S$500 Million Frozen in Singapore Linked to Prince Holding Scam Network

Singapore authorities have seized or frozen more than S$500 million in assets following a large-scale money laundering investigation linked to the transnational scam syndicate known as Prince Holding Group.

According to a police news release issued on 3 March, the investigation began in 2024 and centres on Chen Zhi, the groups founder, along with several associates. Since then, enforcement actions have expanded, leading to multiple arrests and substantial asset seizures across Singapore.

Island-Wide Enforcement Operations

In October 2025, Singapore Police Force officers launched coordinated enforcement operations across the island targeting Chen and individuals connected to him.

During that phase of the operation, more than S$150 million worth of assets were seized or placed under prohibition of disposal orders. These included a yacht, 11 cars and high-value liquor collections.

At the time, no arrests were made as Chen and several associates were not in Singapore.

In January 2026, Chen was arrested in Cambodia. He was later extradited to China at the request of Chinese authorities. Singapore police investigations, however, continued in parallel, focusing on potential domestic links and financial flows connected to the case.

Three Singaporeans Arrested

Since the October 2025 operations, three Singapore citizens have been arrested for their suspected involvement in money laundering offences connected to the investigation.

On 20 November 2025, a 49-year-old man, Tan Yew Kiat, was arrested. Tan is listed as a director of SRS Auto Holdings Pte Ltd. Following his arrest, prohibition of disposal orders were issued against vehicles registered under the companys name.

On 11 December 2025, a 32-year-old man, Nigel Tang Wan Bao Nabil, was arrested upon returning to Singapore from Cambodia.

A third individual, 53-year-old Yeo Sin Huat Alan, was arrested on 12 January 2026, also upon his return from Cambodia.

In addition, a warrant of arrest has been issued against a 43-year-old Singaporean woman, Chen Xiuling, who is also known as Karen Chen. Police said she had left Singapore before the enforcement operations commenced in October 2025 and is believed to be currently in Cambodia.

Additional Assets Seized

Following the arrests, authorities intensified asset recovery efforts.

An additional S$350 million worth of assets have since been seized or placed under prohibition of disposal orders. These include three properties, eight cars, bank and securities accounts, cash in various foreign currencies, and a collection of luxury bags and watches.

When combined with the S$150 million seized during the earlier enforcement phase, the total value of assets linked to the case now exceeds S$500 million.

Prohibition of disposal orders prevent the sale, transfer or movement of assets while investigations are ongoing. Such measures are commonly used in financial crime probes to preserve potential evidence and prevent dissipation of suspected illicit gains.

A Cross-Border Investigation

Prince Holding Group has been associated with transnational scam activities, though investigations remain ongoing. Authorities have not disclosed full details of the underlying alleged offences connected to the laundering activities, citing operational reasons.

Singapore has in recent years strengthened its enforcement stance against money laundering and illicit financial flows, particularly following several high-profile cases involving foreign nationals and large asset seizures. The current case adds to a growing list of complex investigations involving cross-border financial networks.

Potential Penalties

Under Singapore law, money laundering offences under Sections 51 and 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carry a maximum penalty of 10 years imprisonment, a fine of up to S$500,000, or both.

Additional charges may apply depending on the circumstances. Instigating another person to falsify accounts under Section 477A read with Section 109 of the Penal Code 1871 carries a penalty of up to 10 years imprisonment, a fine, or both.

Attempted cheating under Section 420 read with Section 511 of the Penal Code 1871 is also punishable by up to 10 years imprisonment and a fine.

At this stage, investigations are ongoing and the individuals involved remain subject to due legal process.

Reinforcing Singapore‘s Financial Crime Controls

The scale of the seizures (surpassing S$500 million) reflects the authorities’ continued focus on safeguarding Singapores financial system from abuse. The use of prohibition orders, cross-border cooperation and coordinated enforcement reflects a firm regulatory posture against illicit financial activity.

While court proceedings and further disclosures may take time, the case already stands as one of the more significant asset seizure operations linked to alleged transnational scam activity in recent years.

For financial institutions and market participants, the investigation serves as a reminder of the importance of robust compliance systems, effective due diligence and early detection mechanisms in combating money laundering risks in an increasingly interconnected financial environment.