SINGAPORE, Oct 20 — Singapore and Thailand have launched investigations into a Cambodian real estate conglomerate following sweeping fraud and money laundering allegations against its chairman, Chen Zhi — charges that have triggered international asset seizures and sanctions.
According to Bloomberg, Singapore police confirmed over the weekend that they are “looking into the case” involving Prince Holding Group and are “in contact with authorities in other countries.”
The move comes after the United States and the United Kingdom sanctioned Chen, accusing him of masterminding a “sprawling cyber fraud empire” that exploited forced labour and generated vast illicit profits.
In Thailand, officials are coordinating with US counterparts to review the seizure of assets linked to Chen and the group, the Bangkok Post reported, citing Surapol Prembutr, commissioner of the Cyber Crime Investigation Bureau.
Authorities there will determine whether any of the confiscated assets are connected to crimes committed within Thailand.
If so, “the government will seek the return and confiscation of the assets through diplomatic coordination and in line with international legal procedures,” the report said.
The US Justice Department charged Chen last week with orchestrating fraudulent operations that led to the seizure of Bitcoin worth about US$15 billion (RM63 billion).
Meanwhile, the UK government froze 19 properties tied to him, including a £100 million London office block and a £12 million mansion in the city’s north-west.
The allegations have also prompted scrutiny in Singapore, where Chen and his associates set up a family office in 2018 that claimed to have received a tax incentive from the Monetary Authority of Singapore (MAS).
The agency has since said it is reviewing whether “there have been any breaches of its requirements.”
Thailand’s Justice Ministry may also consider filing criminal charges of conspiracy to commit wire fraud and money laundering, Bloomberg reported.
The sprawling investigation underscores growing regional concern over cross-border cybercrime networks allegedly operating out of Cambodia — and the growing financial and regulatory links tying such enterprises to major financial hubs like Singapore.
