Chen Zhi was blackmailed by a family office in Singapore, resulting in a loss of 5.84 million Singapore dollars.

On October 31, the Singapore police announced the freezing of approximately 150 million Singapore dollars (around 890 million Hong Kong dollars) in assets belonging to Cambodian Chinese businessman Chen Zhi, the founder of Prince Group. The U.S. Department of Justice had already taken action against him in mid-October, freezing Bitcoin assets valued at about 15 billion dollars (around 116.6 billion Hong Kong dollars), accusing him of being the mastermind behind a massive Pig-butchering scam within Cambodia. This wealthy individual, who had previously made high-profile investments in Singapore with the intention of obtaining permanent residency, has now become a focal point in international fraud and Money Laundering cases.

Chen Zhi was born in China in 1988 and later established the BCH Group in Cambodia, engaging in real estate, finance, hotels, construction, and charity, being packaged as a representative of the new generation of Asian billionaires. According to reports from Bloomberg and Hong Kong 01, he has been actively laying out plans in Singapore since 2017, purchasing luxury homes and setting up a family office in order to seek permanent residency in Singapore. However, his “financial dream” in Singapore ultimately turned into a drama filled with conspiracy and litigation.

Chen Zhi accuses Singapore family office business partner of theft.

According to reports, at the beginning of 2021, there were abnormalities in Chen Zhi's family office. Employees were unable to connect to the photocopier, access cards were invalid, and system logins were blocked. Behind these seemingly trivial issues lay a shocking scandal of embezzlement. A few days later, the team discovered that as much as 5.84 million SGD (approximately 34.9 million HKD) had vanished from Chen Zhi's bank account. The accused was a man surnamed Wong (David Wong), who was then the trusted head of Chen Zhi's family office and the sole director of multiple Chen family enterprises registered in Singapore.

Court documents show that Chen Zhi and his team launched multiple lawsuits against Huang in 2021 and 2022, accusing him of misappropriating company funds and conducting illegal transfers. The total number of these case documents exceeds 80, revealing the vast financial network established by Chen Zhi in Singapore and how he obtained tax benefits from Singaporean authorities. Information indicates that Chen Zhi's enterprises have business dealings with more than six financial institutions, including OCBC Bank, Deutsche Bank, J Safra Sarasin Bank, Malayan Banking Berhad, and UOB-Kay Hian, with complex capital flows.

Chen Zhi's family office originally operated under the name DW Capital Holdings, established by a certain Huang. Shortly after its establishment in 2017, Chen Zhi obtained tax-exempt status. He further made significant purchases of luxury homes and cars, reportedly owning multiple Toyota Alphards and Mercedes-Benz models in Singapore, and is keen on collecting high-end watches and rare Chinese teas. Chen's luxury residence, Le Nouvel Ardmore, was even converted into a private club, featuring karaoke, a cigar area, and a hot tub, offering a view of the cityscape, becoming his “business reception venue” for entertaining guests.

However, behind this luxury, the internal rifts within the family office gradually widened. In May 2021, Chen Zhi's audit team requested Huang to submit financial statements and government documents to verify the source of assets, but they were repeatedly delayed. Internal emails show that the disputes between the two sides were escalating. In June, Huang frequently took leave for health reasons and began restricting other employees' office access. In early July, when Chen Zhi's employees attempted to enter the office located in Duo Tower, their access cards were locked again. The building management informed them that only Huang and his team could enter, which paralyzed the entire family office.

Subsequently, Chen Zhi's auditors requested to review the transaction records from the Overseas Chinese Bank, only to discover that millions of Singapore dollars had been transferred within a short period to accounts with names similar to a certain Mr. Huang's company. Bank staff revealed that Mr. Huang had attempted to transfer more funds into a personal account but was intercepted. Thereafter, both parties engaged in a legal battle that lasted for years. In December 2022, the Singapore High Court ultimately issued a default judgment against Mr. Huang, ordering him and his affiliated companies to jointly bear debts exceeding 12 million Singapore dollars (approximately 71.7 million Hong Kong dollars). Mr. Huang has filed for bankruptcy, but he has consistently denied any wrongdoing throughout the entire process.

Ironically, at the time of this internal theft case, Chen Zhi was still in Singapore trying to shape his image as a “successful entrepreneur.” The outside world was unaware that he was being secretly investigated by the U.S. and multiple regulatory agencies. In 2023, the U.S. Department of Justice charged him with operating a transnational online fraud ring, involving forced labor, sexual exploitation, and fraudulent investment platforms. The BCH Group he established and several senior executives under him were placed on the sanctions list by the end of 2024.

The Singapore government Chen Zhi and his group have approximately 150 million Singapore dollars in assets.

With the actions of the U.S. side, the Singapore government also launched an investigation, ultimately freezing approximately 150 million Singapore dollars in assets belonging to Chen Zhi and his group, including 11 luxury cars and a yacht. At the same time, local financial authorities revoked the tax benefits of two family offices associated with the BCH group. According to reports, the authorities' actions caused a stir in the financial sector, prompting some banks and investment institutions to reevaluate the cooperation risks with foreign family offices.

Philanthropic entrepreneurs and family offices bite each other, highlighting the loopholes in Singapore's financial regulatory system.

In early November, a Bloomberg reporter went to Chen Zhi's office located in the center of Singapore, only to find the front door tightly closed, the indoor lights dim, and the place completely deserted. Chen Zhi himself is missing, and the official website and social media accounts of the Prince Group have also ceased updates. This entrepreneur, who was once packaged as the “charity prince,” has ultimately been exposed as the mastermind behind a fraud empire, and his investment dreams in Singapore have come crashing down.

From seeking legal residency through investments in Singapore to ultimately being frozen and wanted by multiple countries, the story of Chen Zhi reflects the regulatory loopholes and gray areas behind the “family office craze” in parts of Asia. When large amounts of capital flow into financial centers, the true source and compliance of the funds are often packaged beneath a glamorous investment facade. Now, as the fraudulent network of the BCH Group is gradually exposed, this transnational investigation continues, and Singapore's financial regulatory system will face a more severe test due to this incident.

This article discusses how Chen Zhi was blackmailed by a family office in Singapore, resulting in the embezzlement of 5.84 million Singapore dollars. It first appeared in Chain News ABMedia.