Authorities seize $39m from building sale linked to scam probe
Singaporean authorities have seized $39 million in proceeds from the sale of a commercial building linked to a transnational cyber fraud and money laundering syndicate. The property was sold to Jackspeed Holdings, while the seller remains under investigation for ties to Cambodia's Prince Group.
Why it matters
The seizure underscores Singapore's ongoing efforts to combat international money laundering and financial crimes linked to regional cyber fraud networks.
The property at 2 Jalan Kilang Barat (above) was purchased in 2023 by 2JKB, a firm set up by the daughter of local businessman Tan Yew Kiat.
Listen Summarise A commercial building at 2 Jalan Kilang Barat, linked to Cambodia’s Prince Group and a cross-border scam probe, was sold to Jackspeed Holdings for $39 million, but the sale proceeds were seized by authorities. The seller of the property is assisting with money laundering investigations tied to transnational cyber fraud involving Chen Zhi. Jackspeed uses the building for its businesses, including Carazee dealership, while the seller Chen Xiaoxuan remains connected to several companies at the same address. AI generated
SINGAPORE – A 32,000 sq ft commercial building linked to Cambodia’s Prince Group has been taken over by a local automotive firm in a private deal, but proceeds from the sale have been seized by the authorities.
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