Singapore to charge woman linked to Prince Holding Group fraud scheme
A 44-year-old woman associated with the Cambodia-based Prince Holding Group will be charged in Singapore for instigating falsified accounts and attempting to cheat, authorities said.
Singaporean police said a 44-year-old woman identified as Chen Xiuling, also known as Karen Chen, will be charged on Nov 6 in connection with a probe into the Prince Holding Group, a Cambodia-based syndicate. Chen was arrested at Changi Airport on Nov 5 after a warrant was issued.
According to a police statement, Chen served as director of several Singapore-registered companies, including Skyline Investment Management and Capital Zone Warehousing, which are believed to be beneficially owned by Chen Zhi, the founder and chairman of the Prince Holding Group. In September 2022, Skyline submitted a business plan and a falsified agreement to JTC Corporation to obtain a property lease, the police said.
Investigators allege that Chen instructed an officer of Capital Zone Warehousing to forge the agreement with the intent to defraud JTC Corporation. She will be charged with instigating another person to falsify accounts and with attempting to cheat.
If convicted of instigating falsification, Chen could face up to 10 years in prison, a fine, or both. The cheating charge carries a similar maximum sentence and possible fine. Police noted that since June they have issued prohibition of disposal orders against 14 properties and seized bank and securities accounts valued at about $100 million, bringing total assets seized or prohibited in the Prince Holding Group investigation to over $700 million.