SINGAPORE — October 31, 2025 (Market Insider) — Singapore police have frozen more than $115 million in assets tied to Cambodian businessman Chen Zhi and his conglomerate Prince Group, marking one of the largest cross-border financial crime crackdowns in Southeast Asia this year.
According to The Straits Times, authorities have seized six luxury properties and imposed restrictions on multiple financial accounts believed to be connected to Chen and his associates. The confiscated assets include bank deposits, brokerage accounts, and cash—together valued at over 150 million Singapore dollars (about $115 million USD). Also frozen were a yacht, 11 cars, and an extensive collection of fine wine.
The investigation began in 2024 after Singapore’s Suspicious Transaction Reporting Office (STRO) flagged irregular financial flows linked to the Prince Group network. Because much of the suspected criminal activity occurred overseas, Singaporean authorities coordinated with foreign counterparts to trace the money trail.
Armed with intelligence from the United States and the United Kingdom, the Anti-Money Laundering Coordination and Cooperation Network (AC3N)—a task force led jointly by the Monetary Authority of Singapore (MAS) and national police—launched enforcement actions on October 30. While Chen and his key associates are not currently in Singapore, they are now at the center of a widening transnational fraud investigation.
MAS confirmed that it had received multiple suspicious transaction reports involving Prince Group since 2022. Several bank accounts linked to the conglomerate were subsequently closed to prevent large cash movements within Singapore’s financial system.
“This case involves a vast transnational scam network that exploits digital and financial infrastructure across several countries,” said David Chew, Director of Singapore’s Commercial Affairs Department. “We will continue to work closely with global law enforcement and intelligence partners to dismantle these criminal networks and safeguard the integrity of our financial system.”
A Global Web of Financial Crime
Chen Zhi, originally from Fujian, China, became a Cambodian citizen in 2014 and built Prince Group into a diversified conglomerate with holdings in real estate, resorts, and financial services across Cambodia. However, his growing empire is now under intense international scrutiny.
U.S. prosecutors in New York have indicted Chen in absentia for allegedly orchestrating a massive cryptocurrency fraud scheme that generated billions of dollars in illicit profits. On October 14, three Singaporean nationals—Nigel Tang, Chen Xiuling, and Alan Yeo—were also sanctioned by the U.S. Treasury for their alleged roles in the network. Their American-based assets have since been frozen.
Investigators across jurisdictions have so far seized more than $15 billion worth of Bitcoin and tens of millions of dollars in real estate, including properties in London and the Pacific island nation of Palau.
As global regulators tighten the noose on illicit finance, Singapore’s aggressive action underscores its determination to maintain its reputation as Asia’s cleanest and most trusted financial hub.
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