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Cars, properties, yacht among $150m in assets seized in raids linked to Cambodia scam syndicate Prince Group
Chen Zhi, the founder and chairman of Prince Holding Group, was indicted by the US authorities for alleged wire fraud and money laundering conspiracy. He is also alleged to have directed the operation of forced labour scam compounds in Cambodia.
PHOTO: Prince Group
PUBLISHED ON
October 31, 2025 2:00 PM
BYSean Ler
www.asiaone.com
Six properties and various financial assets worth over $150 million were seized by police following an island-wide operation against China-born Cambodian businessman 38-year-old Chen Zhi, the founder and chairman of Prince Holding Group.
Police said in a statement on Friday (Oct 31) that the operation on Thursday (Oct 30) was in relation to alleged offences of money laundering and forgery.
In a statement on Oct 14, US Department of Justice had accused Chen of being the "mastermind behind a sprawling cyber fraud empire operating under the Prince Group umbrella".
Calling it a "criminal enterprise" built on human suffering, Assistant Attorney-General for National Security John Eisenberg said: "Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide."
According to the police, investigations against Chen and his associates started in 2024 when police received financial intelligence from the Suspicious Transaction Reporting Office (STRO).
STRO, Singapore's financial intelligence unit, receives suspicious transaction reports and other financial information such as cash movement and cash transaction reports, analysing them to detect money laundering, terrorism financing and other serious crimes.
"With the additional information obtained from the US' and UK's press releases on Oct 14, the police worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), to advance the investigations," police said.
The AC3N is led by the police and the Monetary Authority of Singapore and comprises other law enforcement and intelligence agencies involved in combatting money laundering in Singapore.
The police seized and issued prohibition 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, the statement said.
"Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders."
The offence of money laundering carries a jail term of up to 10 years, or a fine of up to S$500,000, or both.
The offence of forgery for the purpose of cheating is punishable with imprisonment of up to 10 years and a fine.
Director of the Commercial Affairs Department (CAD) David Chew said that the case involves "a complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions" that necessitates close cooperation among multiple countries".
Chew added that the CAD will continue to collaborate and partner with its foreign counterparts to combat organised crime groups and money laundering networks.
He issued a stern warning for would-be perpetrators.
"To uphold Singapore's integrity as a trusted international financial centre governed by the rule of law, we take a firm stance against individuals and criminal groups seeking to exploit the Singapore financial system for financial activities."
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