The US and UK impose sweeping sanctions on Singapore-linked firms and individuals tied to Cambodia’s Prince Holding Group and its fugitive billionaire CEO, Chen Zhi.
Three Singaporeans and 17 Singapore-registered firms have been sanctioned by the United States over alleged involvement in one of the world’s largest crypto fraud and forced-labour scams, led by Cambodian tycoon Chen Zhi of Prince Holding Group. The move marks the most extensive joint action by the US and UK against cybercrime networks in Southeast Asia.
Global Fraud Network Unmasked
The US Department of the Treasury announced the sanctions on October 14, targeting three Singaporeans — Chen Xiuling, Alan Yeo Sin Huat, and Nigel Tang Wan Bao Nabil — alongside 17 Singapore-registered entities. All have been added to the Specially Designated Nationals and Blocked Persons List, effectively freezing their assets under US jurisdiction and prohibiting any dealings with American companies or individuals.
The US Department of Justice (DOJ) revealed that approximately US$15 billion (S$19 billion) in bitcoin was seized — the largest forfeiture in the department’s history — as part of the global operation. The funds were allegedly linked to a vast web of scams operated from Cambodia.
Chen Zhi’s Scam Empire in Cambodia
At the centre of the sanctions is Chen Zhi, the 38-year-old China-born billionaire and chairman of Prince Holding Group. He was charged in New York with wire fraud and money laundering conspiracy, accused of directing forced-labour “pig-butchering” compounds that duped victims worldwide through fake crypto investment schemes.
According to US authorities, thousands were lured to Cambodia under false promises of employment and then forced to scam people online. The illicit profits were funnelled into shell companies, luxury assets, and even a private yacht linked to Chen Zhi’s network.
Singapore’s Role in the Web
Among the Singaporeans implicated, Chen Xiuling (Karen Chen) stands out. The 43-year-old accountant served as an independent non-executive director at Taiwanese livestreaming firm 17Live Group before resigning on October 16 following the sanctions. She also serves as the Chief Finance Officer of DW Capital, a Chen Zhi-founded investment firm.
CNA and The Business Times found that 14 of the 17 sanctioned entities share the same registered address at 2 Jalan Kilang Barat, Bukit Merah, and many list Chen as director or shareholder. These include companies involved in luxury yacht management, warehousing, and consultancy services.
The Other Two Singaporeans
The Treasury Department identified Alan Yeo Sin Huat (53) as a financial assistant and wealth manager for Chen Zhi, responsible for handling large wire transfers and concealing illicit transactions. Yeo reportedly holds passports from both Singapore and China, though Singapore law prohibits dual citizenship.
Meanwhile, Nigel Tang Wan Bao Nabil (32) was named as director of three sanctioned companies, including Cloud Xero Management and Warpcapital Yacht Management. He also heads Capital Zone Warehousing, a company specialising in luxury storage for wines and cigars.
Shell Companies and Offshore Networks
Authorities described the sanctioned firms as “offshore shell companies engaging in no real commercial activity.” The Prince Group network spans over 117 affiliates across Singapore, Cambodia, Taiwan, Hong Kong, Palau, Laos, and the British Virgin and Cayman Islands. These entities allegedly laundered proceeds from crypto scams and other criminal operations.
The UK government also imposed parallel sanctions against Prince Holding Group, Chen Zhi, and key associates, underscoring the global scale of the takedown.
Prince Group’s Denial and Reputation Crisis
Prince Holding Group has repeatedly denied all allegations, calling past media reports “racist” and “defamatory.” The conglomerate claimed it “does not engage in money laundering or illegal activities”, dismissing investigations by outlets including Radio Free Asia and The Diplomat as “falsehoods.”
However, the US Treasury accused the company of profiting from a “litany of transnational crimes”, including sextortion, corruption, illegal gambling, and the trafficking of enslaved workers. Despite mounting evidence, Chen Zhi remains at large.
The sweeping sanctions against Singapore-linked individuals highlight Southeast Asia’s growing role in transnational cybercrime and cryptocurrency fraud. For Singapore and its neighbours, the case underscores the urgent need for stricter corporate transparency, cross-border cooperation, and vigilance in combating digital financial crimes that threaten both regional and global stability.
Sources: CNA (2025) , South China Morning Post (2025)
Keywords: Singapore Sanctions, Cambodian Scam Network, Chen Zhi, Prince Holding Group, Crypto Fraud, Forced Labour
