Taiwan detains 25, seizes US$150 million in Prince Group probe as Singapore firm Khoon Engineering distances itself from Cambodian billionaire Chen Zhi. (Photo: Prince Group)
Taiwan prosecutors have seized NT$4.5 billion (US$150 million/S$190 million) in assets linked to the Prince Holding Group. Authorities detained 25 people in the widening investigation.
The group, led by Cambodian tycoon Chen Zhi, is accused of running multi-million dollar scam centres in Cambodia. These allegedly involved forced labour, crypto fraud and online gambling.
Assets seized include 26 luxury cars, real estate, and bank accounts tied to Chen. Prosecutors say the funds were laundered through shell firms and luxury purchases.
Both Taiwan and Cambodia are coordinating in the crackdown. Officials say the network spanned multiple countries.
The Taiwan crackdown followed Singapore police’s seizure of more than $150 million in assets, including a yacht, 11 luxury cars, and millions in bank accounts on the transnational scam syndicate tied to Chen.
The syndicate, made up of 27 Singaporeans and seven Malaysians, is accused of running at least 438 government impersonation scams, tricking victims into handing over S$41 million. Authorities say the group relied heavily on encrypted apps like Telegram to coordinate their operations.
The case has drawn international attention, with Chen under scrutiny. He has been sanctioned by the US Treasury for alleged cybercrime links.
Meanwhile in Singapore, Khoon Engineering Group issued a statement distancing itself from Chen. The firm stressed it is not involved in cybercrimes and operates independently.
The Ang family, founders of Khoon Engineering in 1988, sold their stake in Hong Kong’s Khoon Group to Chen three years ago. They now run the Singapore business separately. They said Chen is not involved in the Singapore operations.
Director Jansen Ang said the company has “an impeachable record” and no overseas transactions.
He said that all projects are local, serving HDB and town councils. “All our projects and revenues are fully local,” Ang noted.
The Housing Development Board (HDB) clarified it has had no direct contracts with Khoon Group for over 20 years.
