Police have so far spent $646,000 to maintain assets seized in a $3 billion money laundering case.

SINGAPORE – Authorities have spent nearly $650,000 to maintain assets seized in connection with Singapore’s biggest money laundering case.

On May 7, Home Minister K. Shanmugam said the expenses were for the storage, maintenance and safeguarding of seized assets, which included property, vehicles and luxury items such as designer handbags, watches and alcohol.

He said the expenses included hiring specialized services from industry partners or service providers to oversee the management, maintenance and preservation of the value of the assets.

He said: “As of March 2024, the police have incurred around $646,282 in such expenses. These expenses are borne by the state. “They are covered by the confiscated cash and the proceeds from the sale of the confiscated non-monetary assets, which are channeled to the State.”

Shanmugam was responding to a parliamentary question from Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) about what expenses had been incurred to preserve the seized assets and how these expenses would be covered.

So far, more than $3 billion in assets have been seized.

These included 207 properties, 77 vehicles, more than $1.45 billion in bank accounts, more than $76 million in cash in various currencies, thousands of bottles of liquor and wine, cryptocurrencies worth more than $38 million, 68 gold bars, 483 luxury bags, 169 brand watches and 580 pieces of jewelry.

Also seized were colorful bear-like figures, called Bearbricks, which police classified as “ornaments.” They are collectible toy figures produced by the Japanese collectible company Medicom Toy.

Luxury items, such as the designer handbags seized in the case, would have to be stored and handled carefully to maintain their value.

A total of 10 foreigners linked to the case were captured by authorities in simultaneous raids on luxury homes across Singapore on August 15, 2023.

They were charged the next day and, as of April 30, five had been jailed.

The first to be dealt with was Su Wenqiang, 32, who was sentenced to 13 months in jail on April 2 after pleading guilty to two counts of money laundering. Nine other charges were taken into account for sentencing.

He gave the state $5.9 million in assets, including more than $2 million in a bank account, more than $600,000 in cash, a Mercedes-Benz car, a Toyota Alphard, more than 200 bottles of alcohol and items luxury like bags, jewelry. and watches.

Cypriot national Su Haijin, 41, who had jumped from the second-floor balcony of a good-class bungalow during a police raid, was sentenced to 14 months in prison on April 4 after pleading guilty to one count of resisting arrest. arrest and two counts of money laundering. . Another 11 charges were taken into consideration for sentencing.

It seized assets worth about $165 million from the state, including 13 properties worth about $91 million, $45 million in bank accounts, $2.1 million in cash, $3.3 million in proceeds from the sale of seven cars, including a Ferrari Spider, and 69 Bearbrick figures. .