(Nov 23): Singapore authorities raided a car loan company that borrowed from a firm connected to Prince Holding Group, as the net widens on those linked to the alleged scam organisation and its chair Chen Zhi.
The premises of Singapore-registered SRS Auto Holdings Pte Ltd was raided by police last week, according to people familiar with the matter, who asked not to be identified disclosing sensitive information. The sole proprietor of SRS, Tan Yew Kiat, was arrested, they said.
“The police are investigating Chen Zhi and the companies associated with him,” the Singapore Police Force said in a statement on Sunday, in response to questions on the raid on SRS. “One person has been arrested for his suspected involvement in money laundering offences so far. We are not able to comment further as the investigation is ongoing.”
The police statement didn’t mention SRS or Tan. SRS didn’t reply to an emailed request for comment, while Tan didn’t respond to calls or text messages on the same matter.
Last month, the US indicted China-born Chen for his alleged leadership of a vast transnational scam syndicate and criminal network. US and UK authorities also sanctioned the 37-year-old, his associates and related companies, and accused them of operating scam centres that stole money from victims worldwide and laundered billions of dollars in funds.
SRS, a private car rental and motor financing firm, took an “uncommitted revolving loan facility” from Skyline Investment Management Pte Ltd, according to a May 2017 agreement seen by Bloomberg News, which corporate filings show is still in effect. At the time of the agreement, SRS was known as TS-Wheelers Holdings Pte Ltd.
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Skyline is one of the dozens of firms sanctioned by the US Treasury Department last month, which alleged its control by Chen made it part of the criminal network. Separately, Tan, a Singapore citizen, was listed in a corporate directory as a director at Cambodia-registered TGC Cambodia Co, Ltd, which was also sanctioned by the US.
Clarence Lun Yaodong, a lawyer representing Skyline, declined to comment.
The loan agreement also showed that SRS held accounts with Singapore lender United Overseas Bank Ltd (UOB) and the Singapore arm of Malayan Banking Bhd (Maybank).
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“Due to client confidentiality, we are unable to comment on individual client relationships,” a UOB spokesperson said. Malaysia-headquartered Maybank didn’t respond to an emailed request for comment.
The US and UK’s sanctions against Chen and various associates and firms prompted investigations from authorities across Asia including Singapore, Hong Kong and Taiwan. Following the US action, Singapore police seized more than $150 million (US$115 million) in assets connected to him and Prince, including properties, cars and bank accounts.
The Prince group said in a statement earlier this month that it “categorically rejects the notion that it or its chairman Chen Zhi has engaged in any unlawful activity”. Skyline and other firms linked to him are also seeking access to funds frozen by Singapore authorities in accounts held with Maybank and Revolut Ltd, arguing that it has caused “considerable hardship” to its employees and their families.
Read also:
Cambodia’s Prince Group denies link to global crypto scam, calls allegations baseless
Inside the Prince Group’s online scam operations
Alleged scam leader’s Singapore aide seeks access to seized cash
How an accused scam kingpin built an empire from Cambodia to London
Uploaded by Liza Shireen Koshy
