Add as a preferred source on GoogleSingapore Arrests Former Director of Prince Group-Linked Companies
The case involves alleged false agreements submitted for property lease approval, while police also disclosed asset actions involving properties and financial accounts.
Singapore police arrested Chen Xiuling, a 44-year-old Singaporean and former director of companies linked to Prince Group, at Changi Airport on Nov. 5. The arrest is a new development in a transnational scam investigation tied to the group.
Police said the case involves allegations that false agreements were submitted to JTC Corporation in 2022 to secure approval for property leases. Chen previously served as a director at several Singapore-registered companies believed to be owned by Prince Group founder Chen Zhi.
The arrest comes alongside a separate expansion of asset measures against the group. Since June, police have issued disposal orders covering 14 additional Prince Group-linked properties and seized multiple bank and securities accounts. The assets involved in those actions were valued at about $78 million. The new orders apply to property, while the account seizures cover financial holdings.
Together, the arrest and asset measures put the focus on both the alleged lease paperwork and property and financial assets linked to Prince Group in Singapore.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.