Authorities across South Korea, Hong Kong, and Singapore have intensified investigations into entities connected to Cambodia-based Prince Group, following mounting allegations of financial crimes, fraud, and money laundering linked to the conglomerate and its chairman, Chen Zhi.
South Korea’s National Tax Service (NTS) confirmed Monday (November 3rd) that it has launched an investigation into a Seoul office tied to the Prince Group. The probe follows a government-wide review targeting South Koreans suspected of participating in international online fraud operations.
The group, which has faced global sanctions for alleged crimes including kidnapping, torture, and murder, is believed to have established fake overseas real estate consulting firms in central Seoul to solicit domestic investors.
According to the NTS, these operations may have raised tens or even hundreds of millions of Korean won from investors under the guise of real estate projects, with the funds subsequently transferred to affiliated companies in Cambodia.
“We have not been able to verify if the domestic investors actually acquired the properties,” said Ahn Deok-soo, an NTS official. He added that investigators suspect the funds were used to launder proceeds from phishing and other cybercrimes disguised as property investments.
The crackdown comes after 64 South Koreans detained in Cambodia for alleged involvement in online scams were repatriated in October on a chartered flight. The move followed the widely publicized death of a South Korean college student in Cambodia, reportedly tortured by members of a criminal network, which prompted strong public backlash.
In Hong Kong, financial regulators have taken similar actions against companies tied to Chen Zhi’s network.
The Securities and Futures Commission (SFC) has suspended the licenses of two firms—Mighty Divine Investment Management Limited and Mighty Divine Securities Limited—while the Insurance Authority has restricted Mighty Divine Insurance Brokers Limited from conducting regulated activities or handling client funds.
All three entities, reportedly operated by Chen’s financial manager Zhou Yun (also known as Sandy Zhou), are registered at properties connected to the Prince Group in Tsim Sha Tsui.
SFC Chairman Kelvin Wong Tin Yau told local media that the regulator would not comment on individual cases but emphasized that “any violation of the Securities and Futures Ordinance or listing rules will be investigated.”
Meanwhile, Singaporean authorities have taken the most aggressive steps to date, seizing approximately SG$150 million ($115.9 million) in assets from Chen Zhi and Prince Group-linked entities. The confiscated assets include six properties, bank and securities accounts, luxury cars, yachts, and high-value wine collections.
According to Bloomberg, Chen’s family office, DW Capital Holdings—founded in 2018 and valued at around SG$60 million ($46 million)—was among those targeted. Its chief financial officer, Karen Chen Xiuling, was also sanctioned.
British authorities have additionally frozen Prince Group–linked properties worth nearly £95 million ($121 million), including an office tower in London’s financial district and luxury residences. Taiwanese police have opened parallel investigations, while Hong Kong police have yet to issue a public response.
