Woman allegedly linked to transnational scam syndicate Prince Holding Group charged

SINGAPORE - A woman allegedly linked to transnational scam syndicate Prince Holding Group was on Nov 6 charged with attempting to cheat and instigating another person to falsify accounts.

Chen Xiuling, 44, who is a Singaporean and had a warrant of arrest issued against her, was arrested at Changi Airport on Nov 5.

Court documents did not say from which country she had flown in from.

On Nov 5, the police said in a statement that she was a director of several Singapore-registered companies believed to be beneficially owned by Chen Zhi, the founder and chairman of Prince Holding Group, including Skyline Investment Management and Capital Zone Warehousing.

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

Chen Xiuling is believed to have instigated an officer of Capital Zone Warehousing to falsify the agreement with the intention to defraud.

She allegedly instructed Quen Kok Hui to falsify a “cigar investment agreement” purportedly between the firm and another company called Cars and Coffee Gem, dated Sept 5, 2022.

The agreement is said to have falsely stated that Cars and Coffee Gem would invest $23 million over three years with Capital Zone Warehousing to purchase cigars.

They were to be stored and sold by Capital Zone Warehousing on Cars and Coffee Gem’s behalf.

In reality, there was allegedly no such agreement between both companies.

Chen Xiuling is also believed to have submitted the false agreement to cheat JTC Corporation.

Through Estelle Lek from a company called Tacel Consultancy, Chen Xiuling allegedly submitted it to JTC around Sept 26, 2022.

She allegedly attempted to induce JTC to approve the assignment of a Jalan Lembah Kallang property to Skyline.

The police said that since June, the authorities have issued additional prohibition of disposal orders against 14 properties and seized various bank and securities accounts, with a total estimated value of about $100 million.

This brings the total value of assets seized and/or prohibited related to the Prince Holding Group to more than $700 million, so far.

On Nov 6, Deputy Public Prosecutor Magdalene Huang asked for a six-day remand for Chen Xiuling for further investigations.

She appeared in court via video-link from Central Police Division, and was represented by lawyers Thong Chee Kun and Josephine Chee.

The prosecutor added she might abscond if released.

Chen Xiuling told the court she objected to being remanded, as she wanted to rest at home.

The court granted the prosecution’s application for her to remain in remand, and she was not offered bail.

Her case will be mentioned again on Nov 12.

Chen Zhi, 38, a Fujian-born businessman, was arrested on Jan 6 in Cambodia and deported to China.

The Cambodian government had said the operation followed months of joint investigations between both countries.

For instigating another person to falsify accounts, an offender can be jailed for up to 10 years, fined, or both.

An offender convicted of attempted cheating can be jailed for up to 10 years and fined.

Shaffiq Alkhatib is The Straits Times’ court correspondent, covering mainly criminal cases heard at the State Courts.