S'pore police hand over gold bars, luxury items seized in S$3 billion money laundering case to firm for liquidation

A total of 58 pieces of gold bars and 466 luxury items seized during the S$3 billion money laundering case have been handed over to a professional services firm to manage and liquidate.

Manage and liquidate assets

The police appointed Deloitte & Touche Financial Advisory Services for the management and liquidation of the remaining non-cash assets.

The items will be handed over progressively.

About the case

The assets were seized in an anti-money laundering operation in Singapore.

A total of 10 foreigners were arrested in multiple raids on Aug. 15, 2023, while 17 other suspects fled Singapore before they could be dealt with.

The nine men and one woman arrested were convicted in 2024.

They were deported and barred from entering Singapore after completing their jail terms of between 13 and 17 months.

Their offences included money laundering, forgery and resisting arrest.

More than 400 police officers, as well as riot police from the Special Operations Command, raided their homes.

Items seized

The police were handed around S$1.25 billion in non-cash assets during investigations, including properties, super cars, art, watches, jewellery, gold bars, handbags and bottles of alcohol.

Some of the items, such as 54 properties, were liquidated earlier in 2024.

“Between Aug 11 and 12, police handed over 466 luxury goods and 58 pieces of gold bars to Deloitte,” a police spokesperson said.

The gold bars weighed between 999g and 1kg each.

The 1kg gold bars have 99.99 per cent purity.

Patek Philippe and Richard Mille watches, as well as Hermes and Louis Vuitton handbags and diamond jewellery were among the items seized.

The 17 suspects, who fled the country, left behind their assets after hearing about the arrests.

What happens to seized assets?

In a written response on Feb. 26, 2025, Home Affairs and Law Minister K. Shanmugam told Parliament that as at December 2024, around S$2.79 billion out of the S$3 billion linked to the case had been surrendered to the state.

They include S$1.54 billion in cash and financial assets.

A total of 54 properties, 33 vehicles and 11 country club memberships were liquidated by the end of December 2024.

Some S$1.8 million had been paid into the Consolidated Fund by the end of 2024.

Another S$390 million will be paid within the 2024 financial year.

The Consolidated Fund, which is similar to a bank account held by the government, holds government revenue.

Government expenditures are also paid from it.

Penalties and changes enacted

As a result of the case, penalties amounting to S$27.45 million were imposed on nine financial institutions on Jul. 4.

The Ministry of Law also penalised three law firms involved in the purchase of properties linked to the case for anti-money laundering breaches.

Another three law practices were reprimanded.

Five lawyers were referred to the Law Society for potential disciplinary action.

The conduct of 11 other firms are still being looked into.

Two property agents were fined for their failure to conduct customer due diligence measures on clients linked to the case.

Singapore legislation were amended to enhance measures to strengthen anti-money laundering laws.

Top photos via Khoo Wen-en