Singapore Police Force Seize Assets worth USD 150 Million linked to Prince group and Chen Zhi
Singapore police force have seized assets worth USD 150 million linked to the Prince group and Chen Zhi with ties to the Swedish cigar industry, reported CNA, citing a police press release issued yesterday. The seize includes 6 properties and a number of assets such as bank accounts, securities, cash, a luxury yacht, 11 cars and alcohol. At the same time, new allegations of forgery have surfaced.
Published: 2025-10-31, at 16:55
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In October 30 this year, the Singapore Police conducted a raid on several locations targeting Chen Zhi et. al in light of the ongoing fraud indictment issued by the American DOJ.
Image 1 (and cover image): Seized luxury yacht, image from the Singapore Police Force website .
The police have been keeping an eye on Chen Zhi et al since 2024, having received reports of suspicious transactions through their financial police, which in turn has led to an ongoing investigation in cooperation with foreign counterparts as there alleged fraud has connections to other countries.
The seize includes 6 properties and numerous assets such as bank accounts, safe deposit boxes, cash, a luxury yacht, 11 cars and a large stock of alcohol. At the same time, new allegations of forgery have surfaced.
Image 2: Seized liquor, image from the Singapore Police Force website .
Ongoing investigation and suspicions of forgery
According to the police the investigation is ongoing and that Chen Zhi et. al risks up to 10 years in prison and a fine of 770,000 USD, or both. Furthermore, Chen Zhi et. al risks an additional 10 years in prison and an unspecified fine. When it comes to the suspicion of forgery, the police are wary with the details.
Here are Cigarrvärldens previous articles about Chen Zhi:
DOJ Tightens Noose On Owner Behind Cuban Cigar Giant
Prince Group's latest rebuttal published in full
Footnote: Cigarrvärlden is seeking comments from the Prince Group, representatives of Elite Trading Scandinavia AB (formerly Habanos Nordic AB), the Municipality of Gothenburg and the Singapore Police Force.
Edits/updates in order, by date/time: added footnote:
The editorial team.
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