Prince Holding founder Chen Zhi was charged in US for wire fraud, money laundering and operating forced-labour scam compounds in Cambodia
[SINGAPORE] Assets including six properties and cash estimated worth more than S$150 million linked to scam syndicate Prince Holding Group were seized by the Singapore police in a raid on Thursday (Oct 30).
In a statement, the police said it 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.
Prince Holding Group is a business conglomerate with projects in Cambodia that include resorts and hotels. According to their website, it has various units focusing on three core areas: real estate development, financial services and consumer services.
The group boasts more than US$2 billion worth of projects in Cambodia – including a large shopping mall, Prince Plaza, in the capital Phnom Penh.
Chen Zhi, the alleged founder and chairman of Prince Holding Group, was indicted by US authorities for wire fraud and money laundering conspiracies, and for directing the operation of forced-labour scam compounds in Cambodia.
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The press release from the US Department of Justice on Oct 14 stated: “Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as ‘pig butchering’ scams, that stole billions of dollars from victims in the US and around the world.”
He, along with unnamed co-conspirators, allegedly exploited this forced labour to dupe would-be investors, using the proceeds to purchase watches, yachts, private jets, vacation homes, high-end collectables and rare artwork, including a Picasso painting.
The police on Oct 30 seized and issued prohibition of disposal orders against six properties and various financial assets tied to Cambodian businessman Chen Zhi and his company. PHOTO: SINGAPORE POLICE FORCE
The Singapore police investigation relates to this transnational scam syndicate.
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The probe began in 2024 after the police received financial intelligence from the Suspicious Transaction Reporting Office (STRO) regarding Chen and his associates. As the alleged criminal activities were conducted overseas, police engaged foreign counterparts for information.
The investigation advanced after police received additional information from US and UK press releases on Oct 14. SPF then worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network before launching the Thursday operation.
Director of the Commercial Affairs Department David Chew affirmed Singapore’s firm stance against the exploitation of its 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. “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.”
The offence of money laundering in Singapore is punishable with imprisonment of up to 10 years, a fine of up to S$500,000, or both. The offence of forgery for the purpose of cheating carries a penalty of imprisonment for up to 10 years and a fine.
Police investigations are ongoing.
