Singapore Ties to Multibillion Dollar Scam Case in Spotlight
https://www.bloomberg.com/news/arti...dian-pig-butchering-scam-ring-under-spotlight
The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek Holdings Pte and spending millions on properties in the city-state.
Chen Zhi, the chairman of Prince Holding Group heads what US prosecutors say is one of the largest transnational criminal organizations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.
According to the US, Chen’s facilities used 1,250 mobile phones that controlled 76,000 accounts on a social media platform.
The operation allegedly used forced labor in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering.” Now the case is prompting authorities and firms in Singapore to review the group’s financial ties to the business hub.
Chen and key associate Chen Xiuling were involved in the setting up of single family office DW Capital Holdings Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.
“We are looking into whether there have been any breaches of MAS’ requirements in relation to this case,” said a spokesperson for the regulator. DW Capital didn’t respond to a request for comment.
The accusations shine another spotlight on Singapore’s role in the facilitation of criminal activity in the region. Several of the parties found guilty in the city’s largest ever money laundering case also operated family offices that got tax exemptions from authorities there.
The Prince Group action was part of a suite of measures that the US government announced this week targeting Cambodia-based institutions. The Treasury Department’s Financial Crimes Enforcement Network also issued a “final rule” severing Huione Group from the country’s financial system, to highlight the challenges of shuttering opaque illicit marketplaces.
It’s unclear whether Singapore police will open an investigation into the US accusations against Prince Group. The police force didn’t immediately respond to a request for comment.
Dinners involving ministers, Fujian gang member Su Haijin complied with COVID-19 measures: Sam Goi
https://www.channelnewsasia.com/sin...-ong-ye-kung-dinners-covid-19-sam-goi-5119971
Health Minister Ong Ye Kung, Transport Minister Chee Hong Tat and labour chief Ng Chee Meng were pictured with Su
https://www.bloomberg.com/news/arti...dian-pig-butchering-scam-ring-under-spotlight
The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek Holdings Pte and spending millions on properties in the city-state.
Chen Zhi, the chairman of Prince Holding Group heads what US prosecutors say is one of the largest transnational criminal organizations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.
According to the US, Chen’s facilities used 1,250 mobile phones that controlled 76,000 accounts on a social media platform.
The operation allegedly used forced labor in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering.” Now the case is prompting authorities and firms in Singapore to review the group’s financial ties to the business hub.
Chen and key associate Chen Xiuling were involved in the setting up of single family office DW Capital Holdings Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.
“We are looking into whether there have been any breaches of MAS’ requirements in relation to this case,” said a spokesperson for the regulator. DW Capital didn’t respond to a request for comment.
The accusations shine another spotlight on Singapore’s role in the facilitation of criminal activity in the region. Several of the parties found guilty in the city’s largest ever money laundering case also operated family offices that got tax exemptions from authorities there.
The Prince Group action was part of a suite of measures that the US government announced this week targeting Cambodia-based institutions. The Treasury Department’s Financial Crimes Enforcement Network also issued a “final rule” severing Huione Group from the country’s financial system, to highlight the challenges of shuttering opaque illicit marketplaces.
It’s unclear whether Singapore police will open an investigation into the US accusations against Prince Group. The police force didn’t immediately respond to a request for comment.
Dinners involving ministers, Fujian gang member Su Haijin complied with COVID-19 measures: Sam Goi
https://www.channelnewsasia.com/sin...-ong-ye-kung-dinners-covid-19-sam-goi-5119971
Health Minister Ong Ye Kung, Transport Minister Chee Hong Tat and labour chief Ng Chee Meng were pictured with Su
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