Full Breakdown
Singapore Police Investigate Prince Group's Alleged Transnational Scam
3/6/2026, 6:39:34 AM
Overview of the Investigation
Singapore police have launched a significant investigation into the Prince Holding Group, a corporation linked to alleged transnational criminal activities, including money laundering and fraud. The inquiry centers around the group's founder and chairman, Chen Zhi, who was arrested in Cambodia on January 6, 2026, and subsequently deported to China. The investigation has led to the arrest of three Singaporeans and the seizure of assets valued at over S$500 million (approximately US$390 million).
Arrests and Asset Seizures
Between November 2025 and January 2026, Singaporean authorities arrested Tan Yew Kiat, a 49-year-old director of SRS Auto Holdings, on November 20, 2025; Nigel Tang Wan Bao Nabil, a 32-year-old captain of Chen's superyacht Nonni II, on December 11, 2025; and Alan Yeo Sin Huat, a 53-year-old associate of Chen, on January 12, 2026. All three are suspected of involvement in money laundering activities connected to the Prince Group.
The police have issued prohibition of disposal orders against numerous assets, including three properties, eight cars, cash in various currencies, and luxury items, with a total estimated value of S$350 million. This brings the total value of seized or restricted assets in the case to over S$500 million.
Background of the Prince Group
The Prince Group, based in Cambodia, has been identified by authorities in Singapore and the United States as a major transnational crime syndicate. Chen Zhi, originally from China, has been accused of leading a criminal enterprise involved in money laundering, wire fraud, and operating forced-labor scam compounds. The U.S. Treasury has sanctioned the group, linking it to extensive financial crimes and asset seizures globally, including nearly 130,000 bitcoins worth approximately US$15 billion.
Criticism and Opposition
Critics have raised concerns about the scale of the operations and the implications for Singapore's financial integrity. Peggy Pao, Director of the Commercial Affairs Department, emphasized the police's commitment to enforcing laws against individuals exploiting Singapore's financial system for criminal activities. However, the investigation has also faced scrutiny regarding the effectiveness of international cooperation in addressing transnational crime.
Official Statements
The Singapore Police Force has reiterated its resolve to take decisive action against those involved in organized crime. “The arrests and extensive scale of assets seized in Singapore underscore the police’s resolve to take swift and decisive enforcement action against individuals and corporate entities that seek to exploit Singapore’s financial system for criminal activities,” stated Peggy Pao.
Verbatim Quotes
- “The police are committed to bringing these criminals to justice and confiscating their ill-gotten gains,” — Peggy Pao, Director of the Commercial Affairs Department.
- “This brings the total value of assets seized and/or prohibited in relation to this case to date to more than $500 million,” — Singapore Police Force spokesperson.
What's Next
Authorities are continuing to investigate the Prince Group and its associates, with a warrant issued for Chen Xiuling, also known as Karen Chen, who is believed to be in Cambodia. She is accused of instigating falsified accounts and attempting to cheat. The ongoing investigation highlights the complexities of tackling transnational organized crime and the need for robust international collaboration.
