On October 30, Singaporean police seized and issued a ban on liquidation of financial assets worth more than 150 million Singapore dollars ($115 million) as part of an investigation into Cambodia's Prince Group and founder Chen Zhi.
The assets seized and prohibited for liquidation include 6 real estates, bank accounts, securities accounts and cash.
"Other assets, including a yacht, 11 cars and many bottles of wine, are also prohibited from being liquidated," the Singapore Police Force (SPF) said in a statement on October 31.
Singapore police said they had launched a enforcement operation at several locations against Chen Zhi and his accomplices on October 30. According to Singapore police, neither Chen Zhi nor her accomplices are currently in Singapore.
Chen Zhi, 38, has recently been accused by the US of being the mastermind of a large-scale cryptocurrency scam involving forced labor camps in Cambodia.
According to the indictment, Prince Group built at least 10 complexes in Cambodia where workers, often migrants held in forced detention, were forced to contact thousands of victims via social media or online messaging platforms, build relationships and lure them to transfer cryptocurrency.
The Singapore Police Force (SPF) said it has received financial intelligence related to Chen Zhi and his colleagues from the Surprise Transaction Reporting Office since 2024.
When US and UK authorities announced information about Chen Zhi and Prince Group on October 14, Singaporean police worked with member agencies of the Anti-Money Laundering Coordination and Cooperation Network to promote investigations, leading to a law enforcement campaign on October 30 in the country.
