Editor’s Note
This article details the latest procedural step in Singapore’s landmark S$3 billion money laundering case, where police have transferred seized luxury assets—including handbags, watches, and gold bars—to Deloitte for liquidation. The move underscores the ongoing efforts to process and monetize forfeited property linked to the alleged financial crimes.
SINGAPORE: Luxury handbags, watches and gold bars that were seized during the S$3 billion (US$2.33 billion) money laundering case were among the assets handed over by the police to Deloitte for liquidation on Tuesday (Aug 12).
The money laundering case, which came to light following islandwide police raids in August 2023, involved millions of dollars earned over the years from an illicit gambling ring based in Southeast Asia.
The offenders – nine men and one woman – hailed from China and had criminal backgrounds. All have been convicted and were deported after serving their sentences.
On Tuesday, the media were invited to observe how the confiscated assets, which were placed on display at the Police Cantonment Complex, were handed over to staff members from Deloitte by officers from the Commercial Affairs Department (CAD).
In total, 466 luxury goods items and 58 gold bars were handed over across two days. These include about 50 branded bags that appear to be made by Louis Vuitton, Hermes, Dior and Chanel.
Among the handbags are: a Hermes Birkin 25 Togo bag with an estimated value of S$30,000, and a Hermes Kelly Alligator bag that can cost between S$70,000 and S$120,000, according to online listings by brokers such as Sotheby’s.
There were also at least 14 luxury watches from brands such as Patek Philippe, Richard Mille, Van Cleef & Arpels, Rolex and Audemars Piguet.
Also on display were the gold bars, at least 13 cases of jewellery, such as earrings, bracelets, jade necklaces, at least one gold display plate and one luxury belt.
In a statement on Tuesday, the police said it has appointed Deloitte & Touche Financial Advisory Services for the “management and realisation of the non-cash assets seized in relation to the S$3 billion money laundering case”.
To facilitate this, police said they are progressively handing over all remaining non-cash assets, which have yet to be liquidated to Deloitte.
Between Aug 11 and 12, the police handed over 466 luxury items and 58 gold bars to Deloitte.
CNA observed how CAD officers handled the handover of the assets to Deloitte staff members, who then disassembled the luxury bags into their components.
After the parts are photographed, the items are then packaged into brown bags.
For watches, they underwent a brief inspection where staff members wrote some of their details down, before being stored in their case and placed into transparent bags.
The gold bars – each weighing 1kg and valued at around S$139,000 per bar – were likewise inspected by Deloitte staff members and then carefully placed into small transparent bags.
Investigations into the transnational case date back to 2021, culminating in a widely reported police raid on Aug 2023.
More than 400 officers were involved and 10 people were arrested at condominiums, landed properties as well as Good Class Bungalows. These properties were in prime locations such as Sentosa Cove, Tanglin, Orchard, Holland Village and River Valley.
Singapore police also seized luxury cars, watches, jewellery, designer goods, cryptocurrency and cash. More than 150 properties were also seized, including homes in upmarket neighbourhoods.
About S$1 billion worth of assets linked to the 10 offenders was seized. Of these, the offenders agreed to forfeit between 90 and 100 per cent of the assets – totalling about S$944 million.
Following the handover, Deloitte will securely store the assets and eventually look to sell the items.