Singapore police have seized greater than S$150 million in property linked to Cambodian businessman Chen Zhi and his Prince Holding Group, after an island-wide operation on 30 October, in line with The Straits Instances.
The Industrial Affairs Division mentioned the seizure, related to suspected money-laundering and forgery offences, coated six properties, financial institution and securities accounts, and money.
Different property, together with a yacht, 11 automobiles and bottles of liquor, have been additionally positioned below prohibition orders.
Police confirmed that Chen and his identified associates weren’t in Singapore when the enforcement passed off.
Investigations started in 2024 after the Suspicious Transaction Reporting Workplace acquired intelligence on Chen and his community.
Singapore labored with overseas authorities to assemble proof because the suspected offences occurred overseas.
Info from the U.S. and Britain on 14 October, following sanctions and prices towards Chen and associated events for alleged forced-labour rip-off operations in Cambodia and the alleged laundering of illicit proceeds, prompted the operation.
The enforcement was coordinated by means of the Anti-Cash Laundering Case Coordination and Collaboration Community (AC3N), collectively led by the police and the Financial Authority of Singapore (MAS).
MAS mentioned monetary establishments had earlier filed suspicious-transaction stories and, in some instances, closed accounts linked to the group to stop bigger sums from getting into Singapore’s monetary system.
The regulator added that it’ll conduct supervisory evaluations of establishments related to the case.
Industrial Affairs Division director David Chew mentioned the investigation includes a big transnational fraud community that exploits digital and monetary infrastructure throughout jurisdictions.
He mentioned authorities will proceed working with overseas and home companions to dismantle such organised networks.
MAS assistant-managing director Lavatory Siew Yee mentioned tackling monetary crime requires international cooperation and powerful public-private partnerships.
She mentioned MAS works carefully with the police, worldwide counterparts and monetary establishments to safeguard Singapore’s monetary system and stay alert to money-laundering dangers. Investigations are ongoing.
Former Malaysian central-bank governor Muhammad Ibrahim, who serves as an impartial non-executive chairman at Prince Financial institution, beforehand emphasised that his function on the organisation is restricted to governance, danger oversight and compliance below Cambodian laws.
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by Prince Group
