Prince Holding Group Scam: 3 Singaporeans Arrested in Money Laundering Probe
Singapore Police Expand Investigation into Alleged $500 Million Scam Syndicate, Arrest Three
Singapore authorities have arrested three individuals in connection with an ongoing investigation into a complex transnational scam syndicate, Prince Holding Group, and its founder, Chen Zhi. The investigation, which began in 2024, centers on allegations of money laundering and forgery, with assets seized or frozen now exceeding S$500 million. The arrests, made between November 2025 and January 2026, signal a broadening of the probe as authorities attempt to unravel a sprawling financial network linked to illicit funds originating from scam compounds and forced-labor operations.
The Expanding Scope of the Investigation
The Singapore Police Force (SPF) initiated enforcement operations in October 2025, targeting multiple locations island-wide in relation to the alleged offenses. Whereas Chen Zhi and his associates were not present in Singapore at the time, the operation resulted in the seizure of over S$150 million in assets, including a yacht, 11 cars, and luxury liquor. This case has been described as one of the most intricate transnational money-laundering cases of the decade, exposing a network spanning multiple jurisdictions.
The recent arrests mark a significant development, bringing the investigation closer to home. Tan Yew Kiat, 49, director of car-leasing firm SRS Auto, was arrested on November 20, 2025. Nigel Tang Wan Bao Nabil, 32, reportedly the captain of a superyacht owned by Chen Zhi, was arrested upon his return to Singapore from Cambodia on December 11, 2025. Alan Yeo Sin Huat, 53, was arrested on January 12, 2026, as well upon returning to Singapore from Cambodia.
What We Know About Prince Holding Group and Chen Zhi
Prince Holding Group, led by Chen Zhi, has reach under scrutiny for its alleged involvement in large-scale scams. Chen Zhi was reportedly arrested in Cambodia in January and subsequently extradited to China at the request of Chinese authorities. Details surrounding the extradition and the charges he faces in China have not been independently confirmed. The group’s operations are believed to have generated illicit funds through various illegal activities, which were then laundered through luxury assets and complex financial transactions.
Assets Seized and Prohibition of Disposal Orders
As of March 3, 2026, the total value of assets seized and/or subject to prohibition of disposal orders exceeds S$500 million. In addition to the initial S$150 million seized in October 2025, police have recently issued additional orders against three properties and eight cars. The seized assets also include cash, bank and securities accounts, luxury bags, and watches. The prohibition of disposal orders prevent the suspects from selling or transferring these assets, preserving them for potential forfeiture proceedings.
How the Investigation Unfolded: A Timeline
- 2024: Investigations into Prince Holding Group and Chen Zhi begin.
- October 30, 2025: SPF conducts island-wide enforcement operations, seizing over S$150 million in assets. Chen Zhi and his associates are not in Singapore.
- November 20, 2025: Tan Yew Kiat, director of SRS Auto, is arrested.
- December 11, 2025: Nigel Tang Wan Bao Nabil, reportedly the yacht captain, is arrested upon returning from Cambodia.
- January 12, 2026: Alan Yeo Sin Huat is arrested upon returning from Cambodia.
- January 2026: Chen Zhi is reportedly arrested in Cambodia and extradited to China.
- March 3, 2026: SPF announces the total value of seized/prohibited assets exceeds S$500 million.
The Role of SRS Auto and the Yacht
The arrest of Tan Yew Kiat, the director of SRS Auto, and the issuance of prohibition of disposal orders against vehicles registered under the firm, suggest a potential link between the car-leasing business and the alleged money laundering operation. Similarly, the arrest of Nigel Tang Wan Bao Nabil, identified as the captain of Chen Zhi’s superyacht, indicates that the luxury vessel may have been used in connection with the illicit financial activities. The car leasing industry in Singapore has faced scrutiny in recent years, with some firms facing closures and investigations.
What Happens Next?
The three arrested individuals are currently being investigated for money laundering offenses. The SPF has not provided a timeline for the completion of the investigation or the potential charges that may be filed. The ongoing investigation in China involving Chen Zhi will likely run concurrently, and the potential for international cooperation between Singaporean and Chinese authorities remains a key factor. The authorities will likely focus on tracing the flow of funds and identifying any other individuals or entities involved in the alleged money laundering scheme. The seized assets will be subject to legal proceedings to determine their ultimate disposition.