Singapore is under renewed scrutiny in connection with an alleged multibillion-dollar transnational criminal operation. U.S. authorities recently imposed sanctions on , chairman of , and several associates over allegations of money laundering and crypto scams.
Key developments
- Chen and his associates reportedly established a family office in Singapore — — in 2018, through which they claimed tax incentives under schemes regulated by (MAS).
- That office is accused of channeling the proceeds of large-scale online investment scams and laundering funds through cryptocurrencies.
- The group is alleged to have exploited forced labour in Cambodia to carry out “pig butchering” scams: victims are lured with romantic or investment promises, then defrauded through manipulative crypto trading platforms.
- Besides Singapore, the suspects have links to multiple jurisdictions; many have resided or operated from overseas, including Cambodia and other countries.
Reactions & implications
- MAS has confirmed it is reviewing whether regulatory requirements were breached in the family office setup.
- The case raises questions about the oversight of family offices, tax incentive frameworks, and vetting of beneficial ownership in Singapore.
- It also highlights how sophisticated scam syndicates exploit multiple jurisdictions, using legal corporate vehicles to mask illicit flows.
Broader context
- Singapore has recently taken action against numerous scam syndicates and money muling networks. In one operation, over 200 suspects were arrested for scam-related activities involving impersonation of government officials, e-commerce fraud, phishing, misuse of digital identities and bank credentials.
- Scam losses remain high: in the first half of 2025 alone, victims in Singapore reported losses of about S$456.4 million across nearly 20,000 cases.