The Aporia
The Aporia
Singapore nets US$862,000 from first auction in money laundering case. (2026, September 21). South China Morning Post. https://www.scmp.com/news/asia/southeast-asia/article/3368197/singapore-nets-us862000-first-auction-money-laundering-case?utm_source=rss_feed
“Singapore nets US$862,000 from first auction in money laundering case.” South China Morning Post, 21 Sept. 2026, https://www.scmp.com/news/asia/southeast-asia/article/3368197/singapore-nets-us862000-first-auction-money-laundering-case?utm_source=rss_feed.
“Singapore nets US$862,000 from first auction in money laundering case.” South China Morning Post, September 21, 2026. https://www.scmp.com/news/asia/southeast-asia/article/3368197/singapore-nets-us862000-first-auction-money-laundering-case?utm_source=rss_feed.
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Singapore began auctioning off luxury goods seized in a $2.2 billion money laundering case that occurred in 2023. The first auction, conducted by Hotlotz, saw the sale of 337 handbags and accessories, fetching over S$1.1 million ($862,000). Among the items was a limited-edition yellow monogram leather piece, which sold for an astounding S$87,000 after 42 last-minute bids, more than five times its estimated value of S$12,000 to S$16,000. The auction took place inside Le Freeport, a secure storage facility known as the city's "Fort Knox." In contrast to the enthusiastic bidding for luxury goods, real estate tied to the same illicit network faced lackluster interest earlier.
