One criminal’s loss could be another collector’s gain

Luxury goods seized in Singapore’s biggest laundering case will be sold off by Deloitte, according to Channel News Asia. Singapore police handed over 466 high-end items and 58 gold bars to the consulting firm at the start of this week, with the media invited to view the confiscated assets on Tuesday.

The haul included about 50 bags by Louis Vuitton, Hermès, Dior, and Chanel, as well as at least 14 watches from brands such as Patek Philippe, Richard Mille, Van Cleef & Arpels, Rolex, and Audemars Piguet. Also on display were at least 13 cases of high jewellery, one gold plate, and one luxury belt. That standout items that caught our eye are a Patek Philippe World Time Chronograph with an estimated value US$93,000, a Richard Mille RM 67 worth approximately US$311,000, and an alligator iteration of the Hermès Kelly that can cost up to US$93,000 on the secondary market. The gold bars, weighing as much as two pounds each, are valued at around US$108,000 apiece.

The items were seized in connection with the scandal that broke two years ago: 10 Chinese nationals were charged with laundering approximately US$2.3 billion earned from criminal activities abroad. The case, which involved multiple big banks, private bankers, property agents, precious metal traders, and even a top golf club, prompted extensive island-wide raids in August 2023. Police seized billions in cash and assets. The nine men and one woman arrested were convicted in 2024, receiving jail time of between 13 and 17 months for offenses including money laundering, forgery, and resisting arrest. All 10 were deported and barred from entering Singapore after completing their jail terms. A further 17 suspects fled the country.

Authorities began selling the assets, which amounted to roughly US$2.17 billion, at the end of last year. A total of 54 properties, 33 vehicles, and 11 country club memberships were liquidated in December 2024, with about US$1.4 million in proceeds paid into Singapore’s consolidated fund. (It is essentially a bank account held by the government.)

The assets given to Deloitte for liquidation this week will be securely stored until they can be sold. Deloitte will send ideas for the sale to the police “in due course,” but options include auctions and direct sales. (Fingers crossed that Patek crosses the auction block.) The proceeds will again be paid into the consolidated fund.

This story was first published on Robb Report USA. Featured photo by Edward Berthelot/Getty