According to Singapore police, huge collections of luxury goods were seized this week during raids on a billion-dollar money laundering scheme. Among the items discovered during the raid, included a Hermès Birkin bag valued at $250,000 and a Patek Philippe watch worth $7,000,000 on the secondary market.
Image courtesy: The Straits Times
As a result, on August 15, 10 individuals from countries including China, Cambodia, and Turkey were arrested in connection. A staggering $1 billion in assets were seized, frozen, or subject to strict disposal.
It has been reported by police that over 250 designer bags and watches were seized during the raids. Rows of luxury watches were seen in photos of the seized goods, most of which are reported to be valued at over $250,000. It’s a similar story with the large collection of luxury bags that were also seized – with the estimated value to be over a million dollars. There are handbags worth well over $100,000 among those seen in the photos, including bags from luxury brands such as Hermès, Chanel, Dior, Louis Vuitton, and Prada.
Image courtesy: The Straits Times
However, the bags that certainly caught our attention are those from Hermès. Amongst the collection appears to be a pastel green matte alligator skin Birkin with brushed gold hardware, which is valued at around $130,000. Yet, this figure pales in comparison to the Hermès Himalayan Birkin, that appears alongside. A true luxury treasure, that is valued at an astonishing $250,000, or possibly more with diamond-embellished hardware.
Image courtesy: The Straits Times
As luxe lovers, we all know that owning a rare luxury item goes beyond a simple transaction. Waiting lists stretch to infinity, favoring VIP buyers with a proven history of brand loyalty. A Hermès Birkin or Kelly may be one of the most desired handbags, but obtaining one is another matter entirely. It goes without saying that the individuals behind the staggering billion-dollar money laundering scheme, knew the ins and outs of the luxury fashion world, albeit a little too well…
An industry expert who wished to remain anonymous told The Straits Times:
“Given the size of the bag collection, it is very likely they were all purchased from the secondary market, as a client is allowed to purchase only two bags a year at Hermes.”
Luxury bags continue to be highly sought-after investments. With the opening of global borders, the wealthy are continuing to turn to these items, resulting in a surge in the luxury market. As the tale of the billion-dollar money laundering raid continues to unfold, we can catch a rare glimpse into the darker side of the industry.
What are your thoughts on this latest raid? And how do you think luxury houses can avoid their items ending up in the wrong hands?
Read more here: The Straits Times
- Anna McWhirter posted 8 months ago
- last edited 8 months ago
