Singaporean Prince Group executive allegedly forged S$23 million deal to secure JTC lease

A Singaporean woman sanctioned over her links to Prince Group, which faces charges in the US, has been charged in court after her arrest at Changi Airport and ordered to be remanded for six days to assist investigations.

The accused, Chen Xiuling, 44, also known as Karen Chen, was charged at the State Courts on Friday (6 November) with one count of abetting the falsification of accounts and one count of attempted cheating.

In a statement issued on Thursday (5 November) night, the police said an arrest warrant had earlier been issued for Chen Xiuling during investigations into Prince Holding Group over transnational scams.

The statement said Chen Xiuling had been a director of several Singapore-registered companies believed to be owned by Prince Group founder and chairman Chen Zhi. These included Skyline Investment Management (Skyline) and Capital Zone Warehousing (CZW).

In September 2022, Skyline submitted a business plan and a false agreement to JTC Corporation in an application to take over the lease of a property.

According to the charges, on or before 6 September 2022, Chen Xiuling allegedly instigated a CZW employee to falsify a cigar investment agreement with Cars and Coffee Gem Pte Ltd (CCG). The agreement falsely stated that CCG would invest S$23 million in CZW to purchase cigars listed in the agreement, with CZW responsible for their distribution, storage and sale over three years.

She is also accused of attempting to cheat JTC Corporation by submitting a false agreement on or around 26 September 2022.

The prosecution said the Commercial Affairs Department’s investigations were ongoing and involved a large volume of bank statements and other documents. Citing time constraints, it sought to have the accused remanded for six days to assist investigations. It also cited risks of her absconding or colluding with others if she were released on bail.

Appearing by video link, Chen Xiuling objected when asked by her lawyer. Her lawyer also said she was facing remand because she wanted to cooperate with the authorities, and asked the judge to grant her bail.

The judge granted the prosecution’s application and ordered Chen Xiuling to be remanded for a further six days, on the grounds that this could allow the authorities to obtain further evidence. The case was adjourned to 12 November for another hearing.

Since June this year, the police have issued prohibition of disposal orders against another 14 properties and seized multiple bank and securities accounts, involving assets with a total estimated value of about S$100 million. To date, assets linked to Prince Group that have been seized or placed under prohibition of disposal orders total more than S$700 million.

Lianhe Zaobao previously reported that Chen Zhi, who has been charged in the US with alleged wire fraud and money laundering, has several affiliated companies in Singapore. Three Singapore citizens, including Chen Xiuling, have been placed on the US sanctions list over their alleged links to the group.

Chen Xiuling is believed to have left Singapore for Cambodia before the Singapore police launched their operation in October last year.

Under Sections 477A and 109 of the Penal Code, anyone convicted of abetting the falsification of accounts faces up to 10 years’ imprisonment, a fine, or both. Under Sections 420 and 511, anyone convicted of attempted cheating faces up to 10 years’ imprisonment and a fine.