A major scandal has just exploded in the crypto and finance circles — a crime boss from Cambodia and his inner circle have reportedly established a family office in Singapore, and it's said they can enjoy tax benefits! 🤑
📌 Case Core
U.S. prosecutors stated that the Prince Holding Group, controlled by Chen Zhi, is one of the largest transnational criminal organizations in Asia. They are suspected of using cryptocurrencies to launder tens of billions of dollars! According to documents, Chen Zhi's criminal network once controlled 1,250 phones and 76,000 social media accounts in Cambodia, exploiting forced labor to carry out 'pig-butchering' scams targeting thousands of victims worldwide — luring investors into investing more, then absconding with all the funds.
📌 Secrets Behind Singapore's Family Offices
Chen Zhi and his key assistant Chen Xiuling established a family office in Singapore—DW Capital Holdings Pte Ltd—in 2018. It is said this office receives a 13-fold tax advantage from the financial regulatory authority, specifically managing wealth, real estate, taxation, and legal compliance for ultra-high-net-worth families.
Chen Zhi is the founder and chairman, while Chen Xiuling has served as CFO since 2021. The Monetary Authority of Singapore (MAS) also confirmed they are investigating whether the company has violated Singapore's regulatory requirements. DW Capital has not yet responded.
This incident has drawn attention to Singapore—after all, in past major money laundering cases, individuals used family offices to obtain tax exemptions. Crypto enthusiasts should also be cautious, as tax havens may not be as safe as once thought.
📌 Connections to Temasek? The Situation Is More Complicated
Chen Xiuling was formerly an independent director at 17LIVE, a live-streaming platform supported by Temasek. She resigned on October 16. According to the company, she was appointed through a 'reverse takeover' process and underwent standard due diligence. However, the company only learned of her connection to Chen Zhi after media inquiries. 17LIVE emphasized it has never had any business dealings with DW Capital, Chen Zhi, or Chen Xiuling, and Temasek did not participate in her appointment.
However, the public remains sensitive about Temasek's potential role in such business relationships, especially when cross-border fund flows and cryptocurrencies are involved.
📌 Real Estate Investment Map
Prince Group previously planned a $16 billion 'REAM CITY' project in Sihanoukville, Cambodia, in collaboration with Singaporean firms. Surbana Jurong provided planning, design, and coastal engineering services for the project. The company stated the project ended in 2022, they hold no shares or operational involvement, and currently have no ongoing collaboration.
Additionally, The Ascott Ltd., a company under Keppel Investment supported by Temasek, is entrusted with managing two Cambodian hotels but does not hold shares, and is currently conducting due diligence.
Beyond family offices, Chen Zhi has also spent millions in Singapore on real estate:
A penthouse apartment at Gramercy Park on Orchard Road cost 17 million SGD (about 13 million USD),
while associate Li Tie purchased a residence at Linden House on Linden Road for approximately 18.2 million SGD 🏢.
📌 Crypto Community Perspectives
This incident serves as another reminder: crypto money laundering routes may be more complex than imagined—not just on-chain transactions, but also off-chain networks such as family offices, overseas real estate, and corporate linkages can become channels for gray capital flows.
The U.S. has already imposed sanctions on Prince Group and its affiliated companies, and FinCEN has expelled Cambodia's Huiwang Group from the U.S. financial system. Crypto community members should take note: opaque cross-border fund operations carry significant risks, and even financial hubs like Singapore are now under scrutiny.
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