Prince Holding Group Headquarters (Prince Holding Group)
SINGAPORE — Singapore police seized more than S$150 million in assets linked to Cambodia-based Prince Holding Group on Thursday, after authorities accused the conglomerate of running a transnational multibillion-dollar fraud network.
The assets include six properties, several bank accounts, and cash linked to founder Chen Zhi who is suspected of money laundering and forgery. Other assets — including a yacht, 11 cars, and bottles of liquor — are subject to prohibition-of-disposal orders, according to the Singapore Police Force.
After several suspicious transactions by Prince Holding Group were reported by financial institutions in Singapore, the Monetary Authority of Singapore (MAS) announced it was working with law enforcement on an ongoing investigation involving the conglomerate.
Chen Zhi was charged last week with allegedly masterminding a multibillion-dollar cryptocurrency scam, according to the BBC.
Prince Holding Group has also been accused of trafficking migrant workers to Cambodia and Myanmar through fake online job offers. Victims were reportedly threatened with torture and forced to participate in online scams, building trust with victims before convincing them to invest in cryptocurrency with promises of high returns, according to CNA.
Investigations into Chen Zhi, his associates, and the Prince Holding Group are also underway in the United States and the United Kingdom. The U.S. Treasury Department called it Southeast Asia’s largest crackdown, targeting 146 people involved in the criminal organization.
On Oct. 14, U.S. and U.K. authorities released information on Chen Zhi and Prince Holding Group. Singapore Police worked closely with Anti-Money Laundering Case Coordination and Collaboration Network, leading to Thursday’s asset seizure.
Several financial institutions have closed bank accounts linked with suspicious transactions.
MAS is currently working with local police, other law enforcement agencies, international counterparts, and intelligence agencies focused on combating money laundering, according to CNA.
Japan Foreign Journal | 日本国際ジャーナル 