Singaporean police have launched an extensive enforcement operation, seizing and issuing prohibition of disposal orders against properties and financial assets valued at over $150M SGD (approximately $115M USD) linked to Cambodian magnate Chen Zhi and his Prince Holding Group. The action is part of ongoing money laundering and forgery investigations, following charges and sanctions imposed by the U.S. and U.K. authorities who allege Chen masterminded a massive transnational cyber-fraud empire built on forced labor in Cambodia.
The Scope of Singapore’s Seizure
The Singapore Police Force (SPF), through its Commercial Affairs Department (CAD), executed the operation on October 30, 2025, against Chen Zhi and his known associates. The seized assets underscore the sophisticated network used to channel illicit funds into the city-state's financial system.
Total Value: The total estimated value of the seized assets exceeds S$150 million.
Asset Breakdown: The seizure list includes a variety of high-value items and financial holdings:
Six Properties (subject to prohibition of disposal orders).
Various financial assets, including bank accounts, securities accounts, and cash.
A yacht.
11 cars.
Multiple bottles of liquor.
Legal Basis: The enforcement actions are taken in relation to alleged offences of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and forgery for the purpose of cheating under the Penal Code.
The Transnational Criminal Connection
The Singaporean operation intensified following coordinated international actions that revealed the immense scale of the alleged criminal enterprise led by Chen Zhi, the founder and chairman of the Prince Holding Group.
US and UK Sanctions: On October 14, 2025, U.S. and U.K. authorities imposed sweeping sanctions on Chen Zhi, his associates, and entities linked to the Prince Group, which the U.S. Treasury Department designated as a "Transnational Criminal Organization" (TCO).
Allegations of Cyber-Fraud and Forced Labor: Chen has been charged in absentia in New York for wire fraud and money laundering conspiracies. U.S. prosecutors allege that the Prince Group operated forced-labor scam compounds in Cambodia, where victims were coerced into running sophisticated "pig-butchering" cryptocurrency investment fraud schemes that stole billions globally.
Singaporean Associates Sanctioned: Three Singaporean nationals—Chen Xiuling (also known as Karen Chen), Nigel Tang Wan Bao Nabil, and Alan Yeo Sin Huat—were also sanctioned by the U.S. for their alleged roles in managing Chen Zhi's assets and facilitating the group's financial transactions.
Cooperation and Financial Integrity
This case highlights Singapore’s commitment to combating money laundering by actively cooperating with international partners.
Inter-Agency Network: The investigations were initiated in 2024 following financial intelligence received by the Suspicious Transaction Reporting Office (STRO). The SPF then worked with its Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), which includes the Monetary Authority of Singapore (MAS).
MAS Scrutiny: The MAS confirmed it is reviewing whether there were any breaches of its requirements regarding the Prince Group's establishment of a family office in Singapore. Financial institutions in the Republic had already filed suspicious transaction reports against the group since 2022.
Global Message: The Director of the police's Commercial Affairs Department, David Chew, emphasized that the complex, multi-jurisdictional nature of the case required close cooperation among multiple countries and affirmed Singapore’s firm stance against individuals exploiting its financial system for criminal activities.
The successful seizure operation reinforces Singapore's position as a robust international financial center with stringent safeguards against illicit money flows, despite the continued challenges posed by sophisticated transnational criminal organizations.