On 30 October 2025, the Singapore Police Force (SPF) moved in with enforcement measures against key assets linked to Chen Zhi (also known as Vincent) and his business empire, the Prince Holding Group (also described as “Prince Group”).
The police issued prohibition-of-disposal orders covering six properties as well as a range of financial assets — bank accounts, securities accounts and cash — with the total estimated value exceeding S$150 million.
In addition to the liquid and real-estate holdings, luxury goods such as a yacht, 11 cars and multiple bottles of liquor were included in the freeze.
Who Is Chen Zhi and What Is Prince Group?
Chen Zhi is a China-born businessman from Fujian province who holds Cambodian citizenship and is alleged by U.S. authorities to have masterminded a sprawling transnational fraud and money-laundering network.
The Prince Group presents itself as a diversified multinational conglomerate, active in Cambodia with resorts, hotels, real-estate development, financial services and consumer services.
Yet behind the façade it is accused of running large-scale scam compounds in Cambodia where trafficked or forced laborers were employed to carry out fraudulent crypto-investment schemes.
The Singapore Nexus
Singapore’s role in this case stems from its financial infrastructure and regulatory environment, which were used by the network to channel illicit proceeds.
According to the Monetary Authority of Singapore and the SPF, early signs of trouble were flagged via reports to the Suspicious Transaction Reporting Office (STRO).
Investigations formally began in 2024 when the STRO flagged financial intelligence linked to Chen and his associates.
The SPF, working with its Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) and international counterparts, leveraged information from the U.S. and U.K. to mount the operation.
Charges and Allegations
At the heart of this case are accusations that the Prince Group under Chen used forced-labor compounds in Cambodia to staff “phone farms” and investment-fraud operations that targeted victims globally.
U.S. authorities contend that the network lured victims via social-media and messaging applications, promising high returns in crypto-investments and then siphoning off funds.
The proceeds were then laundered through real-estate, consumer businesses, and crypto-channels. The Singapore asset seizure is specifically linked to money-laundering and forgery offences.
Why This Is Important
This seizure marks a significant stride in Singapore’s fight against transnational organised crime and financial abuse. As the SPF noted, this is a “complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions.”
By seizing assets of such magnitude — including high-value properties and luxury items — Singapore has signaled that its jurisdiction will not tolerate its systems being used as conduits for illicit money.
On the broader geopolitical stage, this enforcement dovetails with U.S. and U.K. sanctions imposed on the Prince Group and its associates in October 2025.
What Lies Ahead
Despite the significant seizure, many of the key figures, including Chen Zhi, are not currently in Singapore and remain subject to international investigations or extradition proceedings.
The cross-border nature of the alleged crimes — spanning Cambodia, Singapore, the U.S., the U.K. and beyond — means that coordination among law-enforcement, financial regulators and intelligence units remains essential.
Furthermore, tracing and recovering the full scale of ill-gotten gains remains a formidable task given the use of cryptocurrencies, shell entities and offshore structures.
The case also raises questions about how well Singapore and similar financial hubs can detect and shut down abuse of their systems for organized crime.
