Singapore police seize over S$150 million in assets as part of money laundering probe into Cambodia’s Prince Group

TRANSNATIONAL CRIMINAL ORGANISATION

Prince Holding Group is one of Cambodia’s largest conglomerates and operates in various sectors, including real estate, financial services and consumer businesses.

On Oct 14, US and UK authorities sanctioned 146 “targets” linked to Prince Group, which they designated a “transnational criminal organisation” and accused it of targeting victims worldwide through online investment scams.

Three Singaporeans and 17 Singapore-registered entities are among those who have been sanctioned over their alleged links to Prince Group and Chen. One of them resigned from her role as a director at a livestreaming platform in the wake of the sanctions.

Chen, who is the group’s founding chairman, was born in China, and holds both Cambodian and British citizenship.

He has been indicted by US authorities for wire fraud and money laundering conspiracy, and for directing the operation of forced-labour scam compounds in Cambodia. 

The US government also seized over US$14 million in bitcoin, with Chen accused of being the mastermind of a massive cryptocurrency scam. The Cambodian-British national and unnamed co-conspirators are alleged to have exploited forced labour to dupe would-be investors. 

POLICE TAKE FIRM STANCE

Mr David Chew, director of the police’s Commercial Affairs Department (CAD), said Singapore authorities take a firm stance against individuals and criminal groups seeking to exploit the Singapore financial system for criminal activities.

“This case involves a complex, large-scale transnational fraud network that exploits digital and financial infrastructures across multiple jurisdictions. The scope and scale of the offences demand close cooperation among multiple countries. The crimes cross many borders, and witnesses, exhibits and assets have been secured in several jurisdictions.

“We will continue to work with our foreign law enforcement counterparts and financial intelligence units and domestic partners to fight such organised crime groups and money laundering networks,” added Mr Chew.

The offence of money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) carries a jail term of up to 10 years, or a fine of up to S$500,000, or both. 

The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and a fine. 

CNA has contacted the police for more information on the ongoing investigations into Prince Group.