Singapore Police Arrest Suspect in Vehicle Financing Firm Linked to Prince Group’s Chen Zhi – Over $150M Seized
- What Happened in Singapore’s Latest Anti-Money Laundering Operation?
- How Are Global Sanctions Tightening the Noose Around Prince Group?
- Why Is the 2020 Lubian Hack Back in the Spotlight?
- What’s Next for Chen Zhi and His Network?
- FAQs: Unpacking the Prince Group Scandal
Singapore authorities have cracked down on a money laundering operation tied to Chen Zhi, president of the Prince Group, arresting a suspect and seizing assets worth over $165 million, including luxury properties, a yacht, and bitcoin transactions linked to a 2020 hack. The U.S. and UK have imposed coordinated sanctions, marking one of the largest actions against cybercrime networks. Dive into the details of this high-stakes financial saga.
What Happened in Singapore’s Latest Anti-Money Laundering Operation?
Singapore police arrested Tan Yew Kiat, sole owner of SRS Auto Holdings Pte., during a raid on a vehicle financing firm connected to Chen Zhi. Authorities suspect Tan’s involvement in money laundering, part of a broader probe into Chen’s alleged financial crimes. The operation, conducted on October 30, resulted in the seizure of six properties, 11 vehicles, bank accounts, and $150 million in assets. Notably, a dormant Bitcoin wallet linked to Chen moved 15,959 BTC ($1.83 billion) days before the raid—fueling speculation about ties to a $14.4 billion DOJ case.
How Are Global Sanctions Tightening the Noose Around Prince Group?
The U.S. and UK recently sanctioned 146 individuals and entities tied to Prince Group, accusing Chen of orchestrating massive fraud schemes in Cambodia. Singapore’s crackdown aligns with these sanctions, freezing assets across jurisdictions. Documents reveal SRS Auto’s loans from Skyline Investment Management—a sanctioned entity allegedly controlled by Chen. Meanwhile, Prince Group denies wrongdoing, calling the allegations “categorically false.”
Why Is the 2020 Lubian Hack Back in the Spotlight?
Analysts from Arkham Intelligence traced reactivated Bitcoin from the 2020 Lubian mining pool hack (127,426 BTC stolen) to wallets associated with Chen. Around 11,886 BTC resurfaced this year, matching funds moved to “recovery wallets.” The BTCC team notes this parallels the DOJ’s efforts to confiscate $14.4 billion in Bitcoin tied to Chen’s operations.
What’s Next for Chen Zhi and His Network?
Chen, awarded Cambodia’s honorary “Neak Oknha” title in 2020, holds citizenship in Vanuatu and Cyprus but has vanished from public view since sanctions were announced. Affiliated companies struggle to unfreeze accounts in Singapore, citing employee hardships. With regulators across Asia scrutinizing the case, this could reshape regional anti-cybercrime strategies.
FAQs: Unpacking the Prince Group Scandal
Who is Chen Zhi?
Chen Zhi is the controversial president of Prince Group, accused by U.S. authorities of running fraudulent schemes in Cambodia. He holds multiple citizenships and was honored by Cambodia for donations.
How much was seized in Singapore?
Over $165 million, including real estate, a yacht, vehicles, and cash. Bitcoin movements add another $1.83 billion to the spotlight.
What’s the connection to the Lubian hack?
Reactivated Bitcoin from the 2020 hack matches wallets linked to Chen, per Arkham Intelligence and DOJ filings.
