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Singapore's Monetary Authority Investigates 'Prince' Group's Chen Zhi-Related Family Office DW Capital Holdings
BlockBeats News, October 26th, according to foreign media reports, a Singaporean family office has once again become the focus due to a major fraud case involving the Prince Group in Cambodia. The head of the Prince Group, Chen Zhi, established a Singapore company, DW Capital Holdings (DWC), in 2018 to manage the family office assets, claiming to manage assets worth over 60 million Singapore dollars.
The company claims to meet the conditions of the Monetary Authority of Singapore's 13X program and enjoys tax exemptions. Its managed assets include 10 million Singapore dollars in car financing, 30 million Singapore dollars in boutique brewing, and approximately 20 million Singapore dollars in yacht management and other ancillary services. Currently, the Monetary Authority is investigating whether the company has violated any regulations.
On October 14th, the United States sought to seize 127,271 bitcoins (around 12 billion US dollars) related to a transnational "pig slaughter" scam operated by Cambodian citizen CHEN ZHI. The U.S. Office of Foreign Assets Control (OFAC) has imposed comprehensive sanctions on 146 targets within the Prince Group Transnational Criminal Organization (Prince Group TCO). The organization is based in Cambodia and is led by Cambodian citizen Chen Zhi, operating a transnational criminal empire through online investment scams targeting the United States and other regions globally.
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