7 NOV 2026 — Singapore police arrested Chen Xiuling, a 44-year-old Singaporean also known as Karen Chen, at Changi Airport on 5 November under a warrant issued in their investigation into Prince Holding Group, which SPF calls a transnational scam syndicate. She was to be charged in court the next day with instigating another person to falsify accounts and with attempting to cheat, the Singapore Police Force (SPF) said in a news release that evening.
The case against her concerns a property lease. Police say Chen sat on the boards of several Singapore-registered companies that they believe Chen Zhi beneficially owns. SPF describes him as "the founder and chairman of Prince Holding Group". One of them, Skyline Investment Management, sent JTC Corporation a business plan and a false agreement in September 2022, seeking approval to take over a property lease. The police believe Chen instigated an officer of a second company, Capital Zone Warehousing, to falsify that agreement, and that she submitted it in an attempt to cheat JTC. Each charge carries up to 10 years in prison.
These are allegations. Chen has not been convicted of anything, and SPF says its investigation into the alleged fraud is ongoing. Mothership reported on 6 November that the two charges were brought in court that day. We could not find an official court record of the hearing online.
The same release also announced another round of asset action. Since June, the police have issued prohibition of disposal orders against 14 more properties and seized bank and securities accounts, together worth about S$100 million. SPF puts the total seized or prohibited in relation to the group at more than S$700 million.
Four rounds in a year
Each SPF release restates the running total. Laid out in order, the releases show how the number climbed.
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US indictment and sanctions
The US Justice Department unsealed an indictment charging Chen Zhi with conspiracy to commit wire fraud and conspiracy to launder money, and filed a forfeiture complaint against about 127,271 bitcoin. The department notes that "An indictment is merely an allegation." The same day the US Treasury designated Prince Group as a transnational criminal organisation and named Chen Xiuling among the individuals sanctioned.
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First round, more than S$150m
After an island-wide operation on 30 October, SPF said it had seized or issued orders against six properties and financial assets worth more than S$150 million, with orders also placed on a yacht, 11 cars and a quantity of liquor. Chen Zhi and his known associates were not in Singapore.
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Three arrests, a warrant, S$350m
SPF announced three Singaporeans arrested between November and January over suspected money laundering, and a warrant for Chen Xiuling, then 43, who it said had left before the October operation and was believed to be in Cambodia. A further S$350 million in property, cars, cash, accounts, bags and watches took the total past S$500 million. The release also said Chen Zhi was reportedly arrested in Cambodia in January and extradited to China.
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Two foreign nationals, past S$600m
The police said they were investigating two Chinese nationals, neither in Singapore, for money laundering. Orders against three properties and financial assets worth about S$100 million lifted the total above S$600 million.
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Arrest at Changi, past S$700m
Chen Xiuling was arrested at Changi Airport. The release does not say where her flight came from. Fourteen properties and further accounts, about S$100 million, brought the total above S$700 million.
Our arithmetic from the police figures
The round figures SPF gives are S$150 million, S$350 million, S$100 million and S$100 million. They sum to exactly S$700 million by our arithmetic. That squares with "more than" in the latest total, because the first figure was itself a floor. The March round alone accounts for half of it. The releases name six, three, three and 14 properties, for 26 in all. The latest round's 14 outnumber the 12 in the three earlier rounds combined.
None of the releases says any of these assets has been confiscated. They are seized or held under orders while investigations run. In March the director of the Commercial Affairs Department, Peggy Pao, said the police were committed to "confiscating their ill-gotten gains". That is an aim, not an outcome.
