3 S'poreans arrested for money laundering, over S$500 million in assets seized including cars & luxury watches

The police have arrested three Singapore citizens in a money laundering investigation involving transnational scam syndicate Prince Holding Group.

According to a Mar. 3 police news release, this comes after investigations into the group's founder, Chen Zhi, and his associates began in 2024.

In total, over S$500 million of assets, including properties, cars, and luxury watches, have been seized in relation to this case.

Enforcement operations

In October 2025, the police began island-wide enforcement operations against Chen Zhi and his associates.

More than S$150 million in assets, including a yacht, 11 cars and bottles of liquor, were seized or placed under prohibition of disposal orders.

As Chen Zhi and his associates were not in Singapore at that time, no arrests were made then.

He was subsequently arrested in Cambodia in January 2026 and extradited to China at the request of the Chinese authorities.

Three arrested

Since then, three Singaporean citizens have been arrested for their suspected involvement in money laundering offences in relation to this case.

On Nov. 20, 2025, a 49-year-old Singaporean man, Tan Yew Kiat, director of SRS Auto Holdings Pte Ltd (SRS Auto), was arrested.

The police issued prohibition of disposal orders against vehicles registered under SRS Auto.

On Dec. 11, 2025, a 32-year-old Singaporean man, Nigel Tang Wan Bao Nabil, was arrested on his return to Singapore from Cambodia.

On Jan. 12, 2026, a 53-year-old Singaporean man, Yeo Sin Huat Alan, was arrested on his return to Singapore from Cambodia.

In addition, a warrant of arrest has been issued against a 43-year-old Singaporean woman, Chen Xiuling (also known as Karen Chen), who had previously left Singapore prior to the commencement of the police’s operations in October 2025.

She is believed to be currently in Cambodia.

Warrant of arrest, assets

In line with these arrests, the police have seized or issued additional prohibition of disposal orders against:

• Three properties
• Eight cars
• Cash in various foreign currencies
• Bank and securities accounts
• Luxury bags and watches

These items have a total estimated value of S$350 million.

Combined with the S$150 million previously seized in relation to Chen Zhi, this brings the total assets in relation to this case to over S$500 million.

Penalties

The offences of money laundering under Section 51 and Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 are punishable with up to 10 years' jail, or a fine of up to S$500,000, or both.

The offence of instigating another person to falsify accounts under Section 477A read with Section 109 of the Penal Code 1871 is punishable with up to 10 years' jail, or with a fine, or both.

The offence of attempted cheating under Section 420 read with Section 511 of the Penal Code 1871 is punishable with up to 10 years' jail, and with a fine.

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Top photos via Police News Release