Singaporean authorities have seized more than $110 million in assets as part of an ongoing investigation into a large-scale transnational money laundering and forgery scheme linked to a prominent Cambodian conglomerate and its founder.
The extensive nationwide operation, launched on Thursday, October 30, resulted in the confiscation of various high-value items. These include six properties, bank and securities accounts, cash, a luxury yacht, 11 vehicles, and numerous bottles of liquor.
The investigation targets Cambodia’s Prince Holding Group, one of the country’s largest business conglomerates, and its 37-year-old founder, Chen Zhi. Authorities have issued prohibition orders on these assets, preventing their sale or transfer.
Police confirmed that Chen Zhi and his associated network are not currently within Singapore. The probe into their activities remains active and ongoing.
The operation was a direct result of intelligence sharing and collaboration with international agencies. Financial intelligence reports from Singapore’s Suspicious Transaction Reporting Office (STRO) have supported the investigation since 2024.
Further support came from United States and United Kingdom agencies, which issued notices regarding Prince Group and Chen Zhi on October 14. This prompted Singapore police to work with the Anti-Money Laundering Case Coordination and Collaboration Network, led by the Monetary Authority of Singapore (MAS).
MAS confirmed its close cooperation with law enforcement. It revealed that multiple financial institutions had filed suspicious transaction reports since 2022.
These institutions took proactive measures, such as closing suspicious accounts, to prevent illicit funds from entering Singapore’s financial system.
Ms. Loo Siew Yee, Assistant Managing Director for Policy, Payments & Financial Crime at MAS, emphasized the global nature of financial crime. She stated that illicit funds frequently cross borders, necessitating international cooperation to protect Singapore’s financial integrity.
David Chew, Director of the Commercial Affairs Department (CAD), reiterated Singapore’s commitment to the rule of law. He stressed that the country will not tolerate its financial system being exploited by criminals.
Chew characterized the case as a “large and complex transnational criminal network.” He underscored the critical need for close international collaboration to dismantle such operations.
Under Singaporean law, money laundering carries a penalty of up to 10 years in prison, a fine of up to $365,000, or both. Forgery for deception can result in up to 10 years imprisonment and an additional fine.
Police investigations into the financial flows of Prince Holding Group and its network continue.