Overview

• Singapore Police have formally appointed Deloitte & Touche Financial Advisory Services to manage and liquidate 466 seized luxury goods and 58 gold bars linked to a S$3 billion money laundering investigation.
• The haul includes about 50 designer handbags from Louis Vuitton, Hermès, Dior and Chanel, at least 14 high-end watches by Patek Philippe, Richard Mille and Rolex, diamond-encrusted jewellery and gold bars weighing up to 1 kg each.
• Deloitte will inspect, package and propose auction or direct-sale routes for the assets, with the realisation plan subject to Government approval before proceeds enter the Consolidated Fund.
• Earlier tranches saw 54 properties, 33 vehicles and country-club memberships liquidated by December 2024, generating over S$1.8 million for state coffers as part of the progressive realisation process.
• The probe, launched after August 2023 raids on a transnational gambling ring, led to convictions and deportations of 10 suspects in 2024 and prompted S$27.45 million in penalties on banks alongside tighter anti-money-laundering regulations.