Ten people have been arrested on suspicion of money laundering and other charges. They are nationals of various countries, mostly Asian, some with "alternate" passports. Eight further people are being sought.

The estimated value of goods and cash seized is SGD1,000 million.

In addition to handbags, cars, wine and watches featured heavily as well as some "collectibles." There are also cryptoassets and jewellery.

But it's the cash that draws the eye. This is a fraction of the amount discovered:

But it's not only a money laundering scheme; there is also an investigation into alleged forgery.

In a statement, the police say "Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than SGD815 million, as well as multiple ornaments and bottles of liquor and wine. The Police also seized more than 35 related bank accounts with a total estimated balance of more than SGD110 million for investigations and to prevent dissipation of suspected criminal proceeds. Cash, including foreign currencies, amounting to more than SGD23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars and 11 documents with information on virtual assets."

Source: https://www.police.gov.sg/media-room/news/20230816_10_foreign_nationals…