SINGAPORE — November 6, 2026 — A Singaporean woman who had been wanted in connection with investigations into the Cambodia-based Prince Holding Group has been arrested at Changi Airport, marking a major development in one of Singapore’s most closely watched transnational financial-crime investigations.
Chen Xiuling, also known as Karen Chen, 44, was arrested on November 5, 2026, under a warrant issued by Singapore Police.
She is expected to face two charges in court on November 6: one count of instigating another person to falsify accounts and another count of attempting to cheat.
According to police, the alleged offences relate to a September 2022 property lease application involving JTC Corporation. Investigators believe Chen instigated an officer of Capital Zone Warehousing to falsify an agreement and subsequently submitted the allegedly false document as part of an attempt to deceive JTC.
Chen was previously identified as a director of several Singapore-registered companies believed by police to be beneficially owned by Chen Zhi, the founder and chairman of Prince Holding Group.
The arrest comes as Singapore’s investigation continues to expand. Police said additional assets worth approximately S$100 million have been seized or placed under prohibition-of-disposal orders since June 2026.
This brings the total estimated value of assets seized or restricted in connection with the Prince Holding Group investigation to more than S$700 million.
The development raises fresh questions about the Singapore-based corporate and financial connections associated with the group, which has faced allegations of operating a transnational scam network.
However, the charges against Chen remain allegations. She is entitled to due process, and guilt can only be determined by the courts.
Karen Chen Arrested at Changi Airport After Months of Investigation
The Singapore Police Force confirmed that Chen was arrested at Changi Airport on Thursday, November 5.
The arrest followed a warrant issued in March 2026 in connection with the ongoing investigation into Prince Holding Group, its founder Chen Zhi, associates and related companies.
Police had previously identified Chen as a Singaporean woman wanted for suspected offences involving the alleged falsification of accounts and attempted cheating.
In March, authorities said she had left Singapore before enforcement operations began in October 2025 and was believed to be in Cambodia.
Her arrest at Changi Airport represents a significant change in the investigation, as police had previously been seeking her return to Singapore.
According to Channel NewsAsia, Chen was arrested pursuant to the outstanding warrant and was scheduled to be charged in court on November 6.
The police have not described the arrest as a conviction or a final determination of her involvement in the wider Prince Group investigation.
What Are the Alleged Charges Against Karen Chen?
The two charges concern an alleged attempt to obtain approval from JTC Corporation for the transfer of a property lease.
Police said Chen was a director of several Singapore-registered companies believed to be beneficially owned by Chen Zhi.
These included:
- Skyline Investment Management
- Capital Zone Warehousing
According to the police account, Skyline submitted a business plan and an agreement to JTC Corporation in September 2022 to seek approval to take over the lease of a property.
Investigators believe the agreement was false and that Chen had instigated an officer of Capital Zone Warehousing to falsify it with the intention of defrauding JTC.
Police also believe Chen submitted the allegedly false agreement in an attempt to cheat the statutory board.
The two charges are distinct.
The first concerns the alleged instigation of another person to falsify accounts. The second concerns the alleged attempt to deceive JTC Corporation through the submission of the document.
The police investigation into the alleged conduct is ongoing.
What penalties could she face if convicted?
According to the police and CNA, the offence of instigating another person to falsify accounts carries a maximum penalty of 10 years’ imprisonment, a fine, or both.
The offence of attempted cheating carries a maximum sentence of 10 years’ imprisonment and a fine.
These are the maximum penalties stated in the relevant provisions, not a prediction of the sentence in Chen’s case. Any penalty would depend on the court proceedings and the circumstances established in court.
Singapore’s Asset Seizures in the Prince Group Investigation Exceed S$700 Million
The arrest comes alongside a substantial expansion of asset-related enforcement measures.
Police said that since June 2026, they have issued additional prohibition-of-disposal orders against 14 properties and seized various bank and securities accounts.
The assets involved in these latest measures have an estimated value of approximately S$100 million.
This brings the total value of assets seized or placed under prohibition-of-disposal orders in connection with the Prince Holding Group investigation to more than S$700 million.
A prohibition-of-disposal order prevents the relevant assets from being sold, transferred or otherwise disposed of while the investigation and related legal processes continue.
It is important to distinguish between assets seized and assets subject to restrictions. The combined figure does not mean that all the assets have been permanently confiscated or that every asset has already been proven to be proceeds of crime.
The measures form part of Singapore’s efforts to prevent potentially relevant assets from being moved while authorities investigate suspected financial offences.
How the Singapore Investigation Began
Singapore Police began investigating Chen Zhi and his associates in 2024 after receiving financial intelligence from the Suspicious Transaction Reporting Office.
The authorities said the suspected criminal activities were being conducted overseas, requiring cooperation with foreign law-enforcement agencies.
On October 30, 2025, police conducted enforcement operations at multiple locations across Singapore.
During the operation, authorities seized or issued prohibition-of-disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash.
The estimated value exceeded S$150 million.
A yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition-of-disposal orders.
The operation followed sanctions announced by the United States and United Kingdom on October 14, 2025, targeting Prince Group, Chen Zhi and numerous associates and related entities.
The Singapore Police Force said it worked with the Anti-Money Laundering Case Coordination and Collaboration Network, which is led by the police and the Monetary Authority of Singapore.
The network brings together relevant law-enforcement, financial-sector supervisory and intelligence agencies to coordinate efforts against suspected money laundering.
Three Other Singaporeans Have Also Been Arrested
Chen is not the only Singaporean to have faced enforcement action in the wider Prince Group investigation.
In March 2026, police announced that three Singaporean men had been arrested between November 2025 and January 2026 for suspected money-laundering offences connected to the case.
