Singapore Shuts Down $150M Scam Empire Exposing Forced Labor and Global Fraud

Singapore Seizes $150M in Assets from Prince Group's Chen Zhi

Singapore police have seized over S$150 million ($115.90 million) in assets linked to Cambodian businessman Chen Zhi and his Prince Group, a multinational network accused of operating large-scale online scam centers that defrauded victims globally, according to a bdnews24 report. The assets include six properties, bank accounts, securities accounts, and cash, along with luxury items such as a yacht, 11 vehicles, and liquor, Nikkei reported. The enforcement operation, announced on October 30, 2025, marks a significant escalation in Singapore's efforts to combat transnational financial crime, following coordinated sanctions by the United States and the United Kingdom, The Business Times reported.

The Prince Group has been designated a "transnational criminal organisation" by Western authorities, with its operations allegedly exploiting trafficked workers in Cambodia and Myanmar to execute online fraud schemes, Channel NewsAsia reported. U.S. and UK sanctions in October targeted 146 individuals and entities linked to the group, including Chen Zhi, who faces charges for orchestrating forced-labor scam compounds, according to Channel NewsAsia. The U.S. Treasury Department described the action as the largest-ever enforcement in Southeast Asia, with over $15 billion in cryptocurrency and assets seized globally, as reported by Coinotag.

Singapore's Monetary Authority (MAS) confirmed collaboration with law enforcement, noting that financial institutions had filed suspicious transaction reports since 2022, leading to the closure of risky accounts, bdnews24 reported. The regulator emphasized that these measures "averted larger sums from being held in our financial sector", as detailed in a Reuters via TradingView dispatch. The case builds on Singapore's 2023 money laundering scandal, where over S$3 billion in illicit assets were seized after raids on 10 foreigners, according to The Business Times.

The enforcement operation against Prince Group was informed by intelligence from Singapore's Suspicious Transaction Reporting Office and international partners, Channel NewsAsia reported. Police stated that Chen Zhi and his associates are not currently in Singapore, but investigations continue, Channel NewsAsia said. The assets frozen or seized include properties valued at S$165 million, with the Monetary Authority of Singapore working closely with the police to trace further illicit holdings, Nikkei reported.

The scam network's methods, as detailed by U.S. authorities, involved fake job advertisements luring victims into forced labor camps, where they were compelled to defraud others via social media and online messaging platforms, Channel NewsAsia reported. The operations, which targeted cryptocurrency investors, are estimated to have stolen billions, with the U.S. government alone seizing over $14 billion in Bitcoin, Channel NewsAsia said.

Singapore's Commercial Affairs Department reiterated its commitment to disrupting such networks, highlighting the complexity of cross-border financial crimes and the need for global cooperation, Channel NewsAsia said. The case underscores the growing role of Southeast Asian jurisdictions in combating cryptocurrency-enabled fraud, as regulators intensify scrutiny of digital asset flows, Coinotag reported.