After a $2.4 billion money laundering bust, Singapore now has hundreds of luxury handbags to shift
Deloitte is liquidating forfeited cars, properties and handbags from a $2.4 billion money-laundering bust through 15 auctions.
- Singapore has begun selling luxury assets seized during a $2.4 billion money-laundering investigation, with Deloitte appointed to liquidate goods including a penthouse expected to fetch $20 million later this month.
- Three years after coordinated raids involving over 400 officers, Ten Chinese nationals were convicted of money laundering and forgery, channeling proceeds from overseas criminal activities into Singaporean properties and businesses.
- Cartier rings, Bulgari necklaces, and Herm bracelets are displayed in a high-security Freeport alongside thousands of forfeited items; the haul spans 15 auctions through next May to avoid market flooding.
- Auction house Hotlotz hopes to attract global bidders with estimates starting as low as $95 for accessories; co-founder Christopher Lanigan-O noted the caliber of goods is "unheard of" in a single series.
- Future sales will feature luxury watches and around 250 Herm handbags, with proceeds going directly to Singapore's treasury; a 15-carat yellow diamond ring is expected to fetch up to $237,000.
29 Articles
29 Articles
It was one of the largest anti-money laundering operations ever in Singapore. But the authorities are now stuck with €1.5 billion worth of seized cars, properties, and thousands of luxury handbags and jewelry. The enormous collection, which is held in the country's most secure storage facility, will be auctioned off in the coming months.
Luxury Singapore properties linked to 2023 money laundering auction
Over 80 luxury Singapore properties linked to a $2.1 billion money laundering case are set for auction, offering prime district homes with guide prices up to $25.3 million. Read more at straitstimes.com.
After a US$2.4 billion money laundering bust, Singapore now has hundreds of luxury handbags to shift
One of history’s largest ever money laundering busts left officials in Singapore with a multibillion-dollar question: What to do with the cars, properties and thousands of luxury goods seized in the investigation?
KEZI 9 News
Local 3 NewsOne of the largest anti-money laundering operations in history left Singaporean authorities with a multi-million dollar question: What is done about cars, properties and thousands of luxury items seized in Singapore?
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