CNN —Ten foreign nationals have been arrested in Singapore on suspicion of committing offenses such as forgery and money laundering after about S$1 billion ($735 million) worth of cash and assets were seized in raids across the country. Two gold bars, more than S$23 million ($17 million) in cash, more than 250 luxury bags and watches, more than 270 jewelry items, more than 120 electronic devices and 11 documents related to virtual assets were seized, according to police. Also targeted were 94 properties and 50 vehicles, with an estimated total value of more than S$815 million ($599 million), police added. Prohibition of disposal orders were issued against 50 vehicles and 94 properties -- with an estimated total value of more than S$815 million ($599 million). If found guilty, individuals charged with money laundering could face up to 10 years in prison and/or a fine of up to hundreds of thousands of dollars.

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Persons: David Chew, Ho Hern Shin Organizations: CNN, Singapore Police Force, Police, Facebook, Reuters, Cypriot, Commercial Affairs Department, Financial Intelligence, Monetary Authority of Singapore, MAS, Gallup’s Global Locations: Singapore