The 37-year-old chairman of Prince Holding Group has been identified by the U.S. and U.K. governments as the operator of a transnational criminal operation that used forced labor in scam centers and laundered billions of dollars worldwide.
As Chen remains at large, several countries have started to investigate his local activities and confiscated high-value assets.
Among them is Singapore, where local police last week launched an enforcement operation against Chen and his associates involving money laundering and forgery, seizing assets worth more than $115 million, including a yacht, 11 cars, and several bottles of liquor.
In the city-state, the Chinese-born purchased nearly $31 million worth of luxury properties in 2017, including a $17 million penthouse near Orchard Road, according to Bloomberg.
A $12 million suite at Le Nouvel Ardmore became a hub for his operations, featuring a wine cellar, karaoke room, and cigar lounge, according to people familiar with his activities.
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Le Nouvel Ardmore building in Singapore. Photo courtesy of WingTai Asia |
Chen drove luxury cars, including a black Mercedes-Maybach with the vanity plate “5555,” and hosted lavish parties on a 53-meter yacht named NONNI II moored at Sentosa.
His Singapore family office, DW Capital Holdings, established in 2018, claimed to manage more than $46 million in assets.
It employed key associates, including CFO Karen Chen Xiuling, one of three Singaporeans later sanctioned by the U.S. for their involvement with him.
Chen also controlled Skyline Investment Management, which issued car loans, and operated a co-working space and warehouse in Singapore that received duty exemptions for tea, whisky, and cigars.
Even on the day U.S. charges became public, his family office was still recruiting staff, including a personal assistant responsible for errands and school runs, offering up to $4,200 per month. Chen is reportedly married with three children living in Singapore.
Authorities in London also froze assets tied to Chen, including a $130 million office building in the city’s financial district, a $16 million mansion, and 17 luxury flats.
In Taiwan, his companies bought properties worth $124 million, while in Hong Kong, his holdings exceeded $300 million, including shares in two publicly traded firms: Geotech Holdings and Khoon Group, both now sanctioned.
The U.S. Treasury lists both companies as controlled by Chen, with combined stakes worth about $14 million.
Following the sanctions, both firms said they were “seeking legal advice.” A Khoon Group director resigned on Oct. 23, and its auditor announced the following day it would not seek reappointment.
Chen’s empire even extended to Palau, where U.S. authorities allege his group collaborated with “known organized crime facilitators” to lease an island and develop resorts.
