of German payments company Wirecard AG in 2022, this case is different in that the people allegedly involved chose to reside and set up new businesses in Singapore.