Singapore Police Hand Over Luxury Assets and Gold Bars to Deloitte in $2.33B Money Laundering Case
466 luxury items and 58 gold bars seized in massive Southeast Asia gambling and money laundering operation
Background of the Case
Singapore’s police have been managing one of the country’s largest money laundering investigations, which came to light after islandwide raids on August 15, 2023. The probe uncovered a sophisticated illicit gambling network operating across Southeast Asia, with millions of dollars in proceeds allegedly funneled into Singapore.
- Arrests: Ten foreign nationals (nine men and one woman from China with prior criminal records) were convicted in 2024 for money laundering, forgery, and resisting arrest, receiving jail terms of 13–17 months. They were subsequently deported and barred from returning.
- Fugitives: Seventeen other suspects remain outside Singaporean jurisdiction.
Handover of Seized Luxury Goods
On August 11–12, 2025, the Singapore Police transferred 466 luxury items and 58 gold bars to Deloitte & Touche Financial Advisory Services for management and eventual sale. This move is part of efforts to liquidate seized assets and channel proceeds into Singapore’s Consolidated Fund.
Key items handed over include:
- Designer Handbags: Around 50 handbags from Hermes, Louis Vuitton, Dior, and Chanel, including:
- Hermes Birkin 25 Togo (~S$30,000)
- Hermes Kelly Alligator (S$70,000–S$120,000)
- Luxury Watches: At least 14 watches from brands like Patek Philippe, Richard Mille, Van Cleef & Arpels, Rolex, and Audemars Piguet.
- Gold Bars: 58 bars weighing between 999g and 1kg each, valued at roughly S$139,000 per bar.
- Jewellery: Diamond and jade earrings, bracelets, necklaces, a gold display plate, and a luxury belt.
Future Plans for the Assets
Deloitte will securely store the assets and propose options for their sale, which may include:
- Auctions
- Direct sales
The realization of these assets will proceed after government approval, ensuring transparency and maximum returns for the state.
Significance
This handover marks a major milestone in Singapore’s crackdown on money laundering and criminal proceeds. By converting non-cash assets into government funds, authorities reinforce the country’s commitment to financial integrity and law enforcement.
