Singapore raids firm linked to Chen Zhi in crackdown on scam network
Singaporean authorities have expanded their crackdown on a transnational scam network tied to Cambodia-Chinese tycoon Chen Zhi, raiding car-loan firm SRS and arresting its owner over loan deals linked to a US-sanctioned company.
Bloomberg reported that Singaporean authorities have raided a car-financing company that previously borrowed funds from a firm linked to Prince Holding Group, which is associated with alleged scam kingpin Chen Zhi.
According to sources familiar with the operation, the premises searched were those of SRS Auto Holdings, a car-rental and vehicle-loan provider. The individual who disclosed the information requested anonymity due to the sensitivity of the matter. SRS is solely owned by Tan Yiew Kiat, who has now been arrested.
In a statement on Sunday, the Singapore Police Force said it is investigating Chen Zhi and related entities. It added that one person has been arrested on suspicion of money-laundering, but no further details can be released as the investigation is ongoing.
Last month, the United States charged Chen Zhi with allegedly leading a vast transnational criminal scamming network. The US and the United Kingdom have also sanctioned Chen, his associates and related companies, accusing the group of running scam centres that defrauded victims worldwide and laundering billions of dollars in illicit profits.
The raided firm, SRS, received a non-binding revolving credit facility from Skyline Investment Management under a May 2017 agreement. Company filings indicate the facility remains in place. At the time the agreement was signed, SRS operated under its former name, TS-Wheelers Holdings.
Skyline was among dozens of entities sanctioned by the US Treasury last month, which alleged that the firm was controlled by Chen Zhi and formed part of his criminal network.
Further records show that Tan Yiew Kiat, a Singaporean national and owner of SRS, is also listed as a director of TGC Cambodia, a Cambodian-registered entity that has likewise been sanctioned by the United States.
The loan agreement also noted that SRS held accounts with United Overseas Bank (UOB) and Malayan Banking in Singapore. A UOB spokesperson declined to comment, citing client-confidentiality obligations.
Singaporean police have additionally frozen assets linked to Chen and Prince Group worth more than S$150 million (approximately 3.7 billion baht), including real estate, vehicles and bank accounts.
In a statement, Prince Group “categorically denied” allegations that the organisation or its chairman Chen Zhi had been involved in any unlawful activity.
