More than $1.3 million in auction bids for luxury items seized in $3b money laundering case
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One of the most popular items in the luxury handbags and accessories auction is a Yayoi Kusama x Louis Vuitton pumpkin bag.
PHOTO: HOTLOTZ
- Over $1.3 million in auction bids were registered for luxury items seized in $3 billion money laundering case.
- The first auction features 338 luxury handbags and accessories, and 286 fine jewellery lots including a 15.02 carat fancy yellow diamond ring.
- The case involved 10 foreigners linked to organised crime; Deloitte manages the seized assets, with upcoming auctions planned till May 2027.
AI generated
SINGAPORE – Potential buyers registered over $1.3 million in auction bids for luxury items seized in the $3 billion money laundering case.
The items are being put up by local auction house Hotlotz in a series of 15 timed, online-only auctions.
The first two in the series – featuring luxury handbags and accessories in one, and fine jewellery in the other – were opened for bidding at 10am on Sept 7.
One of the most popular items in the luxury handbags and accessories auction is a Yayoi Kusama x Louis Vuitton pumpkin bag. It had garnered 10 bids as at 5pm, including the highest bid so far at $18,000.
The auction features 338 lots of items, including bags from Chanel, Louis Vuitton and Christian Dior, and will end at 4pm on Sept 20.
The fine jewellery auction, which has been listed as part one of the jewellery items, features 286 lots of items and will end at 4pm on Sept 27.
The item expected to fetch the highest bid in the auction is a 15.02 carat “fancy yellow” diamond ring.
The item expected to fetch the highest bid in the auction is a 15.02 carat “fancy yellow” diamond ring.
PHOTO: HOTLOTZ
As at 5pm on Sept 7, there were four bids registered, with the highest being $190,000.
The jewellery on auction include those from Harry Winston, Van Cleef and Arpels, and Cartier.
The jewellery pieces include a matching pair of plain gold band rings listed at the very end of the catalogue.
The rings are described as having a “spot hammered finish” with “some scratches”. Bids start at $200 – the lowest among the items listed in the jewellery auction.
The rings bear a heart-shaped inscription on the inner band. One is engraved with the initials SHJ and the other WQ.
They appear to be the initials for convicted money launderer Su Haijin and his wife Wu Qin. When asked about this, Hotlotz declined to comment.
The rings are described as having a “spot hammered finish” with “some scratches”. Bids start at $200 – the lowest among the items listed in the jewellery auction.
PHOTO: HOTLOTZ
There were no bids registered for the rings as at 5pm on Sept 7.
The $3 billion money laundering case involved an extensive network of people and shell companies and was linked to ill-gotten gains from scam operations and illegal online gambling activities.
Investigators learnt of the extent of the network after 10 foreigners were nabbed in August 2023 when the police conducted simultaneous raids across the island at various locations.
The 10 were later convicted, sentenced and deported.
About $3 billion in assets were seized in relation to the case, including properties and luxury items such as bags, watches, jewellery and alcohol.
Professional services firm Deloitte, which was appointed by the police in 2025 to manage and liquidate the seized assets, said on Aug 29 that over 1,000 luxury items forfeited in connection to the case would be put up for public auction through Hotlotz.
The 15 auctions are slated to run between September 2026 and May 2027.
Subsequent tranches of auctions in the series will include handbags by Hermes and luxury timepieces from watchmakers including Patek Philippe, Richard Mille and Rolex.
That next tranche of auctions is expected to be held some time in November.
All proceeds from the sale of the assets will be paid into the Consolidated Fund.
