Singapore police arrested one suspect after raiding a car loan company linked to firms associated with Prince Group chairman Chen Zhi

One suspect believed to be involved in money laundering was arrested by Singapore police in the raid of a car loan company with ties to the Prince Group chairman, Chen Zhi. 

Singapore police raided SRS Auto Holdings Pte. last week and arrested sole proprietor Tan Yew Kiat. It is suspected that Tan was involved in money laundering offenses. The Singapore Police Force confirmed on Sunday that it is investigating the Prince Group chairman, Chen Zhi, and companies linked to him. 

Weeks ago, the United States indicted Chen, accusing him of running large scam compounds in Cambodia that resulted in the theft of billions. 

U.S. and UK authorities also imposed coordinated sanctions on 146 individuals and entities linked to Prince Group, calling it the largest action ever taken against a cybercriminal network of this scale. The sanctions extend across Cambodia, Hong Kong, Singapore, and other jurisdictions.

Over $150 million in property, cars and cash seized

On October 30, Singapore police carried out a major operation against Chen and his associates. According to official statements and court information, more than $150 million in assets were seized, including six properties, a yacht, 11 vehicles, bank accounts, securities accounts, and cash. 

The total value of restrained and seized assets added up to over $165 million.

Prior to the police raid, on October 22, a wallet associated with Chen that had been dormant for more than three years moved 15,959 BTC, worth around $1.83 billion, to four new addresses.

Cryptopolitan reported that analysts linked some of this activity to a case the U.S. Department of Justice is building, in which they intend to forfeit around $14.4 billion in Bitcoin allegedly tied to Chen’s operations.

Cryptopolitan also reported that Arkham Intelligence previously identified a connection between these BTC movements and the 2020 LuBian mining pool hack, where 127,426 BTC was stolen. Around 11,886 BTC from that incident became active again, and notably, it’s the same amount that Arkham said had been shifted to “recovery wallets” earlier this year.

Zero tolerance for cybercrime 

Singapore’s crackdown on cybercrime is significantly motivated by U.S. and UK sanctions imposed on Chen Zhi and his network. These sanctions have pushed financial institutions and regulators across Asia to address the problem. 

The Prince Group later issued a statement saying it “categorically rejects” any allegations that its chairman Chen or the group as a whole engaged in unlawful activity. Several companies tied to Chen are currently attempting to regain access to frozen accounts in Singapore, saying employees and families are facing financial hardship.

Documents reviewed from 2017 reveal that SRS Auto, which was previously known as TS-Wheelers Holdings Pte., had a renewable loan arrangement from Skyline Investment Management Pte.

Skyline Investment Management Pte was one of the entities recently sanctioned by the U.S. Treasury and is alleged to be controlled by Chen. Corporate filings also list SRS accounts with United Overseas Bank (UOB) and the Singapore branch of Maybank. 

Chen held significant influence in Cambodia and obtained high-level recognition, including receiving the Neak Oknha title in 2020 after major donations to the government. He also obtained citizenship in countries including Vanuatu and Cyprus. 

Yet despite his popularity, he rarely appeared publicly and has not been seen since sanctions were announced.

The smartest crypto minds already read our newsletter. Want in? Join them.