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, with the haul spread across 15 auctions through next May to avoid flooding the market.
- Auction house Hotlotz hopes to attract global bidders with estimates starting as low as $95 for accessories; co-founder Christopher Lanigan-O said the caliber of goods "would not be out of place in any of the top auctions in New York, London, Paris or Hong Kong."
- 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.
19 Articles
19 Articles
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?
Singapore Is Auctioning The Hermès It Seized In A $2.4 Billion Laundering Bust
Three years ago, more than 400 Singaporean police officers moved on a single criminal network in one coordinated sweep. They came away with cash, cryptocurrency, gold bars, sports cars, wine, property and enough designer goods to stock a department store. The final tally topped S$3 billion, or roughly $2.4 billion in US terms. Ever since, […] Read the full article Singapore Is Auctioning The Hermès It Seized In A $2.4 Billion Laundering Bust on …
Three years after one of the biggest police operations in Asian history, Singapore opened the doors of a secret warehouse near the airport and began the process of selling thousands of luxury items seized from a criminal network involved in fraud and illegal gambling.
One of the biggest money-laundering seizures left Singapore with the question: what to do with cars, real estate and thousands of luxury items?
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