Authorities in Singapore and Taiwan say they have uncovered more than $700 million in assets linked to businessman Chen Zhi, as investigations into alleged scam networks connected to his business empire intensify.
Chen, the founder of the Cambodia-based Prince Holding Group, has been under growing scrutiny from international authorities. Investigators in the United States and the United Kingdom have previously accused entities tied to the group of operating large illegal gambling compounds in Cambodia that allegedly defrauded victims of billions of dollars through online fraud schemes.
The Taipei District Prosecutor’s Office said investigators have traced more than NT$10.7 billion ($337.3 million) in suspected laundered funds connected to the case. Prosecutors have indicted 62 individuals and 13 companies believed to be linked to Prince Holding Group, including Chen himself.
Authorities say the funds moved through a complex network of companies and financial channels spanning several jurisdictions, highlighting the international nature of the alleged operation.
In Singapore, police confirmed that assets worth about S$500 million ($391.73 million) have been seized or placed under restrictions preventing their disposal. Investigators believe the assets are tied to Chen and businesses associated with his group.
Cars & Watches seized by Singapore Police Force
Source: police.gov.sg
Peggy Pao, director of Singapore’s Commercial Affairs Department, said the investigation shows the importance of cross-border cooperation in tackling organised financial crime. “The Police are committed to bringing these criminals to justice and confiscating their ill-gotten gains,” she said.
She added that Singapore would continue working with foreign law enforcement agencies and domestic partners to pursue those involved in transnational crime while safeguarding the integrity of the country’s financial system.
Authorities in the US and UK have alleged that some compounds linked to Prince Holding Group were used to run online fraud schemes staffed by trafficked foreign workers. According to investigators, victims were forced to participate in scams targeting individuals around the world, often under threats of violence or torture.
Prince Holding Group has consistently denied the accusations. The company has described the allegations as “baseless” and claimed they are part of efforts to justify the seizure of assets linked to its operations.
The case has also intensified scrutiny on the wider issue of scam networks operating across Southeast Asia. Governments in the region have faced mounting pressure to address criminal groups using online platforms and international payment systems to conduct large-scale fraud.
Cambodian authorities have taken steps against Chen as part of this broader effort. The government stripped him of his Cambodian citizenship and facilitated his extradition to China, where he is expected to face charges linked to the construction and operation of casinos and compounds allegedly used for scam activities.
Cambodian Prime Minister Hun Manet has said such operations have harmed the country’s reputation and legitimate economy. “The scam network, what we call the black economy, is destroying our honest economy,” he said earlier this year.
Officials in Phnom Penh say the government had not been aware of the alleged activities at the time, and background checks had not raised concerns before the investigation emerged. Since then, Cambodian authorities have shut down about 190 scam centres, arrested 173 senior figures linked to the networks, and deported thousands of workers believed to have been involved in the operations.
#OnlineFraud #FinancialCrime #AsiaGaming #Regulation #CyberCrime
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