Singaporean police have seized over S$150 million (approximately $115 million USD) in assets linked to Chen Zhi, chairman of Prince Group, as part of a transnational money laundering and forgery investigation. The enforcement action targeted assets including properties, vehicles, and accounts, reflecting heightened scrutiny on financial crimes in Southeast Asia.
Investigation Details and Asset Seizure
Chen Zhi, the chairman of Prince Holding Group, is currently residing outside of Singapore. The asset seizure by Singaporean authorities is part of a broader financial crime investigation that reportedly involves elements of forced labor and cryptocurrency schemes. The Singapore Police Force confirmed that prohibition of disposal orders were issued against six properties and various financial assets, including bank accounts, securities accounts, and cash, with a total estimated value exceeding S$150 million.
Singapore's Financial Stability and Crypto Market Response
Despite the significant asset seizure and the involvement of crypto activities, the incident has not triggered major disruptions in the cryptocurrency markets. Financial institutions in Singapore had previously implemented risk mitigation measures, such as filing suspicious transaction reports and closing accounts deemed suspicious, according to Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime) at the Monetary Authority of Singapore. These proactive steps helped avert larger sums from being held within the financial sector and mitigated potential systemic shocks.
Loo Siew Yee stated, "Financial institutions had filed suspicious transaction reports early on, and taken risk mitigation measures, such as closing accounts deemed suspicious. This had averted larger sums from being held in our financial sector."
The Monetary Authority of Singapore emphasized the importance of global cooperation in combating money laundering. No specific digital assets or institutional crypto platforms affected by the investigation have been publicly identified.
Broader Trends in Southeast Asian Financial Crime
The case involving Chen Zhi mirrors other instances of transnational scams and financial crime that have emerged in Southeast Asia. While cryptocurrency schemes have previously prompted increased financial vigilance, they have not historically disrupted mainstream assets like Bitcoin (BTC) or Ethereum (ETH). The continued stability of the crypto market following this seizure suggests that regulatory measures are effectively mitigating broader economic threats.
Chen Zhi and his Prince Group have not issued any public statements regarding the asset confiscations.