Singapore police seize assets tied to Cambodian businessman Chen Zhi
Singaporean police on Thursday seized and issued prohibition of disposal orders against six properties and various financial assets tied to Cambodian businessman Chen Zhi and his company, Prince Group, in relation to money laundering and forgery offences.
The assets tied to the Cambodia scam syndicate include a yacht, 11 cars and multiple bottles of liquor. Photo courtesy of Singapore Police Force.
The assets, including bank accounts, securities accounts and cash, have a total estimated value of more than SGD150 million ($115.9 million), said the police on Friday, as cited by The Straits Times.
Prince Group is a self-described multinational business conglomerate, with projects in Cambodia that include resorts and hotels.
The Monetary Authority of Singapore (MAS) said separately on Friday that it is working with the police through the network for investigations related to Prince Group.
Suspicious transaction reports have been filed against the group by financial institutions since 2022, said the MAS, with suspicious accounts closed to prevent larger sums being held in Singapore’s financial sector.
Police investigations are ongoing.
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