SINGAPORE IS AUCTIONING OFF A $2.2BN LAUNDERING CASE'S HANDBAGS AND WATCHES
The goods were taken in 2023 raids that shook the city state. They have sat inside Le Freeport, a fortified storage facility, ever since — and are only now being sold.
🚨 $2.2 BILLION. That is the size of the money laundering case behind the handbags, watches and jewellery now going under the hammer in Singapore.
The BBC reports that Singapore has begun auctioning luxury goods seized by police in the case that gripped the city state in 2023.
The items have been sitting inside Le Freeport, a fortified storage facility built to hold high-value goods.
BBC Business correspondent Vandhna Bhan was allowed inside for a look at the haul before it is sold.
Seized luxury does not hold its value sitting in a vault. Leather ages. Trends move. Auctioning it is how a state turns a locked room full of status symbols back into money.
Would you bid on a handbag that came out of a laundering case?
#Singapore #MoneyLaundering #Auction #Luxury #causeanuproar
First reported by
BBC Business
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