Singapore auctions assets seized in $2.37B money laundering case

Singapore has opened online bidding for the first 624 luxury items forfeited in its S$3 billion, or roughly $2.37 billion, money laundering case. Summary The first two auctions contain 338 handbags and accessories and 286 pieces of jewellery. The lots have a combined pre-sale estimate of S$2.9 million to S$3.9 million. Buyers outside Singapore can register, but bidding is online only and requires identity checks. Court records and police findings have linked some people in the case to USDT transactions and illegal gambling proceeds. Hotlotz said in its auction announcement that bidding for both sales began on Sep. 7. The Singapore auction house was appointed by Deloitte Singapore to sell forfeited luxury goods through a series of 15 auctions running from September 2026 to May 2027. The first sale covers handbags and accessories and closes on Sep. 20. A separate jewellery sale closes on Sep. 27. According to Channel News Asia’s report on the sales, the two groups of items carry a combined pre-sale estimate of S$2.9 million to S$3.9 million, or about $2.29 million to $3.08 million at the exchange rate used in the headline. Singapore auction opens to bidders abroad Hotlotz said the au...