SINGAPORE: 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, Prince Group, in relation to money laundering and forgery offences.
The assets, including bank accounts, securities accounts and cash, have a total estimated value of more than S$150 million (US$115 million), said the police on Oct 31.
Other assets – including a yacht, 11 cars and multiple bottles of liquor – were also subject to prohibition of disposal orders.
Prince Group is a self-described multinational business conglomerate, with projects in Cambodia that include resorts and hotels.
Chen, who hails from Fujian in China and is also known as Vincent, has been accused by the US authorities of wire fraud and money laundering conspiracies, and for directing the operation of forced-labour scam compounds in Cambodia. He has been charged in absentia in New York.
Three Singaporeans – Nigel Tang, Chen Xiuling and Alan Yeo – were also sanctioned by the US authorities on Oct 14 in connection with a cybercrime probe linked to the Prince Group. Their assets in the US have also been blocked or frozen.
At least US$15 billion worth of Bitcoin and tens of millions in other assets, including properties in places such as London and the Pacific island of Palau, have been seized.
Chen and his known associates are currently not in Singapore, said the police.
The police had in 2024 received financial intelligence from the Suspicious Transaction Reporting Office about Chen and his associates, and started investigations.
Given that the criminal activities were being conducted overseas, the police engaged relevant foreign counterparts for information and assistance.
With additional information obtained from the US and Britain on Oct 14, the police worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), leading to enforcement operations against Chen and his associates launched on Oct 30.
Combating money laundering
The AC3N is a group led by the police and the Monetary Authority of Singapore (MAS), comprising other law enforcement and intelligence agencies involved in combating money laundering in the Republic.
The MAS said separately on Oct 31 that it is working with the police through the network for investigations related to the Prince Group.
Suspicious transaction reports have been filed against the group by financial institutions since 2022, said the MAS, with suspicious accounts closed to prevent larger sums being held in Singapore’s financial sector.
David Chew, director of the police’s Commercial Affairs Department, said: “This case involves a complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions...
“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.”
Police investigations are ongoing. - The Straits Times/ANN
