Singapore Freezes S$150M in Assets Linked to Tycoon Chen Zhi
- Singapore froze S$150M in assets linked to Prince Group chief Chen Zhi amid U.S. probe.
- U.S. DOJ seizes $15B in Bitcoin linked to Chen Zhi’s global fraud and forced-labor operations.
- AC3N and MAS collaboration shows rising cross-border coordination in crypto enforcement.
Singapore authorities have frozen over S$150 million (US$115 million) in assets linked to Cambodian tycoon Chen Zhi. The move follows U.S. and U.K. actions in mid-October, which indicted the Prince Group chairman and seized around US$15 billion in Bitcoin and related assets.
Singapore’s S$150 Million Asset Freeze
On October 30, Singapore police executed islandwide enforcement actions against Chen Zhi and his associates, freezing more than S$150 million (US$115 million) in assets. Authorities issued prohibition of disposal orders on six properties, bank and securities accounts, and cash holdings.
Other seized items included a yacht, 11 luxury vehicles, and bottles of high-end liquor. According to the Singapore Police Force, these actions followed intelligence shared by the U.S. and U.K. earlier in October.
The data exchange helped identify links between Chen and a wider network of fraudulent financial operations. Singapore’s Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), led by the Monetary Authority of Singapore (MAS), coordinated the enforcement with international counterparts.
The MAS confirmed that suspicious transaction reports concerning Prince Group had been filed by financial institutions since 2022. These accounts were later closed to prevent larger sums from being retained within Singapore’s financial system. Investigations into the group’s local financial footprint are ongoing. Authorities said Chen and his known associates were not in Singapore at the time of the raids.
$15 Billion Bitcoin Seized in Coordinated U.S. Operation
In mid-October, the U.S. Department of Justice announced the seizure of about $15 billion worth of Bitcoin and other assets tied to Chen Zhi and his affiliates. Prosecutors in New York accused Chen, also known as Vincent, of directing a global investment fraud scheme using forced-labor scam compounds in Cambodia.
The indictment alleges that victims were coerced into running “pig butchering” scams, where individuals built trust with targets before defrauding them through fake crypto investment platforms. The U.S. Treasury imposed sanctions on 146 individuals and entities, including three Singaporeans, Nigel Tang, Chen Xiuling, and Alan Yeo, all linked to the Prince Group network.
These sanctions froze their assets in the U.S. financial system and barred them from future dealings. The coordinated move with U.K. law enforcement also led to asset seizures in other jurisdictions, including properties in London and Palau.
Related: North Korean Hackers Pull off Record $2B Crypto Theft in 2025
Multi-Jurisdictional Enforcement Networks
This case is a turning point in global financial enforcement. The AC3N’s collaboration with international agencies shows the growing maturity of cross-border investigative frameworks. By combining financial intelligence with on-chain data, agencies have expanded their ability to trace crypto-related transactions across multiple jurisdictions.
Singapore’s Commercial Affairs Department director, David Chew, described the operation as a complex and large-scale effort against digital fraud networks exploiting international financial systems. He said cooperation with foreign agencies was essential in identifying Chen’s assets and associates across jurisdictions.
Prince Group, a conglomerate in Cambodia, has been accused of using its business structure to conceal illicit proceeds through real estate, finance, and hospitality ventures. The Associated Press reported that the firm has denied involvement in scam operations and has not commented on the latest allegations.
The combined efforts of the U.S., U.K., and Singapore authorities show a new enforcement model targeting both the financial infrastructure and leadership of cross-border fraud networks. This approach allows regulators to freeze and recover assets while dismantling operations behind crypto-driven criminal enterprises.
Meanwhile, the freezing of over S$150 million in assets in Singapore, combined with the U.S. seizure of $15 billion, marks a new era of enforcement. It shows how multi-jurisdictional cooperation is changing to tackle crypto-related financial crime at every level. The ongoing investigation illustrates a global resolve to dismantle transnational fraud networks exploiting digital finance systems.
