SINGAPORE, Oct 16 — Three Singaporeans and 17 Singapore-registered entities have been sanctioned by the United States for their alleged links to one of Asia’s largest transnational criminal organisations, led by Cambodian national Chen Zhi and his Prince Holding Group.
The US Treasury Department said in a statement on Tuesday that the individuals and entities to its Specially Designated Nationals list, effectively blocking them from the US financial system.
US authorities allege that Chen Zhi and his top executives grew Prince Holding Group into a massive criminal enterprise that operated forced-labour scam compounds across Cambodia, Singapore’s Business Times reported.
These compounds ran “pig-butchering” investment schemes that defrauded victims worldwide of billions of dollars.
Chen Zhi, who is currently at large, was charged in New York with wire fraud and money laundering conspiracies.
The three sanctioned Singaporeans are:
The sanctions are part of a massive international takedown.
In total, 128 entities linked to Chen Zhi across Asia and offshore financial hubs were added to the sanctions list.
The DOJ also announced the seizure of approximately 127,271 Bitcoin, currently worth some US$15 billion (RM63 billion), marking the largest forfeiture action in its history. The UK has also imposed concurrent sanctions on the group.
For years, Prince Holding Group has publicly and vehemently denied any links to criminal activity, frequently rebutting investigative reports from media organisations and consultancy groups that detailed allegations of cyberscam operations and mistreatment at compounds linked to the conglomerate.
