Singapore ties to alleged Cambodian scam ring under spotlight

US sanctions Prince Group chief over alleged billion-dollar crypto scam using forced labour in Cambodia

SINGAPORE — The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek Holdings Pte and spending millions on properties in the city-state.

Chen Zhi, the chairman of Prince Holding Group, heads what US prosecutors say is one of the largest transnational criminal organizations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.

The operation allegedly used forced labour in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering.” Now the case is prompting authorities and firms in Singapore to review the group’s financial ties to the business hub.

Chen and key associate Chen Xiuling were involved in the setting up of single-family office DW Capital Holdings Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.

“We are looking into whether there have been any breaches of MAS’ requirements in relation to this case,” said a spokesperson for the regulator. DW Capital didn’t respond to a request for comment.

The accusations shine another spotlight on Singapore’s role in the facilitation of criminal activity in the region. Several of the parties found guilty in the city’s largest ever money laundering case also operated family offices that got tax exemptions from authorities there.

It is unclear whether Singapore police will open an investigation into the US accusations. The police force didn’t immediately respond to a request for comment.

Chen Xiuling was an independent director of 17LIVE Group Ltd, a Temasek-backed live-streaming platform. She resigned from the role on Thursday.

Chen Xiuling was appointed when 17LIVE was listed on the Singapore exchange in December 2023 following a merger with Vertex Technology Acquisition Corp, a special purpose acquisition company supported by Temasek and its subsidiary Vertex Ventures. Temasek retained deemed interest of almost 26% in 17LIVE as of March, according to the firm’s latest annual report.

17LIVE Chief Investment Officer Joji Koda said in an emailed response to questions before the resignation that Chen Xiuling was appointed after her name was put forward during the so-called de-SPAC process, and that a “usual” due diligence process was run to vet her. He said the firm only became aware of the allegations when contacted by Bloomberg News.

“17LIVE has never done business with DW Capital, Chen Zhi, or Chen Xiuling,” Koda said, adding that neither Temasek nor Vertex Ventures were involved in Chen’s nomination or appointment as director. “17LIVE is not aware as to whether they have ever invested in securities of 17LIVE.”

A spokesperson for Temasek declined to comment.

Property empire

Prince also formed ties with other firms in Singapore as part of its plans to build Ream City, a UScopy6 billion project in Cambodia’s Sihanoukville. Prince unit Canopy Sands Development Co. appointed SJ Group, a subsidiary of Temasek, to undertake the master planning, urban design and coastal engineering works for the project. Canopy Sands was among the entities named by US authorities with ties to Chen Zhi.

SJ Group was not immediately able to comment.

Temasek-backed Singapore property firm CapitaLand Investment Ltd’s lodging unit The Ascott Ltd was appointed by Canopy Sands in 2024 to provide hospitality management services for two hotels in Cambodia.

A spokesperson for Ascott said it does not hold any ownership stake in the properties and takes due diligence of its business partners seriously. Ascott is “reviewing the latest developments and will respond in accordance with the applicable sanctions, laws and regulations.”

Separately, Chen Zhi paid Scopy7 million (UScopy3 million) for a luxury penthouse in Gramercy Park, a condominium near Singapore’s Orchard Road shopping belt. Another of his named associates, Li Thet, who is also a Cambodian national, paid Scopy8.2 million for a nearby home at condo Boulevard Vue, according to transactions reviewed by Bloomberg News.

Prince had denied multiple media reports alleging its involvement with money laundering and crime dating back to 2024 in statements on its website, although the rebuttals were no longer accessible as of Thursday. Prince could not be reached for comment.

Three Singaporeans sanctioned in US bust of major Cambodian crypto scam network

SINGAPORE: Three Singaporeans have been sanctioned for alleged links to a fraud empire involving a Cambodian conglomerate and its China-born chief executive, as part of the largest crackdown by the United States and United Kingdom on cybercriminal networks in Southeast Asia.

Of the three, Ms Chen Xiuling, also known as Karen, has resigned from her position as an independent non-executive director at Taiwanese livestreaming platform 17Live Group, based on a company announcement on the Singapore Exchange on Thursday (Oct 16).

According to a release on Tuesday by the US Department of the Treasury's Office of Foreign Assets Control, 17 Singapore-registered entities have also been sanctioned as part of the sweep.

Checks by CNA found that 14 of these entities were registered at the same Singapore address – 2 Jalan Kilang Barat in Bukit Merah.

CNA has asked the Singapore Police Force for comment. 

According to the US Department of Justice, authorities  (S$19 billion) in bitcoin in connection with the case – the largest forfeiture action in the history of the department.

Chen Zhi, the CEO and chairman of the Cambodian conglomerate, Prince Holding Group, was charged with wire fraud conspiracy and money laundering conspiracy for directing Prince's operation of forced-labour scam compounds in Cambodia.

WHO ARE THE SINGAPOREANS?

The involvement of the Singaporean individuals and entities was first reported on Wednesday by Singapore newspaper The Business Times.

 

Ms Chen Xiuling, Mr Alan Yeo Sin Huat and Mr Nigel Tang Wan Bao Nabil are the Singaporeans placed on the US’ Specially Designated Nationals and Blocked Persons List for their alleged ties to Chen Zhi, his affiliates and Prince Holding Group.

Those on the list are identified as posing threats to US national security and foreign policy. US persons are generally prohibited from dealing with them, and their assets are blocked.

According to the Treasury Department, Ms Chen Xiuling, 43, oversees Prince Holding Group companies based in Mauritius, Taiwan and Singapore.

CNA's checks on company filings found that of the 17 Singapore-registered entities sanctioned, Ms Chen is listed as either director, company secretary and/or shareholder of 14 of them.

This includes the holding company that managed Chen Zhi’s luxury yacht, the Treasury Department said, although it did not specify which one.

In its SGX statement on Thursday, the 17Live firm said that besides providing oversight as a director and member of board subcommittees, Ms Chen Xiuling was not involved in its business and operations.

They include consultancy services Cloud Xero Management and Warpcapital Yacht Management.

He is also listed as a director and the head of operations at Capital Zone Warehousing, which offers luxury storage solutions for alcohol and cigars.

CNA has reached out to Mr Yeo for comment. Ms Chen and Mr Tang's contact information were not publicly available. 

"SHELL COMPANIES"

Of the 17 sanctioned entities, several had their primary activity listed as “management consultancy services” or “other holding activities”.

They are part of a wider network of 117 Prince Group-affiliated businesses designated by the Treasury Department. Of these, the vast majority are offshore shell companies that engage in no apparent real commercial or business activity, authorities said.  

Apart from Singapore, these companies are registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.

CNA has reached out to five of the 17 Singapore-registered entities, which had publicly available contact information, for comment.  

"LITANY" OF CRIMES

In May 2024,  regarding a news report that alleged that its operations had extensive overseas money networks, shell companies and cash traffickers.

The report also contained allegations that Prince had purported links to scam centres in Cambodia.  

Prince’s chief communications officer Gabriel Tan told CNA then that the reporting was “racist, reductionist and clearly motivated by resentment”.

The company and its legal representative also said in a joint statement that it “does not engage in money laundering or illegal activities, and has not transferred or received funds in the manner alleged, or through the entities named in the article”.

On Tuesday, the US Treasury Department said Prince Holding Group profits from a “litany of transnational crimes” including sextortion, money laundering, corruption, illegal online gambling and industrial-scale trafficking, torture and extortion of enslaved workers.

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