First confiscated assets in Singapore S$3 billion money laundering case go up for auction

The first two batches of confiscated assets tied to Singapore’s S$3 billion money laundering case have officially entered an open bidding process, with their combined estimated value put at between S$2.9 million and S$3.9 million. The sale is being conducted through online bidding only, with no in-person or telephone bids allowed. The seized items are being stored at the Le Freeport facility in Changi North Crescent. Members of the public in Singapore and overseas who are interested in bidding may view the assets, but visits require advance booking and slots are limited. One of the items drawing the most attention is a limited-edition pumpkin bag from Louis Vuitton and Yayoi Kusama. According to Lianhe Zaobao, the case is one of the largest money laundering cases in Singapore in recent years. The report said Su Weiyi, a business partner of Wang Shuiming, was confirmed to be the mastermind behind the crypto platform scam Atom Asset Exchange. Another person involved, Su Baolin, was reported to have received proceeds from illegal overseas online gambling through USDT, converted part of the USDT into at least S$463,000 in cash in 2023, and also used USDT to buy a Toyota Alphard.