Authorities in the United States have identified key associates of Chen Zhi, the alleged leader of a vast international scam syndicate, as holders of significant assets in Singapore amid a sprawling investigation into multifaceted financial fraud and money laundering schemes.
A criminal indictment unsealed in New York on October 8, 2025, disclosed the involvement of “Co-conspirator-2,” identified as Chen Xing—who later acquired Cambodian citizenship under the name Chen Sokly. Born in Shanghai in 1986, Chen Sokly is believed to have operated across multiple jurisdictions, including Singapore, the United States, Cambodia, and Cyprus. He employed various identities, conducting business under aliases such as Martin Chen in Singapore.
The Prince Holding Group, led by Chen Zhi, allegedly orchestrated an extensive investment fraud operation that exploited foreign workers coerced into scam compounds in Cambodia, generating billions in illicit proceeds. The US government subsequently forfeited more than 127,000 bitcoins valued at approximately US$15 billion linked to the scheme. Along with Chen Zhi and Prince Holding Group entities, several Singaporean individuals and companies were designated under US Treasury sanctions in one of the largest financial crime takedowns to date.
According to prosecutors, Chen Sokly was tasked with risk control within the syndicate, overseeing efforts to monitor law enforcement investigations and engaging in corrupt dealings with foreign officials to safeguard the group’s operations. The indictment states that in May 2023, Chen Sokly communicated with a Chinese official who promised protection from legal consequences in exchange for assistance with the official’s son. Records also allege that he directed local police to extort businesses on behalf of the syndicate and dismissed crackdowns on the scam compounds as inconsequential.
Evidence from the indictment describes Chen Sokly as wielding influence over multiple officials, including purchasing luxury gifts such as a US$3 million yacht for a foreign government official in 2019. Reports further accuse him of employing violence to maintain the group’s dominance, including handling internal disciplinary matters at Chen Zhi’s behest. The indictment also depicts the syndicate as generating an estimated US$30 million daily through illicit activities.
Corporate records indicate that Chen Sokly acquired at least 16 Singapore-registered companies between 2017 and 2023, many linked to investment and holding entities. His initial public appearance in Singapore involved the purchase of a luxury apartment valued at approximately S$11 million. He also maintained a fleet of high-end vehicles and his family was reportedly based partly in Singapore, with his son enrolled in an international school. Chen Sokly reportedly spent several months annually in Singapore, associating with local and international business contacts.
In the United States, Chen Sokly owned and sold luxury properties, including a residence purchased in California in 2019 from a member of the Chinese cybercriminal group Knight Attack, which predates the Prince Holding Group. Following the imposition of sanctions in late 2025, he transferred ownership of a multimillion-dollar property to his wife, which was placed in a trust shortly thereafter.
The investigation also implicated Huione Group, a Cambodia-based financial services provider accused by US authorities of laundering an estimated US$44 billion in illicit proceeds from August 2021 to early 2025. According to the US Treasury’s Financial Crimes Enforcement Network (FinCEN), Huione operated as a central hub for converting virtual currencies obtained through investment frauds and scams into fiat money. The group’s online marketplace, Haolawins Guarantee, was characterized as a comprehensive platform facilitating money laundering for diverse cybercriminal activities, including so-called “pig butchering” scams.
US federal authorities have taken further action by seizing cloud computing infrastructure used by Huione Group’s subsidiaries, aiming to disrupt backend operations supporting the syndicate’s laundering efforts. The scale and complexity of these interconnected schemes underscore ongoing challenges in combating transnational financial crime involving virtual currencies and elaborate corporate structures.
Efforts to reach Chen Sokly for comment were unsuccessful. The developments reflect intensified international cooperation targeting financial criminal networks leveraging multiple jurisdictions for money laundering and fraud.