As reported by The Straits Times (Oct 31, 2025) — Singapore authorities have seized assets worth more than $150 million connected to Cambodian businessman Chen Zhi and his conglomerate Prince Group, in one of the country’s largest money laundering enforcement actions in recent years.
Luxury Assets Frozen
On October 30, police announced that six properties, multiple bank and securities accounts, and cash holdings tied to Chen and his associates were placed under prohibition of disposal orders.
Among the seized assets were a luxury yacht, 11 high-end cars, and dozens of expensive liquor bottles.
According to the Singapore Police Force (SPF), the seizures were made following financial intelligence reports and cross-border collaboration with U.S. and U.K. law enforcement agencies.
Who Is Chen Zhi and the Prince Group?
Chen Zhi — also known as Vincent Chen — is a Chinese-born businessman from Fujian, known for his large-scale investments in Cambodia’s real estate, resorts, and hospitality sectors through Prince Group.
However, Chen and his associates have come under international scrutiny for allegedly running fraud and forced-labour scam compounds across Southeast Asia.
He has been charged in absentia in New York with wire fraud and money laundering conspiracies, and remains outside Singapore.
Singaporeans Sanctioned in U.S. Cybercrime Probe
In a related development, three Singaporeans — Nigel Tang, Chen Xiuling, and Alan Yeo — were sanctioned by the U.S. government on October 14 for their roles in facilitating the scam syndicate.
Their U.S. assets have been frozen, and they are now under investigation for links to Chen’s operations.
Massive Global Network of Illicit Assets
U.S. authorities revealed that the wider criminal network has seen seizures exceeding US$15 billion (S$19.5 billion) in Bitcoin, properties, and luxury goods spanning London, Palau, and other jurisdictions.
Singapore’s Coordinated Crackdown
The operation in Singapore was conducted by the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) — a joint task force led by the SPF and the Monetary Authority of Singapore (MAS).
The MAS confirmed that multiple banks had filed suspicious transaction reports (STRs) early in the investigation, with suspicious accounts closed to prevent further illicit inflows.
Authorities Vow Continued Vigilance
Mr David Chew, Director of the Commercial Affairs Department (CAD), said the case “involves a complex, large-scale transnational fraud network exploiting digital and financial infrastructures across multiple jurisdictions.”
He added that Singapore would “continue to work with foreign law enforcement and financial intelligence units” to dismantle organized crime and protect the integrity of the country’s financial system.
Investigations are still ongoing.
Source: The Straits Times, Oct 31, 2025.
Author: Lok Jian Wen, Correspondent (International News & Current Affairs)
