Three Singaporeans were arrested in recent months as part of ongoing investigations into alleged money laundering activities linked to the transnational scam syndicate Prince Holding Group, the Singapore Police Force (SPF) said on Tuesday, March 3.
Investigations into the group's founder and chairman, Chen Zhi, his associates and related companies began in 2024. In October 2025, police conducted island-wide operations targeting individuals connected to the case.
At that time, more than S$150m in assets, including a yacht, 11 cars and bottles of liquor, were seized or placed under prohibition of disposal orders. No arrests were made then as Chen and his associates were not in Singapore.
Chen was reportedly arrested in Cambodia in January and extradited to China at the request of Chinese authorities.
According to police, the three Singaporeans were arrested between November 2025 and January 2026 for suspected involvement in money laundering offences tied to the group.
The first suspect, Tan Yew Kiat, 49, a director of car leasing firm SRS Auto, was arrested on November 20, 2025. Prohibition of disposal orders have also been issued against vehicles registered under his company.
On December 11, 2025, Nigel Tang Wan Bao Nabil, 32, who was reportedly the captain of a superyacht owned by Chen, was arrested upon his return to Singapore from Cambodia.
The third suspect, Yeo Sin Huat Alan, 53, was arrested on January 12, 2026, also upon returning from Cambodia.
An arrest warrant has been issued against Chen Xiuling, a 43-year-old Singaporean also known as Karen Chen, for allegedly instigating another person to falsify accounts and attempting to cheat. She left Singapore before police operations began in October 2025 and is believed to be in Cambodia.
The police said that they have since seized additional assets and issued further prohibition of disposal orders against three properties and eight cars. Cash in various foreign currencies, bank and securities accounts, luxury bags and watches were also seized. The total estimated value of assets seized or frozen in connection with the case now exceeds S$500m.
Commercial Affairs Department director Peggy Pao said that the arrests and the scale of the asset seizures reflect the authorities' determination to act firmly against those who attempt to misuse Singapore's financial system for criminal purposes. She added that the police will continue working closely with foreign counterparts and domestic partners to pursue those involved and recover illicit gains.
Those convicted of money laundering face up to 10 years' imprisonment, a fine of up to S$500,000, or both. Offences such as instigating the falsification of accounts and attempted cheating also carry penalties of up to 10 years' jail and fines.
