About S$100 million ($74 million) is how much DBS Group Holdings Ltd. is exposed to a money laundering scam in Singapore.

They mostly result from funding the properties of people detained, in one of the largest cases of this kind in the city-state.

At a press conference on Monday following the release of quarterly earnings that exceeded forecasts, Chief Executive Officer Piyush Gupta revealed that the nation's biggest bank had sent "suspicious transaction reports" to the police. Despite the controversy, new money is coming into the financial center, he claimed.

According to Gupta, "I don't see the flows suffering."

DBS is one of many domestic and foreign banks involved in the case, which has resulted in the authorities freezing or seizing assets worth over S$2.8 billion. This comprises around 150 homes linked to approximately ten Chinese residents who were detained in an August island-wide operation. These individuals had lived in Singapore for many years.

An investigation is underway to ascertain whether the defendants utilized money laundered from foreign online gambling rings to support their opulent lifestyles in the city-state. Among the properties taken are opulent apartments located in the most affluent areas of the city.

Specific allowances for predicted credit losses under the bank's most recent results increased to S$197 million, or 18 basis points of loans, about eight times more than a year before. According to DBS, these were "prudently taken" in response to disclosures connected to a recent money laundering case in Singapore.