Condo seized in Singapore’s largest money laundering case sells for nearly US$7 million

In Singapore's largest money laundering case, a four-bedroom condo on the 26th floor of the New Futura complex has sold for nearly US$7 million. The apartment, located on Leonie Hill Road, was confiscated from the wife of Wang Bingang, one of 15 suspects in the investigation. The guide price for the condo was SGD9.8 million, and it received only one bid on October 28, according to The Straits Times.

This sale is part of a series of auctions, with the first five luxury properties being offered since September 17. Other properties sold at auction, such as those at Wallich Residence and Martin Modern, generated a combined SGD16.28 million. So far, only two out of three brokerages appointed by Deloitte to liquidate the seized assets have secured sales.

The money laundering investigation, launched by Singapore police in August 2023, resulted in the arrest of 10 foreigners, all of whom have since been convicted and deported. Among the 17 suspects who left the country, 15 agreed to surrender their assets. The case involves an estimated SGD3 billion in criminal proceeds, with authorities seizing or taking control of about SGD1.25 billion in assets, including properties, vehicles, art, watches, jewelry, gold bars, handbags, bottles of alcohol, thousands of bottles of liquor and wine, over SGD38 million worth of cryptocurrency, 68 gold bars, 483 luxury bags, 169 branded watches, and 580 pieces of jewelry.