Chen Zhi’s Singapore aide stole millions as tycoon built empire now under US sanctions
Bloomberg has reported that Chen Zhi, the China-born Cambodian tycoon recently sanctioned by the US for alleged involvement in global scam operations, was himself defrauded by his Singapore family office chief, David Wong, who allegedly stole millions from his accounts in 2021.
In an ironic twist to an already complex financial scandal, Bloomberg reported on 7 November that China-born Cambodian businessman Chen Zhi, recently sanctioned by the United States for allegedly running a criminal network tied to enslavement, sextortion and large-scale online “pig-butchering” scams, was defrauded by his own Singapore aide.
Court filings and Bloomberg’s review of more than 80 case documents reveal that David Wong, then head of Chen’s Singapore family office, DW Capital Holdings, allegedly misappropriated S$5.84 million (US$4.26 million) from Chen’s OCBC account.
From tycoon to target
At the time, Chen, now 37, was chair of the Cambodian conglomerate Prince Holding Group and had been expanding his wealth in Singapore.
In 2017, he hired Wong to manage his investments and oversee his family office operations, seeking to secure permanent residency and tax exemptions.
That same year, Chen reportedly spent nearly S$40 million on luxury properties in Singapore.
Under Wong’s management, he established multiple financial relationships with major banks, including Bank of Singapore, Deutsche Bank, Maybank, UOB-Kay Hian Holdings and Bank J Safra Sarasin.
The Monetary Authority of Singapore (MAS), the Economic Development Board (EDB), and several banks either declined to comment or cited ongoing investigations, Bloomberg noted.
An internal collapse
By mid-2021, tensions grew when auditors led by Karen Chen Xiuling discovered irregularities in the family office’s accounts.
Emails and affidavits detailed that millions had moved between entities controlled by Wong, including unexplained management fees amounting to US$535,000.
Events came to a head in July 2021 when Chen’s auditors found themselves locked out of their offices at Duo Tower, a luxury site used as the family office’s base.
When access was finally regained, the office was largely emptied—its equipment gone and only a few discarded items remaining.
Wong was removed as sole director the next day, but evidence later showed funds had already been transferred to companies resembling his personal ventures.
Legal fallout
Court documents indicate that Wong denied wrongdoing and claimed his transactions were authorised.
However, after missing multiple hearings and citing medical issues, the Singapore High Court issued a default judgment against him in December 2022, holding him and his companies liable for over S$12 million.
Wong has since filed for bankruptcy.
Wider implications
While Wong’s case was unfolding, Chen Zhi’s own empire came under intense scrutiny.
In recent months, the US Treasury Department sanctioned Chen and several associates for allegedly operating a vast criminal enterprise spanning Southeast Asia, accused of human trafficking, forced labour and online financial scams.
Singapore authorities have also frozen over S$150 million in assets linked to Chen and his group, including a yacht and 11 luxury vehicles, and ended tax incentives for two of his family offices.
