Singapore authorities have intensified their crackdown on an alleged international money laundering network with recent raids on a car loan company connected to controversial businessman Chen Zhi, chair of Prince Holding Group.
Police Raid and Arrest in Singapore
Last week, Singapore police conducted raids on SRS Auto Holdings Pte., a company registered in Singapore that provides car rental and motor financing services. According to sources familiar with the matter, the sole proprietor of SRS, Tan Yew Kiat, was arrested during the operation.
The Singapore Police Force confirmed investigations are underway, stating: "The police are investigating Chen Zhi and the companies associated with him. One person has been arrested for his suspected involvement in money laundering offences so far." While the police statement didn't specifically name SRS or Tan, multiple sources confirmed the connection.
Global Sanctions and Criminal Allegations
The raid forms part of a broader international investigation triggered by last month's US indictment of China-born Chen Zhi. American authorities have accused the 37-year-old of leading a vast transnational scam syndicate and criminal network that operated scam centers worldwide.
Both US and UK authorities have sanctioned Chen, his associates, and related companies, alleging they stole money from victims globally and laundered billions of dollars. The coordinated global action has prompted investigations across Asia, including in Singapore, Hong Kong, and Taiwan.
Financial Connections and Frozen Assets
Financial documents reveal that SRS Auto Holdings obtained an uncommitted revolving loan facility from Skyline Investment Management Pte. in May 2017. Corporate filings indicate this agreement remains active. Skyline Investment Management is among dozens of firms sanctioned by the US Treasury Department last month, which alleged the company's control by Chen made it part of the criminal network.
Singapore police have seized more than S$150 million (approximately $115 million) in assets connected to Chen Zhi and Prince Holding Group following the US sanctions. The seized assets include:
- Multiple properties across Singapore
- Luxury vehicles
- Bank accounts held with various financial institutions
Further connections emerged when corporate records showed Tan Yew Kiat served as director at Cambodia-registered TGC Cambodia Co., which was also sanctioned by the US authorities.
Banking Relationships and Ongoing Investigations
The loan agreement between SRS and Skyline revealed that SRS maintained accounts with United Overseas Bank Ltd. and the Singapore branch of Malayan Banking Bhd. When contacted for comments, a UOB spokesperson cited client confidentiality, while Maybank didn't respond to inquiries.
Meanwhile, Skyline and other Chen-linked companies are seeking access to funds frozen by Singapore authorities, arguing the asset freeze has caused "considerable hardship" to employees and their families.
Prince Holding Group has strongly denied any wrongdoing, stating earlier this month that it "categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity."
As investigations continue across multiple jurisdictions, the case represents one of the most significant international money laundering probes in recent years, with Singapore emerging as a key battleground in the global crackdown on alleged financial crimes.
