Police seize over S$150 million in property, together with 6 properties, as a part of forgery and cash laundering probe into Cambodia’s Prince Group | USAEMALL.com

SINGAPORE: The police on Thursday (Oct 30) seized and issued prohibition of disposal orders against six properties and various financial assets worth over S$150 million (US$115 million), as part of forgery and money laundering investigations into Cambodia’s Prince Holding Group and its founder Chen Zhi.

In a news release on Friday, the police said they mounted an enforcement operation at multiple locations islandwide against Chen and his associates in relation to alleged offences of money laundering and forgery.

“As part of the operation, the police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million,” they said.

“Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.”

Police said that Chen and his known associates are currently not in Singapore.

They added: “In 2024, the police had received financial intelligence from the Suspicious Transaction Reporting Office (STRO) regarding Chen Zhi and his associates,” said the police.

“We had commenced investigations, and engaged relevant foreign counterparts for information and assistance given that the criminal activities were allegedly being conducted overseas.”

Police said they obtained additional information from the announcements issued by the US and UK authorities on Oct 14, and then worked with member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) in relation to further investigations, which eventually led to the enforcement operation on Thursday.

The offence of money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) is punishable with a jail term of up to 10 years, or a fine of up to S$500,000, or both. 

The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and a fine.