Singapore police have seized more than S$150 million in assets linked to Cambodian businessman Chen Zhi and his Prince Holding Group, after an island-wide operation on 30 October, according to The Straits Times.
The Commercial Affairs Department said the seizure, connected to suspected money-laundering and forgery offences, covered six properties, bank and securities accounts, and cash.
Other assets, including a yacht, 11 cars and bottles of liquor, were also placed under prohibition orders.
Police confirmed that Chen and his known associates were not in Singapore when the enforcement took place.
Investigations began in 2024 after the Suspicious Transaction Reporting Office received intelligence on Chen and his network.
Singapore worked with foreign authorities to gather evidence as the suspected offences occurred abroad.
Information from the U.S. and Britain on 14 October, following sanctions and charges against Chen and related parties for alleged forced-labour scam operations in Cambodia and the alleged laundering of illicit proceeds, prompted the operation.
The enforcement was coordinated through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), jointly led by the police and the Monetary Authority of Singapore (MAS).
MAS said financial institutions had earlier filed suspicious-transaction reports and, in some cases, closed accounts linked to the group to prevent larger sums from entering Singapore’s financial system.
The regulator added that it will conduct supervisory reviews of institutions connected to the case.
Commercial Affairs Department director David Chew said the investigation involves a large transnational fraud network that exploits digital and financial infrastructure across jurisdictions.
He said authorities will continue working with foreign and domestic partners to dismantle such organised networks.
MAS assistant-managing director Loo Siew Yee said tackling financial crime requires global cooperation and strong public-private partnerships.
She said MAS works closely with the police, international counterparts and financial institutions to safeguard Singapore’s financial system and remain alert to money-laundering risks. Investigations are ongoing.
Former Malaysian central-bank governor Muhammad Ibrahim, who serves as an independent non-executive chairman at Prince Bank, previously emphasised that his role at the organisation is limited to governance, risk oversight and compliance under Cambodian regulations.
Featured image: Edited by Fintech News Singapore, based on image by Prince Group
