Datuk Seri Ahmad Zahid Hamidi has declined to comment on the seizure of approximately RM1.1 billion worth of luxury goods from former prime minister Datuk Seri Najib Razak's properties.
"It is the largest ever seizure in the country's history, resulting from an investigation into state fund", Singh said. Among them were 1,400 necklaces, 2,200 rings, 2,100 bangles, 2,800 pairs of earrings, 1,600 brooches, and 14 tiaras.
Allegations of massive corruption were a major factor behind the shock election loss of ex-premier Najib's long-ruling coalition in elections last month to a reformist alliance headed by Mahathir Mohamad.
Mr Razak says the money in his account was donations from Saudi Arabia, most of which he returned.
According to the US justice department, assets purchased using 1MDB money include a Picasso painting, luxury real estate in South California and NY, shares in a Hollywood production company and a $265 million yacht, and more than $200 million worth of jewellery - including a 22-carat pink diamond pendant and necklace.
Twelve thousand pieces of jewellery were seized, he said, amounting to about 800 million ringgit (approximately Rs 1,300 crore) at retail prices.
Mr Singh said the police plan to take statements from Mr Najib and his wife, Rosmah Mansor, on the ownership of the seized items. Najib, who has been questioned by the Malaysian Anti-Corruption Commission, called the revived investigation a "politically motivated" move.
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He said eight special teams were formed involving 150 personnel and several branded item experts who took 36 days to calculate the value of 12,000 types of jewellery from 25 bags out of the 72 bags that were seized. His son-in-law is Daniyar Nazarbayev, a nephew of the Kazakhstan President, and he allegedly gave Rosmah many handbags.
"About 12,000 jewellery [items] were seized worth RM440 million".
And 567 handbags were seized, including designer Hermes bags worth 51.3m ringgit (£9.6m), he added.
Many Malaysians reacted with disbelief on social media as the police listed the items and their estimated worth at a news conference broadcast live.
Mahathir said last week that they had an nearly "perfect case" against Najib on charges such as bribery, theft of government funds and embezzlement.
$681m of 1MDB money went into Najib's personal bank account, where it is alleged it was used to fund the lavish spending habits of Najib and his wife.