Three Singaporeans have been arrested so far for their suspected involvement in money laundering offences
[SINGAPORE] The value of assets seized and/or prohibited from disposal in connection with Singapore’s investigation into transnational scam syndicate Prince Holding Group and its founder Chen Zhi amounted to more than S$500 million to date, the Singapore Police Force said on Tuesday (Mar 3).
The police has recently issued additional prohibition of disposal orders against three properties and eight cars as well as seized cash, bank and securities accounts, luxury bags and watches with a total estimated value of S$350 million, in addition to the earlier seizure and prohibition orders.
Three Singaporeans have been arrested so far for their suspected involvement in money laundering offences.
Tan Yew Kiat, the owner of car-leasing firm SRS Auto and founder of home-grown fashion label bYSI, was arrested in November under the money laundering charge. The police have issued prohibition of disposal orders against vehicles registered under the 49-year-old’s auto-leasing firm.
Nigel Tang Wan Bao Nabil, 32, was arrested in December while Alan Yeo Sin Huat, 53, was arrested in January. Both were taken in upon their return to Singapore from Cambodia.
Tang, the captain of a superyacht called Nonni II that Chen Zhi owned, is also the head of operations at Capital Zone Warehousing, a Chen Zhi-controlled Singapore firm that operated a tax-exempt warehouse for imported alcohol and tobacco products.
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Meanwhile, a warrant of arrest has been issued against Karen Chen, 43, also known as Chen Xiuling, for allegedly instigating another person to falsify accounts and attempting to cheat.
She is believed to be in Cambodia presently, having left Singapore before investigations commenced in October.
On Oct 14, the United States and Britain announced sweeping sanctions on Chen Zhi and Prince Group, as well as their known associates, accusing the group of engaging in money laundering and wire fraud offences, and operating forced-labour scam compounds in Cambodia.
The US Treasury has designated Prince Group as a transnational criminal empire.
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