The Singapore Police Force has launched an island-wide enforcement operation against Cambodian businessman Chen Zhi and his associates over alleged offences involving money laundering and forgery, seizing assets worth more than S$150 million.
The Commercial Affairs Department (CAD) confirmed that Chen Zhi, the alleged founder and chairman of Prince Holding Group, and his associates are currently not in Singapore.
The operation, conducted on 30 October 2025, follows intelligence gathered from the Suspicious Transaction Reporting Office (STRO) in 2024 and subsequent cooperation with international authorities.
According to police, the enforcement action was accelerated after new information emerged from U.S. and U.K. press releases on 14 October 2025, which detailed Chen’s indictment for wire fraud and money laundering conspiracy, as well as his alleged role in operating forced-labour scam compounds in Cambodia.
Working with members of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), a multi-agency body led by the Police and the Monetary Authority of Singapore (MAS), investigators executed seizure and prohibition of disposal orders against six properties, bank and securities accounts, cash holdings, a yacht, 11 cars, and multiple bottles of liquor.
Director of the CAD, Mr. David Chew, said the case highlights Singapore’s commitment to safeguarding its reputation as a trusted financial hub.
“This case involves a complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions,” he said. “We will continue to work closely with foreign law enforcement and domestic partners to combat organised crime and money laundering networks.”
Police investigations are ongoing. Under Singapore law, money laundering is punishable by up to 10 years’ imprisonment or a S$500,000 fine, while forgery for the purpose of cheating carries a similar 10-year maximum sentence and a fine.