Police investigations in Singapore and Malaysia into alleged illegal online gambling have led to seizure of assets worth SGD4 million (US$2.9 million) as possible proceeds of crime.

The assets (pictured in a police handout) included cash, jewellery, luxury watches and more than 40 bank accounts, according to a press release from the Singapore Police Force.

A total of 43 people ranging in age from 34 to 82 was arrested in joint Singapore-Malaysia raids, which took place from June 30 to July 1.

Additionally, Singapore’s authorities issued prohibition orders against disposal of seven real estate properties collectively valued at more than SGD10.7 million.

Electronics including computers and mobile phones, and what were termed “gambling-related paraphernalia” were seized by police as evidence.

At various locations across Singapore, 37 men and two women were detained. In Malaysia, four Singaporean men were held by authorities there.

Those detained were said to represent an organised criminal group believed to be behind illegal remote betting operations.

Nine of the people held were due to be charged on Tuesday (July 2) for offences under Singapore’s Gambling Control Act.

Anyone convicted under Singapore law of conducting an unlawful betting operation as an agent may be fined up to SGD200,000 and jailed up to five years.