US sanctions 3 Singaporeans in global fraud takedown tied to Cambodian scam empire

[tidiii]

The Chairman name does not sounds like a Cambodian name... not surprising at all...

the irony is those movies keep saying until as if the masterminds are not their own people.........

 

[pwongkk]

iris koh also post about this

Karen Chen is bapok?

 

[pwongkk]

The Chairman name does not sounds like a Cambodian name... not surprising at all...

Lucky only 2 words name. If add a Cai, the former actor bo tai bo chi gets associated with them.

 

[uselessbum]

Every economic refugees that converts to sg shitizenship needs to give up their previous passport. But tiongs don't need to.

And ica allows this to happen.

To be fair, this is not the same. This Alan Yeo guy seems to be born sinkie but later on somehow got China citizenship. But the thing is that China officially does not allow dual citizenship either. They must have known that he was a sinkie, so why did they still give it to to him without requiring him to renounce sg one? Some might theorize that it was intentional.

 

[yperic]

Singapore ties to multi-billion dollar scam case in spotlight​

Chen Zhi, the chairman of Prince Holding Group, heads what US prosecutors say is one of the largest transnational criminal organisations in Asia.

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 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 organisations 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 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’s 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.

The Prince Group action was part of a suite of measures that the US government announced this week targeting Cambodia-based institutions. The Treasury Department’s Financial Crimes Enforcement Network also issued a “final rule” severing Huione Group from the country’s financial system, citing Bloomberg News reporting to highlight the challenges of shuttering opaque illicit marketplaces.

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

Chen Xiuling was an independent director of 17Live Group, a Temasek-backed livestreaming 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 CIO 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 $16 billion project in Cambodia’s Sihanoukville. Prince unit Canopy Sands Development 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 wasn’t immediately able to comment.

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

A spokeperson for Ascott said it doesn’t 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 $17 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 $18.2 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 couldn’t be reached for comment.

 

[pwongkk]

Confiscate - the state can do that and compensate the scam victims .you will never get to see this happening. Which country dun want to get richer although sgp is already rich enuf

No evidence if the fokkin gang money is under sg gov control.

If yes, at that amount seized, gst can revert back to 7%.

 

[uselessbum]

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 and spending millions on properties in the city-state.

A spokesperson for Temasek declined to comment.

 

[enimen]

WHAT THE HELL LA????!!!

THE MASTERMIND IS IN OUR BACKYARD??? NO WAIT. NOT EVEN IN BACKYARD.... ITS INSIDE OUR HOUSE! ALL THIS TIME!!

OH MY TIAN.

How is SG gov gonna answer to all the SG scam victims???

 

[kimsix]

65% also won’t read such news

they only read cna, care about cdc vouchers, going japan holiday and hope to win small space bto lottery

nothing we can do, already doomed feelings since ge

 

[trento]

Not arrested yet so may not be true!

 

[marshalTan93]

Let's see what kinda excuse they come up with this time.

"We dun want to over-checked the future new citizens, for they help create jobs for sinkees?"

 

[enimen]

How come USA intelligence can find this out while our SG never reported about this at all? And yet the criminals are in our house... I'm utterly disappointed sia

 

[chong18]

To be fair, this is not the same. This Alan Yeo guy seems to be born sinkie but later on somehow got China citizenship. But the thing is that China officially does not allow dual citizenship either. They must have known that he was a sinkie, so why did they still give it to to him without requiring him to renounce sg one? Some might theorize that it was intentional.

Not sure about their rule on foreigners who are granted citizenship, but even if there is requirement for them to renounce, as long as you can pay nothing is impossible

 

[Visor9999]

Which minister should step down now?

If sg kenna sanction like nk, then all the ministers should step down. Pap Govt is playing with fire with all these money launderers

 

[kleong]

If true means 见钱眼开. Disgusting.

 

[TanoshiXero]

More like called as a scam nation

 

[Tetsuconek]

https://www.bangkokpost.com/world/3...fxKrZbB-XTHuCCA1XI_aem_ysQRbb7EA1uC11BejlJ8gQ

 

[Tetsuconek]

How come USA intelligence can find this out while our SG never reported about this at all? And yet the criminals are in our house... I'm utterly disappointed sia

It took Wang Yi to come to SG then short while later. The Fujian Gang Su Haijin n gang kenna sex posed... Too coincidental already

 

[yperic]

If sg kenna sanction like nk, then all the ministers should step down. Pap Govt is playing with fire with all these money launderers

Let see will Trump take action again Singapore if take action will Singapore GG.

 

[semiret]

No wonder Singapore scam rates so high? The scammers are in your backyard. Haha