Singapore authorities have seized assets worth nearly US$750 million in sweeping raids against a suspected international money laundering ring, police said Wednesday.

During the operation, which targeted locations across the city-state on Tuesday, the police arrested 10 foreign nationals—from China, Turkey, Cambodia, Cyprus, and Vanuatu.

Authorities also seized properties, vehicles, and luxury items such as bags and watches in a haul that police said had a total value of Sg$1 billion (US$736 million).

Police said they discovered a group that was laundering proceeds from “overseas organised crime activities, including scams and online gambling”.

Also seized were bank accounts with a total estimated balance of more than Sg$110 million, cash amounting to more than Sg$23 million, and documents with information on virtual assets, police said.

More than 400 officers took part in the raids, during which the suspects were arrested from luxury homes and high-end condominiums.

“Investigations are ongoing. More assets may be seized and bank accounts frozen,” police said.

Singapore is a global financial hub and has strict laws against laundering illicit funds, which can carry up to 10 years in jail.