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On 30 October 2025, the Police mounted an enforcement operation at multiple locations island-wide against Chen Zhi and his associates in relation to offences of money laundering and forgery. Chen Zhi and his known associates are currently not in Singapore.

In 2024, the Police had received financial intelligence from the Suspicious Transaction Reporting Office (STRO) regarding Chen Zhi and his associates. We had commenced investigations, and engaged relevant foreign counterparts for information and assistance given that the criminal activities were allegedly being conducted overseas. 

With the additional information obtained from the US’s and UK’s press releases on 14 Oct 2025, the Police worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), to advance the investigations. Following which, the Police launched an enforcement operation against Chen Zhi and his associates on 30 October 2025.

As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders. 

Police investigations are ongoing. 

The offence of money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) is punishable with imprisonment 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.

Director of the Commercial Affairs Department, Mr. David Chew, said, “To uphold Singapore’s integrity as a trusted international financial centre governed by the rule of law, we 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.” 

[1] Chen Zhi, the alleged founder and chairman of Prince Holding Group, was indicted by the United States authorities for wire fraud conspiracy and money laundering conspiracy, and for directing the operation of forced-labour scam compounds in Cambodia. 

[2] The AC3N is led by the Police and MAS, and comprises relevant sector supervisors, law enforcement agencies, and intelligence agencies involved in combatting money laundering in Singapore.

Photo 1: Yacht issued with Prohibition of Disposal Order by the Police

Photo 2: Bottles of liquor issued with Prohibition of Disposal Order by the Police