Unmasked: Scam kingpin Chen Zhi’s top associates held significant cache of assets in Singapore

In a significant financial fraud takedown, Singaporean authorities, collaborating with investigative journalism agency Organized Crime and Corruption Reporting Project (OCCRP), identified Chen Xing, also known as Chen Sokly, as a key associate of the notorious scam kingpin Chen Zhi. The indictment, filed in New York on October 8, 2025, detailed their involvement in a multi-billion dollar scam syndicate, with the US government forfeiting 127,271 bitcoins worth approximately $15 billion.

Chen Xing, born in Shanghai in 1986, changed his name after obtaining Cambodian citizenship around late 2017. He operated under various identities, including the wealthy businessman Martin Chen in some circles. The indictment revealed that he served as the risk control function of the syndicate, overseen by Chen Zhi, and was tasked with monitoring investigations and engaging in corrupt bargains with foreign officials.

Prosecutors alleged that Chen Xing communicated with a Chinese official in May 2023, promising to cover up any trouble for Prince Group associates in exchange for favors towards the official's son.

The indictment highlighted Chen Xing's involvement in directing Chinese officials to extort businesses on behalf of the Prince Group. He was reported to have confidence in his connections, dismissing a crackdown on scam compounds in Cambodia. Documents showed Chen Zhi and Chen Xing would discuss bribes, with Chen Xing allegedly purchasing a $3 million yacht for a foreign government official in 2019.

The indictment also detailed Chen Xing's lavish lifestyle, including his purchase of an $11 million apartment in Singapore in 2017, where he incorporated his first Singapore company, M Capital Global Holdings. He served as a director of at least 16 firms in Singapore, though his name was removed from most between 2020 and 2023. His properties in Singapore included an $11 million apartment, a $4.5 million property transferred to his wife in 2024, and a $4 million property placed in a trust in December 2025.

Chen Xing was believed to be currently in the US, where he was added to the US Treasury Department’s OFAC Specially Designated Nationals and Blocked Persons list along with Chen Zhi and three Singaporeans.