Singapore police seize over S$150 million in assets as part of money laundering probe into Cambodia's Prince Group
Other assets, including a yacht, 11 cars and multiple bottles of liquor, were also subjected to prohibition of disposal orders, police said.
A yacht was issued with a prohibition of disposal order by the police. (Photo: Singapore Police Force)
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SINGAPORE: The police on Thursday (Oct 30) seized and issued prohibition of disposal orders against financial assets worth over S$150 million (US$115 million), as part of forgery and money laundering investigations into Cambodia's Prince Holding Group and its founder Chen Zhi.
The assets include six properties, bank accounts, securities accounts and cash.
"Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders," the Singapore Police Force (SPF) said in a media release on Friday.
The police said they conducted an enforcement operation at multiple locations against Chen and his associates on Thursday, adding that they are currently not in Singapore.
Chen, 38, was recently charged in the United States for allegedly masterminding a massive cryptocurrency scam that involved forced labour camps in Cambodia.
According to his indictment, Prince Holding Group built at least 10 compounds in Cambodia where workers - often migrants held against their will - were forced to contact thousands of victims through social media or online messaging platforms, build rapport and entice them to transfer cryptocurrency with hopes of big investment returns.
SPF said it received financial intelligence relating to Chen and his associates from the police's Suspicious Transaction Reporting Office in 2024.
"We had commenced investigations and engaged relevant foreign counterparts for information and assistance, given that the criminal activities were allegedly being conducted overseas," the police said.
When authorities in the US and the United Kingdom published information on Chen and Prince Group on Oct 14, Singapore police worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network to advance investigations, which led to Thursday’s enforcement operation.
The anti-money laundering network is led by the police and the Monetary Authority of Singapore (MAS), and comprises relevant sector supervisors, law enforcement agencies, and intelligence agencies involved in combating money laundering in the country.
MAS said in a statement on Friday that it is working closely with the police via the network to follow up on the case involving Prince Group.
It noted that financial institutions had filed suspicious transaction reports early on, and a number of the institutions had also taken risk mitigation measures, such as closing accounts deemed suspicious.
"This had averted larger sums from being held in our financial sector," MAS said, adding that it will continue to work closely with the police and will also conduct supervisory reviews with financial institutions involved in the case.
Said Assistant Managing Director (Policy, Payments & Financial Crime) at MAS Loo Siew Yee: "Combating financial crime requires global effort as illicit fund flows are often cross-border in nature.
"MAS works closely with the police, our international counterparts and our FIs to protect our financial system against illicit activities, including staying vigilant to money laundering risks."
TRANSNATIONAL CRIMINAL ORGANISATION
Prince Holding Group is one of Cambodia's largest conglomerates and operates in various sectors, including real estate, financial services and consumer businesses.
On Oct 14, US and UK authorities sanctioned 146 "targets" linked to Prince Group, which they designated a "transnational criminal organisation" and accused it of targeting victims worldwide through online investment scams.
Three Singaporeans and 17 Singapore-registered entities are among those who have been sanctioned over their alleged links to Prince Group and Chen. One of them resigned from her role as a director at a livestreaming platform in the wake of the sanctions.
Chen, who is the group's founding chairman, was born in China, and holds both Cambodian and British citizenship.
He has been indicted by US authorities for wire fraud and money laundering conspiracy, and for directing the operation of forced-labour scam compounds in Cambodia.
The US government also seized over US$14 million in bitcoin, with Chen accused of being the mastermind of a massive cryptocurrency scam. The Cambodian-British national and unnamed co-conspirators are alleged to have exploited forced labour to dupe would-be investors.
POLICE TAKE FIRM STANCE
Mr David Chew, director of the police's Commercial Affairs Department (CAD), said Singapore authorities take 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 that exploits digital and financial infrastructures across multiple jurisdictions. The scope and scale of the offences demand close cooperation among multiple countries. The crimes cross many borders, and witnesses, exhibits and assets have been secured in several jurisdictions.
"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," added Mr Chew.
The offence of money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) 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 under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and a fine.
CNA has contacted the police for more information on the ongoing investigations into Prince Group.
