Bids start closing for jewellery seized in $3 billion money laundering case auction

SINGAPORE – Bids for 286 pieces of fine jewellery seized in Singapore’s landmark $3 billion money laundering case ranged from $750 to $360,000 as the second online auction for the confiscated goods closed on Sept 27.

Diamonds dominated the proceedings, which saw bidders put up about $5 million for all the items available. A last-minute flurry of bids for an Hermes bracelet studded with 263 diamonds that totalled 30.31 carats saw its bid price climb up to $360,000 in the final seconds.

In close second was a 15.02-carat “fancy yellow” diamond ring that attracted a final offer of $230,000.

At the other end of the spectrum, the cheapest items were a pair of children’s rings made of gold, as well as a diamond solitaire ring. Both sold for $750.

The most sought-after item was a jewellery set from Dior. Comprising a diamond necklace, bangle, earrings and ring, it attracted 72 bids and sold for $125,000.

Bidding for the items began closing from 4pm, with the latest items left on auction scheduled to conclude after 8pm.

Under the rules of local auction house Hotlotz, which is hosting the auction, any bid placed within the final five minutes extends the bidding period for that lot by another five minutes. The extension continues until five minutes pass without a new bid.

A buyer’s premium of 20 per cent is also added on top of the closing bid.

Online bidding for this second tranche of items began on Sept 7 alongside a separate auction for luxury goods that closed on Sept 20.

That earlier auction, which featured 337 items including luxury handbags and accessories, attracted more than $1.1 million in bids.

A limited-edition Louis Vuitton pumpkin bag was the most sought-after piece, with 81 bids pushing the final price to $87,000.

The next round of auctions begins on Nov 9, as part of 15 sales scheduled till May 2027.

The $3 billion money laundering case involved a network of individuals and shell companies linked to proceeds from scams and illegal online gambling.

The scale of the network came to light after 10 foreigners were arrested in islandwide raids in August 2023.

In addition to the luxury items, properties linked to the money launderers have also been put up for sale.

On Sept 23, four luxury apartments at Wallich Residence and Martin Modern were sold at auction, although another 15 properties were withdrawn after failing to meet their reserve prices or attract any bids.

Among the properties withdrawn was the most expensive – a 42nd-floor penthouse at South Beach Residences with a guide price of $25.3 million.

In total, more than 1,000 luxury items forfeited in connection with the case are being auctioned. The sales are overseen by professional services firm Deloitte, which was appointed by police in 2025 to manage and liquidate the seized assets.

All proceeds will go into the Consolidated Fund, which functions as the Government’s central bank account.