Singaporean police have launched a major enforcement operation against Chen Zhi, the founder and chairman of Cambodia-based Prince Holding Group, resulting in the seizure of assets worth more than $115 million. The operation, conducted on October 30, targeted Chen and his accomplices, who are currently not in Singapore, and involved restraining orders on six properties, bank accounts, securities accounts, cash, a yacht, 11 vehicles, and numerous bottles of alcohol, with a total estimated value exceeding S$165 million.
This action is part of a coordinated international crackdown, with the US and UK authorities announcing criminal indictments and sanctions against Chen and 146 entities and individuals tied to Prince Group in mid-October. The US Department of Justice charged Chen with running scam compounds in Cambodia that stole billions in cryptocurrency from global victims through 'pig butchering' fraud schemes. These scams involved luring victims into fake crypto trading platforms, with the US Treasury Department seizing over $15 billion in assets, including Bitcoin, marking the largest-ever crypto seizure.
Investigations reveal that the network laundered stolen proceeds through over 100 shell companies, routing funds via crypto exchanges and mining operations like LuBian, which was allegedly connected to Chen. Between May 2021 and August 2022, at least $18 million from over 250 US victims was traced, representing a fraction of the billions channeled back to Cambodia. Recent Bitcoin transfers from dormant LuBian-linked wallets—11,886 BTC ($1.3B) and 15,959 BTC ($1.83B)—have sparked speculation, with Arkham Intelligence noting that 127,426 BTC (worth about $14.5B) was stolen from LuBian in December 2020 due to vulnerabilities.
Chen, who acquired Cambodian citizenship and was awarded the title 'Neak Oknha' in 2020, has maintained a low profile despite his alleged criminal enterprises. He is now subject to global sanctions, with US Treasury Secretary Scott Bessent describing the measures as a response to losses exceeding $16 billion for American victims alone.
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