Singapore Seizes Over $150 Million Assets Linked to Prince Group Scam Network

Singaporean authorities have seized and frozen assets exceeding S$150 million ($115 million) linked to Cambodian businessman Chen Zhi and his Prince Group companies amid allegations of money laundering, forgery, and operating large-scale online scam centers. The assets include six properties, bank and securities accounts, a yacht, cars, and liquor bottles. This action follows sanctions imposed by the UK and US against the network, which exploited trafficked workers forced into fraudulent activities under threat of torture in Cambodia and Myanmar. Investigations into Chen and his associates began in 2024 after intelligence from suspicious transaction reports, with none currently in Singapore. The Monetary Authority of Singapore is collaborating closely with police to address this case, which is part of a broader crackdown involving over 146 individuals and the seizure of more than S$3 billion in illicit funds. These coordinated international efforts aim to dismantle the Prince Group's expansive fraud operations and protect the global financial sector.