S$3b money laundering case: Forfeited luxury goods, properties to go on auction from September

SINGAPORE: More than 1,000 luxury items and 80 real estate properties forfeited in Singapore's S$3 billion (US$2.4 billion) money laundering case will go under the hammer from Sep 7, said audit firm Deloitte on Saturday (Aug 29). The properties will be auctioned by SRI, Edmund Tie & Company and Knight Frank, while auction house Hotlotz will handle the luxury goods, comprising jewellery, watches and handbags. Some selected properties will also be offered for sale through an expression of interest process run by List International Realty, outside the auction process. The assets will be sold in phases between September 2026 and mid-2027. Deloitte said the composition and number of items in each phase are still being finalised and may change as authentication and preparatory work continues. Deloitte was appointed by the Singapore Police Force in July 2025 to manage and realise the non-cash assets forfeited in the case. The case emerged after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring based in Southeast Asia. The 10 offenders, all originally from China although some held other citizenships, have since been convicted and deported after serving their sentences.

ONLINE AUCTIONS FOR LUXURY GOODS Hotlotz said it will hold 15 online auctions of the luxury items from September this year to May 2027. The firm does not accept commission or telephone bids, and does not hold traditional in-room auctions. Catalogues for the first two auctions will be released at 10am on Sep 7, when online bidding also opens. The first auction, closing Sep 20 at 4pm, will have handbags and accessories from brands including Chanel, Louis Vuitton and Christian Dior. The second, closing at the same time on Sep 27, features jewellery pieces from makers such as Graff, Bulgari and Van Cleef & Arpels. The two auctions will include over 300 handbags and accessories and over 250 jewellery pieces, with a pre-sale estimate of between S$2.9 million and S$3.9 million. Catalogues for subsequent auctions will be released closer to each sale, and will include Hermès handbags and watches from Patek Philippe, Richard Mille and Rolex, Hotlotz said.

The auctions are open to participants globally, though bidders must register and pass compulsory identity verification checks before taking part. Approved bidders can book a viewing slot at Le Freeport, a high-security storage facility in Changi where the items are kept. Viewing is strictly by appointment, and walk-ins are not allowed. Hotlotz said appointment slots are limited and assigned to registered participants on a first-come, first-served basis. Hotlotz founder and chief executive Matt Elton said the case's global profile would draw added attention to the auctions, but that he was keeping sensationalism at bay. His aim is to “sell everything in the fairest, most transparent way and offer it to the widest market”. “At the end of the day, I try to avoid the sensationalism. My job is to sell these items. My job is to understand what they are, to put them into the market at the correct price, and to be very objective about how we talk about them,” he said. “I'm trying not to be knocked off my perch by the kind of stories around it.” Mr Elton said transparency was key, including making sure bidders know where the items came from. Starting prices are benchmarked against other auctions rather than original retail or secondary-market prices, he added.