Singapore probes 2 Chinese nationals over Prince Group-linked money laundering; S$600m assets seized or restricted

Singapore police are investigating two Chinese nationals over suspected money laundering offences linked to a wider probe into the Cambodia-based Prince Holding Group, with the total value of assets seized or placed under prohibition orders exceeding S$600 million (US$460 million).

The Singapore Police Force (SPF) said on 23 June 2026 that it was investigating Hu Xiaowei (胡小伟), 44, his associated company Future Oasis, and Qiu Wei Ren, 38.

The investigation forms part of a broader international effort targeting associates linked to the Prince Group, which US authorities have described as a transnational criminal organisation involved in large-scale fraud-related activities.

SPF said Hu and Qiu had left Singapore before police operations began in October 2025 and were not currently in the country.

“Both Hu Xiaowei and Qiu Wei Ren had left Singapore prior to the commencement of police’s operations in October 2025, and are currently not in Singapore,” SPF said.

Asset restrictions expand

The police said that since March 2026, additional prohibition of disposal orders had been issued against three properties and various financial assets, including bank accounts, securities accounts and cash held in different foreign currencies.

The assets were estimated to be worth about S$100 million.

The latest measures brought the total value of assets seized and/or prohibited in relation to the case to more than S$600 million, SPF said.

Hu holds passports issued by Cyprus, Saint Kitts and Nevis, and Hong Kong.

SPF said it had previously seized assets linked to Hu’s bank and securities accounts in Singapore in January 2026.

Qiu was identified during SPF’s cooperation with international partners, including US law enforcement agencies, in investigations linked to the Prince Group.

Qiu holds passports issued by Cambodia and Saint Kitts and Nevis, according to SPF.

International action against Prince Group network

Investigations into Prince Holding Group founder and chairman Chen Zhi, his associates and related companies began in 2024.

The probe intensified in October 2025 when Singapore authorities carried out island-wide operations against individuals and entities linked to the network.

Chen Zhi was arrested in Cambodia in January 2026 and later extradited to China following a request from Chinese authorities.

SPF said it would continue working with foreign law enforcement agencies to address offences connected to the Prince Holding Group.

“The police will continue to work closely with our foreign law enforcement counterparts to act against criminal offences linked to the Prince Holding Group,” it said.

Three Singaporeans were arrested between November 2025 and January 2026 on suspicion of money laundering offences connected to the syndicate.

An arrest warrant was also issued against Singaporean woman Karen Chen Xiuling, 43, for offences including allegedly instigating another person to falsify accounts and attempting to cheat.

She is believed to be in Cambodia and is also wanted in Taiwan over similar offences.

US Treasury announces new sanctions

The US Department of the Treasury announced on 23 June that it had taken coordinated action to further disrupt the Prince Group network.

The Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine individuals and 26 entities linked to Prince Group TCO, including alleged leadership figures, investors in scam compounds and front companies.

Future Oasis, a Singapore-based company linked to Hu, was among those named.

According to the Treasury, Future Oasis is owned by Future King, a British Virgin Islands-registered company controlled by Hu.

Hu had previously been sanctioned by OFAC in October 2025 under the alias Chen Xiao’er over his suspected involvement with Prince Group.

The Treasury said Hu is also known by the aliases Hu Shi and Wu An Ming.

Hu was described by OFAC as the scam syndicate’s “second-in-command” and a “big brother” to Chen Zhi.

“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” said Secretary of the Treasury Scott Bessent.

“The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.”

Financial enforcement measures

Alongside OFAC sanctions, Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed amending its October 2025 Huione Group Final Rule to include H-Pay Service PLC and any successor entity.

Treasury said Huione Group had served as a major channel for laundering proceeds linked to cyber heists and virtual currency investment scams.

It alleged that the platform had been used by Prince Group to transfer and consolidate scam-derived assets.

The US action was coordinated with the Federal Bureau of Investigation’s New York and San Francisco Field Offices.

The FBI San Francisco Field Office seized infrastructure used by Huione Group to target US victims, while FinCEN acknowledged contributions from the Australian Transaction Reports and Analysis Centre (AUSTRAC).

OFAC’s action was also carried out in coordination with Japan’s National Police Agency.

Earlier sanctions and wider investigations

In October 2025, OFAC imposed sanctions on Prince Group, Chen Zhi and affiliated entities in one of the largest financial fraud enforcement actions announced by US authorities.

More than 146 entities were included, covering companies registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.

Three Singaporeans and 17 Singapore-registered entities were also sanctioned at that time.

The measures prohibited US persons from conducting transactions with designated entities and required blocking of property under US jurisdiction.

US authorities accused Prince Group of involvement in wire fraud, money laundering and human trafficking on an industrial scale.

Washington also moved against Cambodia-based Huione Group, alleging it had laundered at least US$4 billion in illicit proceeds between August 2021 and January 2025.

The sanctions fallout resulted in the arrests of Chen Zhi and Huione Group head Li Xiong in Cambodia in January and April 2026 respectively.

Both were later extradited to Beijing.

Other associates named

Hu and Qiu were among Prince Group-linked associates named in the 23 June 2026 OFAC sanctions.

The list also included Dai Dewen, who legally changed his name to Dai An in 2017 after receiving Cambodian citizenship.

Property records obtained by The Straits Times showed Dai and his wife own a luxury apartment at Leedon Heights.

Dai is also a director of a family office and an investment holding firm in Singapore, both incorporated in 2022.

He currently holds more than S$2 million worth of shares in another Singapore holding company.

Dai was previously a shareholder, using his Chinese passport, in one of Chen Zhi’s holding firms in Singapore. Chen Zhi retains US$5 million (S$6.4 million) worth of shares in that company.

Another individual named in the sanctions was Brendon Luo, director and shareholder of investment firm Infinite Deemarco, which is undergoing liquidation.

The firm had a start-up capital of S$5.7 million.

Singapore investigations continue

In March 2026, SPF announced the arrest of three Singaporeans linked to investigations into Prince Group associates.

The suspects were Tan Yew Kiat, 49; Nigel Tang Wan Bao Nabil, 32; and Alan Yeo Sin Huat, 53.

They were suspected of involvement in money laundering offences connected to the criminal organisation.

Tang and Yeo were among those named in the October 2025 US Treasury sanctions.

The Straits Times previously reported that Tan, a director in 16 companies including a car leasing firm, was arrested on 23 November 2025.

The report said 121 prohibition of disposal orders had been issued against vehicles registered by his company.

The newspaper also reported that Tan’s 25-year-old daughter owned a 32,000 sq ft commercial building directly linked to Chen Zhi.

She is assisting with Singapore investigations.