From Hermès bags to $20M penthouse, Singapore sells off its biggest money laundering haul

Singapore has opened online bidding on hundreds of luxury handbags and jewelry pieces seized in its largest money laundering case, launching a series of 15 auctions that will run through May 2027.

The first two sales, run by local auction house Hotlotz, opened Sept. 7 with 338 handbags and accessories and 286 pieces of fine jewelry. Bidding closes Sept. 20.

The two sales are expected to raise up to SGD3.9 million (US$3 million) for the state treasury, while the full series is spread out to avoid flooding the market, CNN reported.

Registered bidders can inspect the lots by appointment at Le Freeport, the high-security vault next to Changi Airport, The Straits Times reported.

Christopher Lanigan-O'Keeffe, co-founder of Hotlotz, told CNN that offering goods of this volume and quality in a single series is virtually unprecedented. He expects their criminal origins to have little effect on prices.

The highest estimate is for a 15-carat yellow diamond ring, which Hotlotz expects to sell for up to SGD300,000, CNN reported.

A Louis Vuitton pumpkin bag made with the late Japanese artist Yayoi Kusama had already beaten its estimate, drawing a top bid of SGD39,000 as of Sept. 14.

At the low end, Hotlotz estimates start at SGD120 for accessories such as a Miu Miu ring or a Gucci hair clip.

"The most expensive things aren't always the most interesting," Lanigan-O'Keeffe said.

Later sales will feature watches by Patek Philippe, Richard Mille and Rolex, Hotlotz said. About 250 Hermès handbags will go under the hammer in two dedicated auctions, the first in November, CNN reported.

Raids, convictions and $2.3 billion in assets

Police began seizing the assets after more than 400 officers raided homes across the island on Aug. 15, 2023, arresting nine men and one woman, The Straits Times reported.

The 10, all foreigners of Chinese origin, were convicted, sentenced to between 13 and 17 months in prison and deported, according to the Singapore Police Force.

Assets seized in the case eventually topped SGD3 billion, Reuters reported.

About SGD1.4 billion in cash from seized bank accounts and other liquidated proceeds had been paid into state coffers by the end of the 2025 financial year, The Straits Times reported.

Police also took control of around SGD1.25 billion in non-cash assets, including 483 luxury bags, 169 watches and 580 pieces of jewelry, the paper reported.

Fifteen other suspects who fled Singapore during the investigation agreed to surrender about SGD1.85 billion in assets in exchange for the withdrawal of Interpol notices against them. They are barred from returning to the country.

Deloitte, appointed in July 2025 to liquidate the non-cash assets, is selling more than 80 properties through four real estate firms.

They include a four-bedroom penthouse at South Beach Residences, which goes to auction on Sept. 23 with a guide price of SGD25.32 million, according to the South China Morning Post.