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Chen Zhi, the chairman of Prince Holding Group, set up a Singapore family office that claimed special tax perks while allegedly running one of Asia’s largest crypto crime networks.
As Cryptopolitan previously reported, US prosecutors said Chen and several associates, including three Singapore citizens, were hit with sanctions this week for laundering billions of dollars made from online scams built on emotional manipulation and forced labor in Cambodia.
The scam happened via the infamous “pig butchering”, where victims get lured into fake investment platforms, convinced to deposit money, and drained dry once the balance gets fat enough.
The US Department of Justice said Chen’s network used cryptocurrency to clean the proceeds through shell accounts and digital wallets.
As details surfaced, regulators and firms in Singapore began examining how this criminal web operated through legitimate-looking financial channels in one of the world’s strictest business hubs.
MAS investigates DW Capital’s tax incentive claim
Chen and key associate Chen Xiuling were involved in the setting up of single family office DW Capital Holdings Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.
When Bloomberg contacted MAS, a spokesperson allegedly said, “We are looking into whether there have been any breaches of MAS’ requirements in relation to this case.” The statement confirmed that the regulator is now reviewing if DW Capital slipped through gaps in oversight.
The sanctions against Prince Group are part of a broader US crackdown on Cambodia-based criminal institutions.
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. Singapore police have yet to announce whether they will launch their own investigation into the Prince Group.
Xiuling, who previously served as an independent director at 17LIVE Group Ltd., resigned on Thursday after the US sanctions were announced. The live-streaming platform, backed by Temasek Holdings, was listed on the Singapore Exchange in December 2023 after merging with Vertex Technology Acquisition Corp., a Temasek-supported SPAC.
As of right now, Temasek holds nearly 26% of 17LIVE through its subsidiary, Vertex Ventures. Before her resignation, 17LIVE’s Chief Investment Officer Joji Koda said in an email that Xiuling was appointed during the de-SPAC process after routine background checks.
“17LIVE has never done business with DW Capital, Chen Zhi, or Chen Xiuling,” Koda said, adding that neither Temasek nor Vertex were involved in her appointment and only learned of the allegations after Bloomberg reached out.
Prince-linked real estate deals and luxury condos in Singapore
The criminal investigation extends beyond finance. Prince Group’s construction arm, Canopy Sands Development Co., hired SJ Group, a Temasek subsidiary, for planning and engineering work on Ream City, a $16 billion project in Cambodia’s Sihanoukville. The US Treasury identified Canopy Sands among the entities connected to Chen’s syndicate.
Another Temasek-linked company, CapitaLand Investment was contracted in 2024 to manage two hotels in Cambodia under the Prince umbrella, but later explained that it holds no ownership stake and is “reviewing the latest developments” to ensure compliance with international sanctions, said Bloomberg.
Real estate records show that Chen spent S$17 million ($13 million) on a luxury penthouse in Gramercy Park, near Orchard Road. His associate Li Thet, also Cambodian and named in the US sanctions list, bought another property nearby for S$18.2 million at Boulevard Vue.
Prince Group had previously denied all money-laundering allegations in statements dating back to 2024, saying media reports were false. But those rebuttals have since vanished from the company’s website, no trace remains.
Now, regulators in Singapore are left piecing together how Chen managed to weave a billion-dollar empire of crypto scams, property deals, and tax incentives into a network that touched some of the city’s most reputable institutions without being stopped.
The Monetary Authority of Singapore (MAS) said Thursday it would delay the rollout of new rules governing how banks treat cryptoassets until 2027, pushing back its original target of January 1, 2026 following responses to a consultation on the changes.
“We will continue to monitor developments in the cryptoasset landscape and global regulatory standards to ensure alignment and support responsible innovation,” the regulator said.
Meanwhile, Singapore is considering stripping directorships from persons who have been convicted of money-laundering offenses in the city state after a S$3-billion ($2.34 billion) scandal that dented the Southeast Asian country’s reputation as a global financial center.
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