Man who tried to hack RedeemSG arrested
A police report was lodged by the RedeemSG team on July 28, following multiple suspicious attempts to access voucher links on its portal. The attempts were unsuccessful and no vouchers were compromised, the police said in a statement on Aug 10.
Within a day of the report, officers from the Cybercrime Command under the Criminal Investigation Department identified the man and arrested him on July 29.
Authorities also seized a laptop which was used in committing the offence for further investigation.
The man is currently being investigated for the offence of attempted unauthorised access to computer material under the Computer Misuse Act. If found guilty, he may face a jail term of up to two years, a fine of up to $5,000, or both.
Police investigations are ongoing.
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askST: Public bidding possible if assets seized in $3b money laundering case are sold at auction
Sign up now: Get ST's newsletters delivered to your inbox The assets, which include luxury cars and watches, could also be sold to a private buyer. SINGAPORE - Non-cash assets seized from 27 individuals linked to Singapore's largest money laundering case may be sold at auctions that the public can attend, experts say. However, these events are usually not advertised with specifics, including details of the items and their history. The assets, which include luxury cars and watches, could also be sold to a private buyer. The police announced on Aug 12 that they are progressively handing over to Deloitte the remaining assets seized in the bust. The private services firm will have to submit proposals in relation to the sale of the assets, which can proceed only with the Government's approval, a police spokesperson told The Straits Times. The case, which saw police arrest 10 foreigners on Aug 15, 2023 , resulted in around $1.25 billion in non-cash assets – including cars, properties, jewellery and watches – being seized over the course of the investigations. Home Affairs Minister K. Shanmugam said earlier that 54 properties, 33 vehicles and 11 country club memberships had already been liquidated by the end of December 2024. Top stories Swipe. Select. Stay informed. 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Mr John Lim, managing director of LIMN Law, said the fact that the non-cash assets have been handed over to be liquidated means no claims were made on the seized property, which would have otherwise been under a disposal inquiry. In a disposal inquiry, a court hearing is held to determine how the assets will be disposed of. The assets cannot be liquidated until a conclusion is reached. With police handing over the assets to Deloitte, the firm will now have to authenticate them and decide on the best method of liquidation. A direct sale would bypass the auctioning process, with the firm dealing instead with commodity brokers and jewellers in some cases. This could be better suited for items such as gold bars. Mr Lim said if the decision is to hold an auction, it would likely be carried out by auction houses. This would require approval from the Commercial Affairs Department, for example. 'Ultimately, the remit for Deloitte is to maximise value. This overarching remit was self-evident when the luxury cars, which were earlier seized, were sold promptly as a means to preserve value before depreciation,' said Mr Lim. 'At the end of the exercise, the proceeds of liquidation are accounted for and paid into the Consolidated Fund.' Revenues of Singapore are paid into the Consolidated Fund, which is similar to a bank account held by the Government, out of which government expenditures are made. In general, auction houses will take out advertisements or make announcements if there is an auction, although the contents may be kept under wraps. ST previously reported that members of the public would be able to attend such auctions. In total, the police seized or took control of around $1.25 billion in non-cash assets during investigations. ST PHOTO: KUA CHEE SIONG How will knowledge that the assets have been kept in storage for two years impact the value of the items? Mr Ronald Low, graduate geologist at bespoke jeweller Ivy Masterpiece, said some of the items could have appreciated over the two years, which should translate to high demand if they are to be auctioned off. For example, gold prices have risen over the time period, which means the confiscated gold bars could be at an all-time high, said Mr Low. 'As for the jewellery, being in storage usually does not affect their prices structurally, although some oxidisation could have occurred,' said Mr Low, but he added that it is not difficult to refurbish those pieces to look brand new. Diamond-encrusted jewellery among the non-cash assets seized during police investigations. ST PHOTO: KUA CHEE SIONG Mr William Tan, manager of luxury watch dealer Watch Exchange, said there will be interest in the luxury watches. 'If the watches are priced slightly below market price, watch dealers will buy and resell them,' he said. But if the watches – some of which contain complicated and intricate mechanisms – have not been serviced in the two years they were kept in storage, prices may be affected. Mr Tan said collectors pay a premium of up to 30 per cent for watches that come as a 'complete set' with the original packaging, including the box and certificate. Luxury watches among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG The handbags seized may be negatively impacted by the amount of time it has been kept in storage. Mrs Florence Low, founder of luxury goods reseller LuxLexicon, said that each Hermes bag bears a stamp indicating the year of production. 'Bags kept even in unused condition will not fetch as good a price as something that is store-fresh, bearing a current-year stamp,' she added. Luxury handbags from Hermes and Louis Vuitton among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG What are some of the items seized? The 27 foreigners linked to the case enjoyed a lavish lifestyle. Among the items seized from the group were luxury cars from Rolls-Royce, Porsche and McLaren, and pallets of Macallan whisky bottles. Other assets seized include watches from Patek Philippe and Richard Mille. Mr Tan from Watch Exchange identified one model that was displayed by the police to the media on Aug 12 as a RM 07-03 Cupcake valued at $320,000, and a RM 67-02 variant valued at $520,000. Another watch displayed was a Patek Philippe Grand Complications 5520P-001. Mr Tan said he is selling a similar model in his shop for more than $158,000. Another was the Patek Philippe Ladies' Nautilus Rose Gold 7118/1450R-001, valued at $490,000. LuxLexicon's Mrs Low said she identified a Hermes Kelly Sellier Rose Pourpre Shiny Alligator valued at $85,000, a Hermes Shadow Birkin 25 worth $45,000, a Hermes Kelly Pochette Mauve Sylvestre valued at $25,000 and two Hermes Kelly Picnics worth $65,000 each. Luxury handbags from Hermes and Louis Vuitton are among the non-cash assets seized during investigations. ST PHOTO: KUA CHEE SIONG Mrs Low said the estimated value was based on the street market value of the handbags, assuming all were still brand new. On Aug 12, there were at least 56 gold bars weighing between 999g and 1kg on display. Checks by ST showed that based on current gold prices, each bar could be worth more than $139,000.
