Prince Group’s Chen Zhi targeted by Singaporean police in $115M asset seizure

Singapore is becoming a member of the most important worldwide crackdown in opposition to Chen Zhi, the founder and chairman of Cambodia-based conglomerate Prince Holding Group, also referred to as Prince Group.

The US and Britain each focused Chen this month with coordinated sanctions in opposition to 146 entities and people linked to Prince Group, together with Chen and key associates, in what’s being billed as the most important such motion ever in opposition to a cybercriminal community.

The US Division of Justice has accused him of working rip-off complexes in Cambodia answerable for stealing billions in cryptocurrency from world victims. The US Treasury Division has reportedly seized greater than $15 billion in property, together with Bitcoin, properties in London price £100 million, and property in Palau, as it’s linked to him in what marks the most important crypto seizure ever.

He’s now equally well-liked in regulation enforcement circles in Singapore, and in response to reviews, so are the Singapore Police Pressure transfer in opposition to the Cambodian Prince Group. On October 31, Singaporean police introduced that they’d launched an enforcement operation in opposition to Chen Zhi and his accomplices on October 30, resulting in the seizure of property price greater than US$115 million (roughly RMB800 million).

As a part of the enforcement operation, Singapore Police issued restraining orders in opposition to a complete of six properties and numerous monetary property registered beneath the names of Chen Zhi and his accomplices. These property embody financial institution accounts, securities accounts and money, with a complete estimated worth of greater than S$165 million. Police additionally seized a yacht, eleven autos and quite a few bottles of alcohol.

Chen acquires Cambodian citizenship and drops Chinese language nationality

On his firm web site, Chen Zhi is described as “a revered entrepreneur and famend philanthropist” whose “imaginative and prescient and management have reworked Prince Group into a number one enterprise group in Cambodia adhering to worldwide requirements.”

He grew up in Fujian Province in southeastern China and began a small Web gaming firm that didn’t have a lot success. He then moved to Cambodia in late 2010 or 2011, the place he secured work in the actual property business.

Based on BBC Information, this was additionally across the time that Chinese language folks had been gathering in Cambodia for a wide range of causes, together with new casinos arising, in addition to flashy luxurious inns and condominium complexes.

It turns into weird while you take a look at the standing he had in Cambodia. Not solely did he change into a citizen of different nations equivalent to Vanuatu and Cyprus, he additionally had thriving companies linked to Prince’s actual property arm, together with five-star inns in Sihanoukville. Chen was even awarded the best title by the King of Cambodia, that of “Neak Oknha,” which requires a donation of not less than $500,000 to the federal government in 2020.

Regardless of all this, Chen saved a low profile and was an enigma who mentioned little in public. “Everybody I’ve spoken to who has labored immediately with him, who has been within the room with him, all of them describe him as very courteous, very calm and really collected,” mentioned Jack Adamovic Davies, a journalist who spent three years investigating Chen Zhi. “I feel it was sensible to not be the sort of flamboyant individual that folks will write gossipy issues about. Even those that now not wish to be related to him are nonetheless impressed by his quiet charisma, his gravitas.”

Since information of his sanctions broke final week, Chen has been lacking.