SINGAPORE: Police on March 3 confirmed that they have issued a warrant of arrest for Singaporean Chen Xiuling, also known as Karen, in connection with a probe into a transnational scam syndicate.<\/p>\n
Karen, 43, is accused of looking after subsidiaries of the Prince Group in Mauritius, Taiwan and Singapore.<\/p>\n
The Prince Group was identified by the authorities in Singapore and the US as a major transnational crime syndicate. Former Cambodian national Chen Zhi, who is originally from China, was named as the alleged kingpin.<\/p>\n
Karen was involved in at least 17 Singapore-registered firms targeted by US Treasury sanctions over links to Chen Zhi and the Prince Group, a probe which has seen the authorities in the US seize billions in bitcoins and other assets.<\/p>\n
She is being investigated in Singapore for offences of instigating another person to falsify accounts, and for attempting to cheat.<\/p>\n
The Straits Times understands the Singaporean woman has so far ignored requests by the authorities to return to Singapore to help with investigations into Prince Holding Group, its founder and chairman Chen, and his associates and related companies.<\/p>\n
\u201cThe police have also issued additional prohibition of disposal orders against three properties and eight cars as well as seized cash (in various foreign currencies), bank and securities accounts, luxury bags and watches with a total estimated value of S$350 million (US$273.7 million).<\/p>\n
\u201cThis brings the total value of assets seized and\/or prohibited in relation to this case to date to more than S$500 million,\u201d a spokesman said.<\/p>\n
In the release, police also said that they had arrested Singaporean Alan Yeo Sin Huat, a close associate of Chen, on Jan 12.<\/p>\n
The 53-year-old was arrested when he returned to Singapore from Cambodia on suspicion of assisting Chen in retaining benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.<\/p>\n
The US authorities had accused Yeo of working as Chen\u2019s financial assistant and wealth manager.<\/p>\n
He allegedly helped with wire transfers, and coordinated with banks to manage accounts and mask the Prince Group\u2019s criminal activities.<\/p>\n
Yeo is the third Singaporean to be arrested in connection with the case.<\/p>\n
Nigel Tang Wan Bao Nabil was arrested on Dec 11, 2025, over his suspected involvement in money laundering offences.<\/p>\n
Tang, who was hired as the captain of Chen\u2019s superyacht Nonni II, is a director in at least two firms linked to Chen \u2013 Warpcapital Yacht Management and Capital Zone Warehousing.<\/p>\n
Karen, Yeo and Tang were sanctioned by the United States Treasury along with Chen on Oct 14, 2025.<\/p>\n
Another Singaporean \u2013 Tan Yew Kiat, 49 \u2013 was arrested in late November 2025, on suspicion of acquiring or using the benefits of Chen\u2019s criminal conduct.<\/p>\n
Tan is the director of SRS Auto Holdings, a firm linked by a revolving credit line to Chen\u2019s investment firm \u2013 Skyline Investment Management.<\/p>\n
The police have issued 121 prohibition of disposal orders against vehicles registered under SRS Auto.<\/p>\n
In all, 146 people and entities around the world were targeted in the sweeping US sanctions.<\/p>\n
Chen was arrested in Cambodia on Jan 6, and he has since been deported to China. His Cambodian citizenship has been revoked.<\/p>\n
The authorities in the US have linked him to money laundering and wire fraud offences, adding that he was also allegedly involved in the running of forced-labour scam compounds.<\/p>\n
The authorities in China identified him as the ringleader of a major cross-border gambling and fraud criminal syndicate.<\/p>\n
Affidavits seen by ST showed that Yeo and Karen left Singapore before the sanctions were announced.<\/p>\n
Yeo left Singapore on Sept 20, 2025, for an undisclosed location, while Karen left the country on Oct 12, 2025, and travelled to Cambodia.<\/p>\n
While away, both suspects did not respond to multiple investigative requests from the Commercial Affairs Department (CAD).<\/p>\n
Documents seen by ST showed Karen was paid a monthly salary of about S$15,000 as the chief finance officer at DW Capital, Chen\u2019s family office in Singapore.<\/p>\n
She was also the director or secretary of at least nine firms in Singapore directly linked to the alleged scam kingpin.<\/p>\n
Yeo, who was paid more than S$12,000 as the chief executive officer at DW Capital, was linked to several firms tied to Chen, including Belize-registered Skyline Worldwide, and Marshall Islands-registered Skyline Worldwide Holdings.<\/p>\n
CAD director Peggy Pao said the arrests and extensive scale of assets seized in Singapore underscore the police\u2019s resolve to take \u201cswift and decisive enforcement action\u201d against individuals and corporate entities that seek to exploit Singapore\u2019s financial system for criminal activities.<\/p>\n
\u201cThe police are committed to bringing these criminals to justice and confiscating their ill-gotten gains,\u201d she said.<\/p>\n
She added: \u201cWe will continue to work with our foreign law enforcement counterparts and domestic partners to identify and take firm action against actors involved in transnational organised crime, so as to preserve the integrity of Singapore\u2019s financial system.\u201d<\/p>\n
Crime empire<\/strong><\/p>\n As part of the sanctions, the US Treasury designated the Prince Group \u2013 a massive Cambodia-based corporation with interests spanning real estate, financial and consumer services \u2013 as a transnational criminal empire.<\/p>\n Several assets owned by the group were seized globally, including nearly 130,000 bitcoins worth around US$15 billion, and some 19 properties in London, including one worth nearly \u00a3100 million (US$133 million).<\/p>\n In Singapore, police conducted raids on Oct 30, 2025, and seized assets worth more than S$150 million, including six properties, a yacht and 11 luxury vehicles.<\/p>\n On Nov 4, 2025, Taipei detained 25 people and seized NT$4.5 billion (US$141 million) in assets linked to the Prince Group, including 26 high-end cars, properties and bank accounts.<\/p>\n The same day, Hong Kong froze assets worth HK$2.75 billion (US$352 million) linked to the syndicate.<\/p>\n More recently, Cambodia\u2019s central bank on Jan 8, 2026, ordered the liquidation of Prince Bank \u2013 Chen\u2019s Phnom Penh-headquartered banking and financing arm.<\/p>\n Since his arrest on Jan 6, Beijing has called for his known associates in his alleged criminal enterprise to turn themselves in before Feb 15, in exchange for lighter sentences. – The Straits Times\/ANN<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n