Woman linked to Cambodia-based scam syndicate Prince Holding Group to be charged

SINGAPORE – A 44-year-old woman linked to Cambodia-based transnational scam syndicate Prince Holding Group is set to be charged on Nov 6.

Singaporean Chen Xiuling, also known as Karen Chen, was arrested at Changi Airport on Nov 5 under a warrant issued in connection with an ongoing probe into the group, the police said in a statement on the same day.

Karen Chen was a director of several Singapore-registered companies that are believed to be beneficially owned by Chen Zhi, the founder and chairman of Prince Holding Group.

These include Skyline Investment Management and Capital Zone Warehousing.

In September 2022, Skyline submitted a business plan and a false agreement to JTC Corporation for approval to take over the lease of a property, said the police.

Karen Chen is alleged to have instigated an officer of Capital Zone Warehousing to falsify the agreement with intent to defraud.

She is also believed to have submitted the false agreement in an attempt to cheat JTC Corporation.

She will be charged with instigating another person to falsify accounts and for attempting to cheat.

Investigations into the alleged fraud are ongoing, said the police.

The Straits Times had reported in October that a warrant of arrest was issued for Karen Chen, who is believed to have fled to Cambodia.

She was said to be involved in at least 17 Singapore-registered firms targeted by US Treasury sanctions over links to Chen Zhi and the Prince Group, in a probe that has seen the authorities in the US seize billions in bitcoins and other assets.

If convicted of instigating another person to falsify accounts, she could face 10 years in jail, a fine or both.

For attempting to cheat, she could face a jail term of up to 10 years, and a fine.

The police said that since June, they have issued additional prohibition of disposal orders against 14 properties and seized various bank and securities accounts worth an estimated $100 million.

This brings the total value of assets seized and/or prohibited in connection with Prince Holding Group to over $700 million.

In October, the Cambodian authorities announced that they had frozen assets worth almost US$1 billion (S$1.28 billion) linked to Prince Holding Group, while seeking assistance from Interpol to locate 29 alleged ringleaders who have fled abroad in connection with ongoing investigations into technology-based fraud and money laundering.