Overview
- Police mounted islandwide enforcement on Oct 30, seizing and issuing prohibition of disposal orders on six properties, bank and securities accounts, and cash.
- A yacht, 11 cars and multiple bottles of liquor were also restricted, bringing the estimated total above S$150 million.
- Investigations focus on alleged money laundering and forgery connected to Cambodia-based Prince Holding Group, and Chen Zhi and known associates are not in Singapore.
- MAS said financial institutions had filed suspicious transaction reports since 2022 and closed risky accounts, and it will conduct supervisory reviews with the firms involved.
- The action drew on Oct 14 US and UK measures that designated the group a transnational criminal organisation, a US indictment of Chen for wire fraud and money laundering conspiracy, and a US bitcoin seizure exceeding US$14 million.