Singapore and Thailand have reportedly launched investigations into a Cambodian real estate conglomerate following fraud and money laundering allegations against its chairman, Chen Zhi, with charges prompting international asset seizures and sanctions, according to the Malay Mail.
Singapore police confirmed over the weekend that they are “looking into the case” involving Prince Holding Group and are “in contact with authorities in other countries.”
The action follows sanctions by the US and the UK against Chen, whom authorities have accused of orchestrating what they described as “sprawling cyber fraud empire” that allegedly exploited forced labour and generated substantial illicit profits.
In Thailand, officials are coordinating with US counterparts to review the seizure of assets allegedly linked to Chen and the group, the Bangkok Post reported, citing Surapol Prembutr, commissioner of the Cyber Crime Investigation Bureau.
Authorities will determine whether any confiscated assets are connected to crimes committed within Thailand.
If so, “the government will seek the return and confiscation of the assets through diplomatic coordination and in line with international legal procedures,” the report added.
The US Department of Justice charged Chen last week with fraudulent operations that the DOJ says led to the seizure of Bitcoin worth about US$15 billion (RM63 billion).
Meanwhile, the UK government reportedly froze 19 properties tied to him, including a £100 million London office block and a £12 million mansion in the city’s north-west.
The allegations have also prompted scrutiny in Singapore, where Chen and his associates established a family office in 2018 that claimed to have received a tax incentive from the Monetary Authority of Singapore (MAS).
The agency has said it is reviewing whether “there have been any breaches of its requirements.”
Thailand’s Justice Ministry may also consider filing criminal charges of conspiracy to commit wire fraud and money laundering, Bloomberg reported.
The ongoing investigation underscores regional concern over cross-border cyber-crime networks alleged to be operating out of Cambodia and the growing financial and regulatory connections linking such enterprises to major financial hubs like Singapore.
All investigations remain ongoing, and no findings of guilt have been made as of publication.
Featured image credit: Edited by Fintech News Singapore, based on image by BillionPhotos via Freepik
