Authorities in Singapore and Taiwan have uncovered assets worth more than $700 million (£525.6 million) in the case against alleged casino scam kingpin Chen Zhi, as the investigation continues to expand.
Chen Zhi is the founder of Prince Holding Group, a company accused by UK and US authorities of operating scam centers in Cambodia. According to these authorities, these operations defrauded victims worldwide of billions of dollars.
The Taipei District Prosecutor’s Office reported that it uncovered more than NT$10.7 billion ($335 million) in allegedly laundered funds, while Singaporean police said they had seized or frozen S$500 million ($370 million) in assets linked to Chen Zhi and his group.
Taiwanese authorities have also indicted 62 individuals and 13 companies associated with Prince Group, including Chen Zhi himself.
Director of Singapore’s Commercial Affairs Department, Peggy Pao, stated: “The Police are committed to bringing these criminals to justice and confiscating their ill-gotten gains. It is heartening to see that many jurisdictions have similarly taken enforcement actions in this case.
“We will continue to work with our foreign law enforcement counterparts and domestic partners to identify and take firm action against actors involved in transnational organised crime, to preserve the integrity of Singapore’s financial system.”
Meanwhile, the UK and US governments claim that the group trafficked foreign nationals and forced them to participate in fraudulent operations under the threat of torture.
However, Prince Group has consistently denied these allegations, describing them as “baseless” and an attempt to justify the “unlawful seizure of assets worth billions of dollars.”
Southeast Asia Battles Reputation as Scam Hub
The gaming industry and business community across Southeast Asia continue to fight against the growing association of the region with organized crime.
Earlier this month, Brazil warned its citizens about the risks of accepting job offers in countries like Cambodia, Thailand, and Myanmar, as the region has become a “major hub” for trafficking Brazilian nationals.
Speaking to AFP in February, Cambodian Prime Minister Hun Manet said that scam centers are “destroying” the country’s economy and damaging its reputation.
He stated: “The scam network, what we call the black economy, is destroying our honest economy. It has put a bad reputation on Cambodia. This is the reason why we need to clean this out.”
Cambodia stripped Chen Zhi of his citizenship and facilitated his extradition to China, where he will face charges related to the construction and operation of casinos and compounds used to facilitate scams.
Manet emphasized that Cambodian authorities were unaware of Chen Zhi’s alleged criminal activities, and background checks had not raised any red flags.
As part of the crackdown, Cambodian authorities have shut down around 190 scam centers, arrested 173 key figures, and deported thousands of workers.
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