Police conduct money laundering operation against founder of Cambodian syndicate Prince Group
More than S$150 million worth of cash and assets have been seized in connection with a money laundering probe against a Cambodian business group and its founder and chairman Chen Zhi.
Other assets such as a yacht, 11 cars and multiple bottles of liquor were also subject to prohibition of disposal orders, said the Singapore Police Force (SPF) in a news release on Friday (31 Oct).
Source: Singapore Police Force
Founder of Cambodian group accused of money laundering & forgery
SPF said that it conducted an islandwide enforcement operation on Thursday (30 Oct) against 37-year-old Chen and his associates, who are currently not Singapore.
This was in relation to alleged money laundering and forgery offences by these individuals.
Chen Zhi. Source: Prince Holding Group
During the operation, six properties and various financial assets were seized and prohibition of disposal orders were issued against them.
The assets included bank accounts, securities accounts, and cash with a total estimated value of more than S$150 million.
Additionally, the police issued prohibition of disposal orders against other assets such as a yacht, 11 cars, and multiple bottles of liquor.
Source: Singapore Police Force
Police investigations are underway.
Investigations began in 2024
In 2024, the police first received financial intelligence regarding Chen and his associates from the Suspicious Transaction Reporting Office (STRO).
They launched investigations, working with relevant foreign counterparts.
These foreign counterparts provided information and assistance about the alleged criminal activities that were being carried out overseas.
Chen charged with money laundering in the US
He is accused of directing Prince Group’s operation of forced-labour scam compounds in Cambodia, with victims held against their will in the compounds and engaged in cryptocurrency investment fraud schemes.
Based on this additional information, the police collaborated with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) to further the probe.
The AC3N comprises agencies dedicated to fighting money laundering in Singapore, and is led by SPF and the Monetary Authority of Singapore (MAS).
In a separate statement on Friday, MAS said it is working closely with SPF through the AC3N to follow up on the case involving Prince Holding Group.
Prince Group HQ in Phnom Penh. Source: Prince Holding Group
Case involves large-scale fraud network across multiple jurisdictions: SPF
Commercial Affairs Department Director David Chew said that it takes a “firm stance” against individuals and criminal groups seeking to exploit the Singapore financial system for criminal activities.
This case involves “a complex, large-scale transnational fraud network” across multiple jurisdictions, demanding close cooperation among multiple countries, he noted, adding:
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.
Those convicted of money laundering face up to 10 years in prison and/or a fine of up to S$500,000.
The offence of forgery for the purpose of cheating is punishable with a jail term of up to 10 years and a fine.
Also read: 3 S‘poreans sanctioned for alleged links to Cambodian crypto scam network
3 S‘poreans sanctioned for alleged links to Cambodian crypto scam network
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Prince Holding Group and Singapore Police Force.
