Over 150 properties are tied to illicit gains from foreign online gambling rings in the ongoing probe.
DBS is one of several banks involved in a case where over S$2.8 billion of assets have been frozen or seized by the police.
The country’s largest bank filed so-called suspicious transaction reports to authorities, chief executive officer Piyush Gupta said Monday at a briefing after reporting quarterly earnings that beat estimates. New funds continue to flow into the financial hub regardless of the scandal, he said.DBS is among several local and international banks that are ensnared in the case, in which more than S$2.8 billion of assets have been frozen or seized by the police.
A probe is ongoing, seeking to determine whether the accused laundered illicit gains from overseas online gambling rings to fund their luxe lifestyles in the city-state. Some of the homes seized include luxury condominiums situated in the city’s poshest districts.
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