Massive Asset Seizure in Singapore: The Prince Group Scandal Unfolds

In a significant development, Singapore police have seized assets exceeding S$150 million from the Prince Group, a multinational network embroiled in scam centre operations. This action highlights the ongoing international effort to dismantle this expansive fraud scheme.

The seized assets, which include properties, bank accounts, and securities, have been linked to the Cambodian businessman Chen Zhi, accused of money laundering and forgery. This crackdown follows sanctions imposed by Britain and the United States against the network, which exploited trafficked workers to commit online scams worldwide.

With investigations initiated in 2024, Singapore's Monetary Authority is collaborating with police to address this complex case. Notably, suspicious transaction reports date back to 2022, leading to the closure of numerous suspicious accounts, a move that has protected the financial sector from further exposure.