TLDR:
- Singapore police froze over SGD 150 million linked to Chen Zhi and his accomplices in a crypto fraud case.
- Authorities seized six properties, bank accounts, securities, cash, a yacht, and 11 vehicles in Singapore.
- US DOJ previously confiscated roughly $15 billion in Bitcoin tied to Chen Zhi’s alleged fraud network.
- The Prince Group is suspected of running a large transnational telecom and crypto-related scam ring.
Authorities in Singapore moved against Chen Zhi, head of Cambodia’s Prince Group, following international fraud charges. The enforcement action froze assets totaling over SGD 150 million.
Police targeted properties, financial accounts, and luxury items linked to Chen and his associates. This follows similar actions by US and UK authorities who have charged him in connection with a $15 billion Bitcoin seizure.
The operation marks another step in dismantling his alleged transnational fraud network.
Singapore Police Target Crypto and Property Assets
Singaporean authorities announced on October 31 that they had acted against Chen Zhi on October 30. The police issued restraining orders for six properties registered to Chen and his accomplices.
Bank accounts, securities accounts, and cash holdings were included in the freeze, with the total value exceeding SGD 150 million. Beyond financial assets, authorities seized a yacht, 11 vehicles, and multiple bottles of alcohol.
The action aims to prevent any movement or liquidation of assets while investigations continue. Officials confirmed that Chen Zhi and his associates were not in Singapore at the time.
Authorities coordinated closely with international law enforcement to enforce cross-border asset restrictions. The move also reflects growing scrutiny of crypto-linked financial crimes in Southeast Asia.
Singapore police emphasized their commitment to investigating complex fraud schemes involving digital assets. Such actions could influence crypto market behavior, particularly in regions connected to transnational fraud.
Local law enforcement agencies are increasingly collaborating with US and UK counterparts. This ensures that illicit gains tied to crypto scams are targeted effectively.
Chen Zhi’s Global Crypto Fraud Allegations
Prior reports indicate that US authorities seized roughly $15 billion in Bitcoin connected to Chen Zhi. The UK had also formally charged him as a central figure in the Prince Group’s alleged fraud network.
The group is accused of operating telecom scams and leveraging digital assets internationally. Officials believe these operations have affected multiple countries and investors globally.
Law enforcement sources suggest that ongoing investigations will identify additional assets and accomplices. Analysts stress that cross-border enforcement is critical in stopping large-scale crypto fraud.
Financial institutions and exchanges may face heightened compliance measures following the case. The international focus on Chen Zhi highlights the growing risks and scrutiny around crypto-linked scams.
Singapore police continue to monitor the situation closely. They have signaled readiness to act on any attempts to transfer or conceal assets. The case demonstrates that even high-value digital assets and luxury holdings are not beyond enforcement reach.
Authorities reaffirm their commitment to global collaboration against complex fin
The post Singapore Seizes Over $150M from Cambodian Crypto Fraud Leader appeared first on Blockonomi.
Source: https://blockonomi.com/singapore-seizes-over-150m-from-cambodian-crypto-fraud-leader/