They were:
Tan Yew Kiat, 49
Tan, a director of SRS Auto Holdings, was arrested on November 20, 2025. Police said he was suspected of acquiring, possessing, using, concealing or transferring benefits from criminal conduct.
Authorities also issued prohibition-of-disposal orders against vehicles registered under SRS Auto.
Nigel Tang Wan Bao Nabil, 32
Tang was arrested on December 11, 2025, after returning to Singapore from Cambodia. Police said he was suspected of involvement in money-laundering offences connected to the investigation.
Yeo Sin Huat Alan, 53
Yeo was arrested on January 12, 2026, after returning to Singapore from Cambodia. He was suspected of acquiring, possessing, using, concealing or transferring benefits from criminal conduct.
The arrests brought the number of Singaporean men publicly identified as arrested in the case to three at that point.
The March announcement also confirmed that a warrant had been issued for Chen.
The latest arrest therefore adds another significant development to a case that has involved multiple individuals, companies and assets across different jurisdictions.
Why Karen Chen Was Already Under International Scrutiny
Chen’s name had appeared in earlier reporting about the Prince Group investigation.
In October 2025, the United States announced sanctions against individuals and entities it said were connected to the alleged criminal network.
The US Treasury identified Chen Xiuling, also known as Karen Chen, as an associate who oversaw Prince Holding Group companies based in Mauritius, Taiwan and Singapore.
The Treasury also described her as being connected to companies controlled by the group.
Those US sanctions were separate from the Singapore criminal charges announced by police.
The distinction matters because sanctions are administrative measures imposed by a government, while criminal charges are allegations that must be tested through the legal process.
Channel NewsAsia reported in October 2025 that Chen had resigned from her position as an independent non-executive director at Taiwan-listed livestreaming platform 17Live Group following the sanctions announcement.
The company said she had not been involved in its business operations and stated that it had not conducted business with Chen Zhi or DW Capital.
These earlier developments help explain why Chen was already a subject of international attention before the Singapore arrest.
What Is Prince Holding Group and Who Is Chen Zhi?
Prince Holding Group is a Cambodia-based conglomerate with business interests that have included real estate, financial services and consumer businesses.
Its founder and chairman, Chen Zhi, has been at the centre of investigations by authorities in several countries.
The United States Department of Justice announced in October 2025 that Chen had been indicted on charges of wire-fraud conspiracy and money-laundering conspiracy.
US prosecutors alleged that Prince Group operated forced-labour scam compounds in Cambodia, where people were allegedly forced to participate in cryptocurrency investment fraud schemes.
These schemes are commonly known as “pig-butchering” scams. They typically involve criminals building relationships with victims before persuading them to transfer money or cryptocurrency into fraudulent investment arrangements.
The US indictment alleged that the operation caused billions of dollars in losses.
Prince Group has rejected accusations against the company and Chen, describing the allegations as baseless in a statement reported by The Straits Times.
The allegations made by US prosecutors and other authorities should be distinguished from findings made by a court.
Chen Zhi’s arrest and extradition to China
Chen Zhi was arrested in Cambodia in January 2026 and extradited to China at the request of Chinese authorities.
Singapore Police subsequently continued their investigation into associates and related companies.
The Singapore case is therefore part of a much wider international effort involving authorities in Southeast Asia, the United States, the United Kingdom and other jurisdictions.
More Than S$700 Million in Assets: Why the Investigation Matters to Singapore
The scale of the asset measures is significant for Singapore because the country is an international financial and business centre.
Authorities have repeatedly stressed that they will take action against individuals and corporate entities suspected of exploiting Singapore’s financial system for criminal activities.
The investigation also highlights the challenges involved in tracking suspected illicit funds across borders.
Companies, financial accounts, properties and other assets may be connected through ownership arrangements involving multiple countries.
This can make investigations complex, particularly when suspected offences occur overseas while financial links and corporate structures are maintained in Singapore.
The Monetary Authority of Singapore has said it is working with police through the anti-money-laundering coordination network.
In the earlier stages of the case, MAS said financial institutions had filed suspicious transaction reports and some had taken risk-mitigation measures, including closing accounts considered suspicious.
The regulator also said it would conduct supervisory reviews involving financial institutions connected to the matter.
The latest arrest demonstrates that the investigation is not limited to the original enforcement operations. Authorities continue to pursue individuals and examine assets as additional information becomes available.
What Happens Next for Karen Chen?
Chen was scheduled to appear in court on November 6, 2026, to face the two charges announced by police.
The next stage will depend on the court proceedings and any subsequent directions made by the court.
The prosecution will need to establish the allegations through the legal process. Chen is entitled to legal representation and the presumption of innocence.
Meanwhile, police investigations into Prince Holding Group, Chen Zhi, associates and related companies remain ongoing.
The authorities have not announced that the entire investigation is complete, and the total value of assets subject to enforcement measures may change as further developments emerge.
For now, the arrest is a major step in the Singapore investigation—but it is not the end of the legal process.
A Wider Warning About Cross-Border Financial Crime
The Prince Holding Group case illustrates how alleged financial-crime networks can involve multiple jurisdictions, corporate entities and financial channels.
It also shows why investigations into transnational fraud can take years and require cooperation between law-enforcement agencies, financial regulators and international partners.
For Singapore, the case is particularly important because it tests the country’s ability to protect its financial system while pursuing suspected criminal proceeds that may be connected to overseas activities.
The arrest of Karen Chen, following months of investigation and an earlier warrant, adds another chapter to that effort.
With more than S$700 million in assets now seized or restricted in connection with the case, Singapore’s investigation has reached another major milestone. But the most important questions—what the evidence will establish, who else may face action and how much of the suspected financial network remains under investigation—are still to be answered.
