The investigation comes as billions of dollars have been unaccounted for from the state investment fund 1MDB.

Najib Razak, Malaysia’s former prime minister, has been under investigation since he lost the election in May.

Amar Singh, head of the police commercial crime division, told a news conference: “We couldn’t do the counting at the premises because the numbers were too huge.

“I think this is the biggest seizure in Malaysian history.”

He added that it had taken five weeks to count the items and calculate their value.

The police said they found a total of 567 handbags containing almost $20m in cash, as well as 423 watches, 234 pairs of sunglasses and 12,000 pieces of jewellery – the most expensive being a $1.6m necklace.

They have said the seizures may be the biggest in the country’s history.

The country’s prime minister Mahathir Mohamad is seeking to recoup $4.5bn of funds thought to have been lost through the state fund.

Mohamad has previously said that Najib would be charged with bribery and embezzlement of public funds.

Najib has been accused of pocketing $700m from the state fund, but has denied the charge.

Both he and his wife, who has become known for her shopping habits, have been banned from leaving the country.