Overview
- Police conducted Oct 30 enforcement operations and restrained six properties, bank and securities accounts, cash, a yacht, 11 cars and liquor tied to Chen Zhi and Prince Holding Group.
- Authorities say the case involves alleged money laundering and forgery, and confirm Chen and identified associates were not in Singapore during the operation.
- Investigations began after 2024 financial intelligence from STRO, with actions accelerated by Oct 14 announcements from U.S. and U.K. authorities and coordinated through AC3N.
- MAS said financial institutions had filed suspicious transaction reports since 2022 and taken risk-mitigation steps, and it will undertake supervisory reviews with banks involved.
- U.S. prosecutors have indicted Chen for wire fraud and money-laundering conspiracies and accuse him of directing forced-labour scam compounds, while U.S. and U.K. sanctions list 146 related targets, including parties in Singapore.