Seventh fugitive arrested over links to Cambodia-based scam syndicate targeting Singaporeans
The syndicate is believed to be linked to at least 528 scam cases involving more than $53 million in losses.
Singaporean Karen Chen, also known as Chen Xiuling, is set to face charges on November 6 in connection with the Prince Holding Group transnational scam syndicate in Cambodia. She was apprehended at Changi Airport on November 5 under a warrant issued for her involvement with the group. Chen is a director of several Singapore-registered companies, such as Skyline Investment Management and Capital Zone Warehousing, which are believed to be owned by Chen Zhi, the founder and chairman of Prince Holding Group.
In September 2022, Skyline submitted a false agreement to JTC Corporation for the approval to take over a property lease, leading to allegations that Chen instigated a Capital Zone Warehousing officer to falsify the agreement. Additionally, Chen is believed to have submitted the false agreement with the intention of defrauding JTC Corporation. If convicted, she faces a potential 10-year jail term and a fine for instigating another person to falsify accounts, and up to 10 years in jail and a fine for attempting to cheat.
The police have issued prohibition of disposal orders against 14 properties and seized an estimated S$100 million in bank and securities accounts linked to the Prince Holding Group since June. This brings the total value of assets seized and/or prohibited in connection with the group to over S$700 million. In October, the Cambodian authorities froze assets worth nearly US$1 billion (S$1.28 billion) and are seeking assistance from Interpol to locate 29 alleged ringleaders involved in technology-based fraud and money laundering.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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