Singapore woman linked to Prince Holding Group charged with fraud offences
A 44-year-old Singaporean accused of directing false agreements to defraud a state agency was remanded without bail, while authorities have seized assets worth over $700 million tied to the Prince Holding Group.
A Singaporean woman identified as Chen Xiuling, 44, was charged on Nov 6 with attempting to cheat and instigating another person to falsify accounts. The charges relate to alleged schemes involving companies linked to Prince Holding Group, a transnational scam syndicate.
Police said Chen, a director of several Singapore-registered firms including Skyline Investment Management and Capital Zone Warehousing, was arrested at Changi Airport on Nov 5 after a warrant was issued. Court documents did not disclose her country of origin.
Investigators allege that Chen instructed an officer of Capital Zone Warehousing to fabricate a "cigar investment agreement" dated Sept 5, 2022, claiming that Cars and Coffee Gem would invest $23 million over three years. The agreement was reportedly submitted to JTC Corporation in an attempt to secure approval for a property lease transfer to Skyline, despite no genuine contract existing between the parties.
The police noted that since June, they have issued prohibition of disposal orders on 14 properties and seized bank and securities accounts valued at about $100 million, bringing total assets seized or prohibited in connection with Prince Holding Group to more than $700 million.
Deputy Public Prosecutor Magdalene Huang sought a six-day remand for further investigation. Chen appeared via video link, objected to the remand, and was denied bail. Her case is scheduled for a further hearing on Nov 12.
Separately, Chen Zhi, the founder and chairman of Prince Holding Group, was arrested in Cambodia on Jan 6 and deported to China following joint investigations by the two countries. Under Singapore law, the offences Chen faces carry penalties of up to ten years' imprisonment, fines, or both.