6 days ago
58 gold bars, luxury bags seized in $2.3 billion money laundering case, handed over to Deloitte
Singapore police have transferred hundreds of high-end goods — from diamond jewellery to Hermes handbags — to Deloitte & Touche Financial Advisory Services for management and sale, as part of the massive S$3 billion (US$2.33 billion) money laundering case. Singapore Police seized 58 gold bars in a major money laundering case (Representational image)
The handover, which took place on Aug 11 and 12, 2025, is part of ongoing efforts to liquidate seized non-cash assets and channel the proceeds into the government's Consolidated Fund.
What was the money laundering case about?
The case came to light after islandwide raids on Aug 15, 2023, exposed an illicit gambling ring operating across Southeast Asia. Over the years, millions in criminal proceeds were allegedly laundered into Singapore, according to a report in Channel News Asia.
Ten foreign nationals — nine men and one woman from China with criminal backgrounds — were arrested in the operation. They were convicted in 2024 of offences including money laundering, forgery and resisting arrest, and sentenced to jail terms ranging from 13 to 17 months. After serving their sentences, all were deported and barred from returning to Singapore.
Seventeen other suspects fled Singapore during the probe and remain outside the country's jurisdiction.
What items were handed over to Deloitte?
In this latest stage, police transferred 466 luxury goods and 58 gold bars to Deloitte. These include:
Around 50 designer handbags from brands such as Hermes, Louis Vuitton, Dior and Chanel. Examples: a Hermes Birkin 25 Togo bag valued at about S$30,000, and a Hermes Kelly Alligator bag that can cost between S$70,000 and S$120,000.
At least 14 luxury watches from top brands including Patek Philippe, Richard Mille, Van Cleef & Arpels, Rolex and Audemars Piguet.
Gold bars weighing between 999g and 1kg each, valued at roughly S$139,000 apiece.
Diamond and jade jewellery such as earrings, bracelets, and necklaces, along with one gold display plate and a luxury belt.
What will happen to the seized goods?
Deloitte will store and eventually sell the luxury items. Police said: 'To facilitate this, police are progressively handing over all remaining non-cash assets that have yet to be liquidated to Deloitte. Between Aug 11 and 12, police handed over 466 luxury goods items and 58 pieces of gold bars to Deloitte.'
Deloitte will securely store the assets before proposing sale options, which could include auctions or direct sales. 'Deloitte will commence the realisation of the assets upon the Government's approval of the proposals,' the police spokesman said.
All proceeds will be paid into Singapore's Consolidated Fund — the government's central account for revenue and expenditure.
