Singapore auctions luxury goods from $2.4B money-laundering case
What's the story
Singapore is now left with a trove of luxury items after one of the largest money laundering busts in history. The 2023 operation, which involved over 400 police officers, uncovered assets worth over S$3 billion (approximately $2.4 billion). The haul included cash, cryptocurrency, gold bars, properties, and sports cars, among other things.
Auction plans
Auctioning process
Among the seized assets are luxury goods such as Cartier rings, Bulgari necklaces, and Hermes "Kelly" bracelets.
These items are now on display at a high-security storage facility near Singapore's airport.
The auctioning of these goods will be done over 15 sales till next May to prevent market saturation.
Valuation
Some items marked by their illicit history
Christopher Lanigan-O'Keeffe, co-founder of Hotlotz, the auction house handling the sale, said, "The amount of luxury handbags, the sheer volume of the jewelry here, all of great quality and all from the best jewelry houses, is something we don't see every day."
Some items carry marks of their illicit history, like an 18-karat gold ring engraved with initials matching those of convicted individual Su Haijin.
Property sales
Deloitte appointed to help liquidate non-cash assets
Deloitte was appointed in July 2025 to help liquidate non-cash assets from the bust.
Four real estate firms were chosen to auction over 80 properties, including a four-bedroom penthouse expected to sell for over S$25.3 million ($20 million).
Hotlotz has spent months authenticating and valuing these luxury items, with estimates reaching up to S$300,000 ($237,000) for a 15-carat yellow diamond ring.
Upcoming sales
Auctions will include luxury watches and around 250 Hermes handbags
Auctions will include luxury watches and around 250 Hermes handbags. The first of these standalone auctions is set for November.
Hotlotz hopes to attract global bidders with online sales starting from as low as S$120 ($95).
"The most expensive things aren't always the most interesting," Lanigan-O'Keeffe said, highlighting that these items are accessible beyond just ultra-wealthy collectors.