S'pore police seize over S$150 million in assets, including yacht, cars & liquor, linked to Prince Holding Group scam syndicate

The Singapore Police Force (SPF) have seized over S$150 million in assets tied to Cambodian businessman Chen Zhi and his company, Prince Holding Group, in relation to money laundering and forgery offences.

They seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, SPF said in a press release on Oct. 31.

Chen was indicted by the United States authorities on Oct. 14 for wire fraud conspiracy and money laundering conspiracy, and for directing the operation of forced-labour scam compounds in Cambodia.

Chen and his known associates are currently not in Singapore, SPF added.

Enforcement operation

The police had previously received financial intelligence from the Suspicious Transaction Reporting Office (STRO) regarding Chen and his associates in 2024.

They had commenced investigations, and engaged relevant foreign counterparts for information and assistance given that the criminal activities were allegedly being conducted overseas.

With the additional information obtained from the U.S. and the United Kingdom via press releases on Oct. 14, SPF said they worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), to advance the investigations.

They then mounted an enforcement operation at multiple locations island-wide against Chen and his associates on Oct. 30.

As part of the operation, the police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million.

Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.

Police investigations are ongoing.

Firm stance against those seeking to exploit Singapore's financial system

David Chew, the director of the commercial affairs department said the police take a firm stance against individuals and criminal groups seeking to exploit the Singapore financial system for criminal activities.

"This case involves a complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions," he said.

The scope and scale of the offences demand close cooperation among multiple countries, Chew said, adding that the crimes cross many borders.

Witnesses, exhibits and assets have been secured in several jurisdictions, he added.

"We will continue to work with our foreign law enforcement counterparts and financial intelligence units and domestic partners to fight such organised crime groups and money laundering networks.”

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