Singapore police seize over S$150 million in assets linked to Prince Group's Chen Zhi amid global crackdown

Singapore authorities have seized more than S$150 million (approximately US$115 million) in properties and financial assets as part of an international investigation into money laundering and forgery linked to Cambodia’s Prince Holding Group and its founder, Chen Zhi.

The enforcement operation, carried out islandwide on 30 October, targeted multiple locations associated with Chen and his known affiliates.

According to a statement issued by the police on 31 October, the operation resulted in prohibition of disposal orders against six properties, bank accounts, securities accounts, and cash holdings.

Other high-value assets—such as a luxury yacht, 11 cars, and multiple bottles of liquor—were also frozen under the same orders.

The police confirmed that Chen Zhi and his associates are currently not in Singapore.

Investigations were initiated following financial intelligence alerts in 2024 from Singapore’s Suspicious Transaction Reporting Office (STRO). Singapore police subsequently collaborated with international counterparts, including members of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N).

Further momentum came after announcements from US and UK authorities on 14 October, which revealed coordinated sanctions against the Prince Group Transnational Criminal Organisation (TCO), led by Chen Zhi.

In Singapore, Chen and his associates are being investigated under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 and Section 468 of the Penal Code 1871.

If convicted of money laundering, individuals face up to 10 years’ imprisonment, a fine of up to S$500,000, or both. The offence of forgery for the purpose of cheating carries a maximum penalty of 10 years’ imprisonment and a fine.

David Chew, Director of the Commercial Affairs Department of the Singapore Police Force, said, “To uphold Singapore’s integrity as a trusted international financial centre governed by the rule of law, we take a firm stance against individuals and criminal groups seeking to exploit the Singapore financial system.”

He added that the case represents a “complex, large-scale transnational fraud network” operating across multiple jurisdictions.

Global context: coordinated sanctions by the US and UK

The operation in Singapore follows a broader effort by international authorities to dismantle Prince Group TCO. On 14 October, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in partnership with the UK’s Foreign, Commonwealth and Development Office (FCDO), imposed sweeping sanctions against the group.

The Prince Group TCO, headquartered in Phnom Penh and led by Chen Zhi, is implicated in large-scale cyberfraud targeting individuals globally through online investment scams. Authorities allege that these schemes have resulted in more than US$16 billion in losses, particularly to victims in the United States.

According to the US Treasury, the organisation engages in “industrial-scale cyberfraud operations,” relying on human trafficking, forced labour, and modern-day slavery to run scam compounds across Cambodia.

Prince Holding Group's activities are said to be closely linked to Jin Bei Group, a luxury hotel and casino chain tied to reports of torture, extortion, and even murder. In one cited case, a 25-year-old Chinese national was killed at a compound associated with the group.

Despite efforts to distance itself from such allegations, Prince Holding Group remains under scrutiny, especially after the Cambodian government in June 2025 confirmed the group’s ownership of Jin Bei Casino.

Shell companies and digital laundering

Investigations have revealed that Prince Group TCO operates an intricate network of over 100 shell companies worldwide. These entities facilitate the laundering of illicit gains from cyber scams, including cryptocurrency-related frauds commonly referred to as "pig butchering" schemes.

Huione Group, another financial conglomerate based in Cambodia, was simultaneously cut off from the US financial system under Section 311 of the USA PATRIOT Act. It is accused of laundering at least US$4 billion in illicit proceeds, including funds tied to North Korean cyber heists.

Three Singapore-born individuals linked to Chen Zhi and the Prince Group Transnational Criminal Organisation (TCO) have been added to the US Treasury’s Specially Designated Nationals (SDN) list, effectively blocking them from the US financial system.

Karen Chen Xiuling, a corporate professional and former independent director of Singapore-listed 17Live Group, resigned on 15 October after her designation.

She expressed shock at her inclusion and said she would seek legal advice. US authorities allege she oversees Prince Holding Group’s companies in Singapore and other jurisdictions, and is listed as the beneficial owner of entities used to manage Chen Zhi’s luxury yacht and financial assets.

Alan Yeo (Sin Huat Alan Yeo), 53, is described by the US Department of Justice as Chen Zhi’s financial assistant and wealth manager, facilitating wire transfers and helping obscure the group’s illicit financial flows.

The third Singaporean sanctioned, Tang Nigel Wan Bao Nabil, 32, is linked to multiple sanctioned firms including Capital Zone Warehousing and Warpcapital Yacht Management, where he serves as a director. He also runs businesses dealing in luxury storage and yacht brokerage in Singapore.

Zhou Yun (also known as Sandy Zhou), though not Singaporean, is another key associate serving as a financial aide to Chen Zhi.

In addition to individuals, Khoon Group—a Singapore-headquartered electrical engineering and investment firm incorporated in the Cayman Islands and listed in Hong Kong—was sanctioned on 14 October.

The group is majority-owned by Southern Heritage Limited, a British Virgin Islands entity solely controlled by Chen Zhi. The US Treasury alleges Khoon Group forms part of the Prince Group’s laundering infrastructure. The company has denied involvement in the alleged criminal activity, though it confirmed Chen remains its controlling shareholder.

The broader investigation spans multiple jurisdictions, including Laos, Palau, and Saint Kitts and Nevis. In Palau, Prince Group TCO sought to develop luxury resorts through a local firm, aided by organised crime facilitator Rose Wang, who has also been sanctioned.