Singapore police raided a car loan company, which had borrowed capital from a company affiliated with the founder of Prince Group in Cambodia of scammer Chen Zhi.
The Singaporean authorities' raid comes as the investigation into the network of people involved in Prince Group and scammer Chen Zhi is expanding.
Many unnamed sources revealed that on November 23, the facility of SRS Auto Holdings, registered in Singapore, was raided by police last week. The sole owner of SRS Auto Holdings, Tan Yew Kiat, has been arrested.
"The police are investigating Chen Zhi and companies related to him. So far, one person has been arrested on suspicion of being involved in money laundering crimes. We cannot comment further because the investigation is ongoing" - Singapore Police responded to questions about the raid on SRS Auto Holdings.
The Singaporean police statement on November 23 did not mention SRS Auto Holdings or Tan Yew Kiat.
Last month, the US prosecuted Chinese-American Singaporean scammer Chen Zhi for allegedly leading a large-scale cross-border fraud organization and criminal network. The US and UK also fined the 37-year-old businessman and his associates and companies, accusing them of operating online fraud centers, stealing money from victims around the world and laundering billions of dollars.
SRS Auto Holdings, a private company specializing in car rental and motorbike purchase credit, has received an unrestricted flexible loan limit from Skyline Investment Management - Chen Zhi's family asset management office in Singapore - under an agreement in May 2017. The company's records show that the deal is still in effect. At the time the agreement was signed, SRS Auto Holdings was named TS-Wheelers Holdings.
Skyline Investment Management is on the list of dozens of businesses sanctioned by the US Treasury Department in October 2025, with the company being accused of being under Chen Zhi's control, making it part of a criminal network.
SRS Auto Holdings owner Tan Yew Kiat, a Singaporean citizen, was also listed in the business register as a director of TGC Cambodia - a company registered in Cambodia and was also sanctioned by the US.
The loan contract also shows that SRS Auto Holdings holds accounts at Singapore's United Overseas Bank and Maybank branch in Singapore.
US and UK sanctions on scammer Chen Zhi and his colleagues and many other businesses have prompted officials across Asia, including Singapore, Hong Kong (China) and Taiwan (China), to investigate.
Following the US move, Singaporean police seized more than $150 million in Singapore dollars ($115 million) in assets related to Chen Zhi and Prince Group, including real estate, cars and bank accounts.
Earlier this month, Prince Group issued a statement emphasizing "completely rejecting the view that the group or the group's chairman, Chen Zhi, is involved in any illegal activities."
Chen Zhi's Singapore family asset management office and many other companies involved in the scammed tycoon are also seeking to access the frozen funds in Singaporean government accounts at Maybank and revolut, arguing that the freezing of accounts would cause "significant difficulties" for their staff and families.
