Luxury cars, gold bars & watches from S$3B laundering case could go on sale, public may get to bid
A dazzling array of luxury cars, gold bars, designer bags, and high-end watches from Singapore’s high-profile S$3 billion money laundering case could soon be sold off — and members of the public may have a chance to bid for them.
In Aug 2023, the Singapore Police Force executed one of the country’s most high-profile anti-money laundering raids, detaining ten foreign Chinese nationals on suspicion of laundering proceeds. These proceeds allegedly came from scams, illegal online gambling, and unlicensed lending.
Investigators uncovered a staggering S$3 billion worth of illicit assets — spanning cash, luxury goods, vehicles, properties, and more.
Source: Shin Min Daily News
The seized assets, handed over by the Commercial Affairs Department (CAD) to Deloitte Financial Advisory Services earlier this week, include 466 luxury items and 58 gold bars, reported Shin Min Daily News (SMDN).
Patek Philippe & Richards Mille watches, Hermès bags & more
Among the collection are around 14 Patek Philippe and Richard Mille timepieces, multiple Graff jewellery sets, diamond necklaces from French jeweller Chaumet, and jade-and-diamond pieces including bracelets, necklaces, and earrings.
Also in the trove are some 50 designer handbags, mostly Hermès, along with pieces from Louis Vuitton, Chanel, and Dior.
Source: Shin Min Daily News
The 58 pure gold bars each weighed 1kg, accompanied by a 500g gold plate, commemorative gold and silver coins, and crafted gold ornaments. Luxury cars, cash, and multiple properties were also seized during investigations.
How they can be sold
Once in the hands of asset managers like Deloitte, items are typically liquidated through public auctions, private sales, or bulk sales, with proceeds going to Singapore’s Consolidated Fund.
Direct sales can be used for gold bars and certain jewellery, bypassing the auction process, while auction houses may be engaged for watches, jewellery, and other collectables. Auction notices may be published — though details are often kept confidential — members of the public are generally allowed to attend.
Source: Shin Min Daily News
Deloitte is expected to submit its sales plan to the police “in due course”. Once approved, the company will proceed with the disposal of assets.
Costly to maintain luxury items
Police revealed that S$2.65 million was spent in 2023 and 2024 to maintain and manage the seized items, SMDN reported.
The S$3 billion money laundering case, cracked in Aug 2023, saw nine men and one woman convicted. Courts ordered the forfeiture of over S$944 million worth of assets — 92.1% of the total seized.
According to SMDN, gold prices have surged from S$2,477 (US$1,936) per ounce in Aug 2023 to S$4,351 (US$3,400) in Aug 2025.
President of Singapore Jewellers Association, Mr Ho Nai Chuen, described the price of gold as “unpredictable”.
However, experts note that luxury watches and designer handbags may have depreciated after two years in storage.
Also read: S’pore Seeks 2 More Suspects In Money Laundering Case, S$3B Of Assets Involved
S’pore Seeks 2 More Suspects In Money Laundering Case, S$3B Of Assets Involved
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Featured image adapted from Shin Min Daily News.
