Three Singaporeans have been arrested in a sweeping anti-money laundering probe linked to an alleged transnational scam network, with authorities seizing assets worth more than S$500 million.
According to the Singapore Police Force, the case is connected to investigations into Prince Holding Group and its founder Chen Zhi. Investigations began in 2024 and have since expanded into a major cross-border financial crime operation involving high-value properties, luxury vehicles and premium investment holdings.
The total value of assets seized or placed under restriction now exceeds half a billion Singapore dollars, making it one of the most significant money laundering enforcement actions in recent years. The haul includes landed properties, high-end cars, bank and securities accounts, designer luxury watches and branded handbags.
Large-Scale Enforcement Operations Across Singapore
Island-wide enforcement action began in October 2025, targeting individuals linked to the alleged syndicate. During that initial phase, more than S$150 million in assets were seized or placed under prohibition of disposal orders. Items included a yacht, 11 vehicles and valuable liquor collections.
However, no arrests were made at that time as Chen and several associates were believed to be outside Singapore. In January 2026, Chen was arrested in Cambodia before being extradited to China at the request of Chinese authorities.
Since then, investigations intensified, focusing on Singapore-based individuals suspected of facilitating or benefiting from the alleged illicit financial flows. Financial crime experts note that such cases often involve complex cross-border fund transfers, shell companies and layered transactions designed to evade detection — a growing concern in global banking and wealth management sectors.
Three Singaporeans Arrested, One Woman Wanted
On Nov. 20, 2025, 49-year-old Tan Yew Kiat, director of SRS Auto Holdings Pte Ltd, was arrested. Authorities subsequently placed prohibition of disposal orders on vehicles registered under the company.
A second suspect, 32-year-old Nigel Tang Wan Bao Nabil, was arrested on Dec. 11, 2025, upon returning to Singapore from Cambodia. A third man, 53-year-old Yeo Sin Huat Alan, was arrested on Jan. 12, 2026, also upon his return from Cambodia.
In addition, police have issued a warrant of arrest against 43-year-old Chen Xiuling, also known as Karen Chen, who had left Singapore before enforcement operations commenced. She is believed to remain in Cambodia.
Following these arrests, investigators seized or restricted additional assets amounting to approximately S$350 million. These include three properties, eight cars, large sums of cash in foreign currencies, corporate bank accounts and investment portfolios, as well as high-value luxury goods.
Severe Penalties Under Singapore Law
The suspects may face charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992. Convictions for money laundering under Sections 51 and 54 carry penalties of up to 10 years’ imprisonment, a fine of up to S$500,000, or both.
Additional offences under the Penal Code, including falsification of accounts and attempted cheating, also carry potential jail terms of up to 10 years alongside financial penalties.
The case highlights Singapore’s continued emphasis on robust financial regulation, anti-money laundering compliance and strict enforcement within its banking and corporate governance framework. As global authorities tighten oversight on suspicious financial transactions and offshore wealth structures, high-profile investigations such as this underscore the importance of corporate compliance, forensic accounting and international legal cooperation in tackling organised financial crime.
Investigations are ongoing.