On 8 October 2025 the US Department of Justice (“DOJ”) has indicted Fujian-born Chen Zhi, chairman of Cambodia-based Prince Holding Group, for allegedly running forced-labour scam compounds involved in global cryptocurrency fraud.   

(The Prince Group, founded in 2011, boasts over US$2 billion worth of projects in Cambodia, including a large shopping mall, Prince Plaza, in the capital Phnom Penh.) 

The indictment included Huione Group, a Cambodian fintech conglomerate accused of laundering billions of dollars. The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a “final rule” cutting Huione Group off from the US financial system entirely, citing ongoing struggles in dismantling illegal crypto markets.  

(Huione Group, which styled itself as a fintech platform with half a million users and partnerships with firms like Alipay and UnionPay, allegedly served as a “critical node” for illicit financial flows, mixing fiat and crypto services to obscure transactions.) 

On 14 October 2025, the US Treasury Department’s Office of Foreign Assets Control said some 146 Prince Group-affiliated businesses have been added to its Specially Designated Nationals and Blocked Persons list. Authorities have seized over 127,000 Bitcoin (worth about US$15 billion), making it the largest crypto seizure in U.S. history.  

Chen is also facing sanctions from the UK government, while other countries like Thailand and Singapore are investigating related entities. Sanctioned entities span Singapore, Cambodia, Taiwan, Hong Kong, Palau, Laos, BVI, and Cayman Islands.  

The Prince Group has yet to issue an official response to the indictment. Media reports have mentioned that Chen Zhi’s whereabouts are unknown. 

Singapore police have yet to announce whether they will launch their own investigation into the Prince Group. 

 

The Singapore Connection 

Three Singaporeans were also sanctioned by the DOJ, in connection with the case:  

• Chen Xiuling (Karen) – CFO of DW Capital and linked to 14 of 17 sanctioned Singapore entities. 

The Singapore Business Times (“BT”) reported that Karen’s portfolio of Singapore-registered companies includes leisure craft management firms Warpcapital Yacht Management and Cloud Xero Management – both among the entities targeted by the sanctions. 

BT has further reported that Chen Zhi and Karen were involved in the single family office, DW Capital Holdings, in 2018, which claimed to have received a 13X tax incentive from the Monetary Authority of Singapore (“MAS”). MAS is reported to have clarified to media enquiries that it is currently investigating if there may have been regulatory issues in relation to the case. 

Elsewhere, Karen was an independent director of 17Live Group, a Temasek-backed live-streaming platform listed on SGX in December 2023. She resigned from the role on 16 October 2025.  

“Temasek has no relationship with Prince Holding Group or any of its subsidiaries, and was not involved in the appointment of any directors to the 17Live board, including Chen Xiuling,” a spokesperson for the state investor has said in an official reply to media reports on 17 October 2025. 

Other sanctioned individuals include: 

• Alan Yeo Sin Huat – Former CEO of DW Capital; alleged financial assistant and wealth manager to Chen Zhi. 

• Nigel Tang Wan Bao Nabil – Director of three sanctioned entities; head of operations at Capital Zone Warehousing. 

 

Other Singaporeans mentioned in media reports but not sanctioned include: 

Edward Lee, chief executive of its property arm Prince Real Estate Group, according to Prince Holding’s website.  Mr Lee was previously, CEO of Kingsmen Real Estate (Cambodia) Group since December 2021. Lee also identifies himself as secretary of the Singapore Business Investment Forum, an organisation that says it provides support for Singaporean businesses and investors in Cambodia.  

Gabriel Tan, chief communications officer of Prince Group who joined the group in 2021. He also heads its philanthropic arm, Prince Foundation.

 

Chen and Singapore property investments 

It is reported that the Prince Group also formed ties with other firms in Singapore as part of its plans to build Ream City, a US$16 billion (S$20.7 billion) project in Cambodia’s Sihanoukville. 

BT also reported in 2017 that Chen Zhi is believed to have bought a S$17 million penthouse at Gramercy Park condo in Grange Road. 

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. 

 

What’s Next for Financial Institutions and Real Estate developers and agents? 

Management of financial institutions as well as Singapore real estate agents and developers must: 

1. immediately scan their clients for any involvement with all the individuals and entities mentioned in the DOJ indictment and media reports,  

2. escalate any adverse screening results to senior management for possible suspicious transactions reporting, and 

3. consider freezing the assets of connected individuals and entities. 

As this is a developing story with a vast network of sanctioned individuals and entities, managements are advised to closely monitor developments. 

 

How Can We Help? 

• Conduct independent AML/CFT operations reviews/audits 

• Assist in performing comprehensive sanctions screening and due diligence reviews to ensure compliance with international regulations, especially in high-risk jurisdictions. 

• Assist in enhancing AML/CFT frameworks and operations, ensuring that organisations are equipped to identify, report, and prevent suspicious financial activities across their operations.

Contact us now to find out how we can help you maintain AML and Sanctions compliance. Find out more here.