Chen Zhi, chairman of the Prince Group, has reportedly been defrauded by David Wong, the head of a Singapore-based family office. Wong, who was dismissed in July 2021, is accused of embezzling S$5.84 million (approximately RMB 31.91 million) from Chen's accounts between 2021 and 2022. Chen has filed multiple lawsuits against Wong, with over 80 legal documents submitted in the case. In response to the allegations, the Singapore government has suspended tax incentives for two family offices linked to the Prince Group. The legal proceedings highlight significant financial misconduct within the organization, impacting its operations in Singapore.