{
  "id": 11770697,
  "title": "Authorities seize $39 million from sale of building linked to scam probe",
  "url": "https://urgent.news/2026/10/03/authorities-seize-39-million-from-sale-of-building-linked-to-scam",
  "topic": "world",
  "section": "World",
  "published": "2026-10-03T21:00:00.000Z",
  "source": {
    "name": "Straits Times",
    "slug": "straits-times",
    "url": "https://www.straitstimes.com/singapore/courts-crime/authorities-seize-39-million-from-sale-of-building-linked-to-scam-probe"
  },
  "original_language": "en",
  "account": "Singapore authorities have seized proceeds from the sale of a 32,000 sq ft commercial building linked to Cambodia's Prince Group, following allegations of money laundering and cyber fraud. The property at 2 Jalan Kilang Barat, located in Bukit Merah, was sold for $39 million in September. The buyer was Jackspeed Holdings, a regional automotive company involved in motor financing, retail, leasing, insurance and upholstery for motor vehicles and aircraft. The 99-year lease for the building still had 36 years remaining when it was purchased in 2023 by 2JKB, a firm set up by Tan Yew Kiat's daughter, Chen Xiaoxuan. Tan was arrested in November 2025 over suspected money laundering offences and is connected to the Prince Group and its chairman Chen Zhi. The US Treasury had identified Prince and its affiliates as part of a transnational cyber fraud and money laundering syndicate. Investigations into entities and individuals linked to Chen Zhi are ongoing in Singapore. The seizure was made as part of these ongoing investigations. Chen Xiaoxuan, the 25-year-old daughter, incorporated 2JKB just seven months before acquiring the property. The building became a target after the US Treasury sanctions list published in October 2025 identified it as the address of 11 companies linked to Chen Zhi. Chen Zhi was arrested in Phnom Penh and extradited to Beijing, where he is awaiting further proceedings. Karen Chen Xiuling, another Singaporean, is believed to have fled to Cambodia.",
  "summary": "Company 2JKB had tried to sell the property for $50 million in December 2025.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}