Singapore Police Arrest Suspect in Raid on Auto Loan Firm Linked to Prince Group’s Chen Zhi
- What Led to the Singapore Raid?
- How Extensive Are the Asset Seizures?
- Why Are Global Sanctions Escalating?
- What’s Prince Group’s Response?
- Chen Zhi’s Controversial Rise
- Singapore’s Zero-Tolerance Stance
- Q&A: Unpacking the Chen Zhi Case
Singapore authorities have detained a suspect tied to money laundering during a raid on SRS Auto Holdings, a firm connected to Prince Group’s chairman Chen Zhi. Over $150M in assets—including properties, a yacht, and Bitcoin—were seized amid global sanctions targeting Chen’s alleged cybercrime network. The U.S. and UK have frozen assets across Cambodia, Hong Kong, and Singapore, marking one of the largest crackdowns on financial crime in recent years.
What Led to the Singapore Raid?
Singapore police arrested Tan Yew Kiat, sole owner of SRS Auto Holdings, during an October 22 operation targeting money laundering. The firm had financial ties to Chen Zhi, whose Prince Group faces accusations of orchestrating billion-dollar scams in Cambodia. Notably, a dormant bitcoin wallet linked to Chen moved 15,959 BTC ($1.83B) just before the raid—funds potentially tied to a 2020 hack of mining pool LuBian.
How Extensive Are the Asset Seizures?
Authorities confiscated $165M in assets, including:
- 6 luxury properties
- 11 high-end vehicles (Lamborghinis, Rolls-Royces)
- A 42-meter yacht
- Bank and brokerage accounts
Per TradingView data, the frozen assets span multiple jurisdictions, with Singapore’s United Overseas Bank (UOB) and Maybank branches implicated.
Why Are Global Sanctions Escalating?
The U.S. Department of Justice alleges Chen’s network stole $14.4B via crypto fraud. Coordinated sanctions by American and British agencies now target 146 individuals and entities. "This isn’t just about one man—it’s dismantling an entire financial infrastructure built on cybercrime," remarked a BTCC analyst, citing CoinMarketCap’s tracking of the moved Bitcoin.
What’s Prince Group’s Response?
Chen’s conglomerate denies all wrongdoing, calling the allegations "baseless." However, leaked 2017 documents reveal SRS Auto’s revolving credit agreement with Skyline Investment Management—a sanctioned entity controlled by Chen. Employees of affected firms claim frozen accounts have caused "severe hardship."
Chen Zhi’s Controversial Rise
Once Cambodia’s influential "Neak Oknha" (a royal title for major donors), Chen holds passports from Vanuatu and Cyprus. His last public appearance predates the sanctions—fueling speculation about his whereabouts. Meanwhile, Arkham Intelligence traces the reactivated BTC to "recovery wallets" matching 2020 hack volumes.
Singapore’s Zero-Tolerance Stance
The city-state’s crackdown follows pressure from Western regulators. "Money laundering via auto loans? That’s like using a bicycle to rob a bank—it gets attention fast," quipped a local compliance officer. With $1.83B in Bitcoin still unaccounted for, investigators warn more seizures could follow.
Q&A: Unpacking the Chen Zhi Case
How is Bitcoin involved in this case?
15,959 BTC ($1.83B) linked to Chen moved abruptly after three dormant years. Analysts suspect ties to the 2020 LuBian hack where 127,426 BTC were stolen.
Which banks are implicated?
United Overseas Bank (UOB) and Maybank’s Singapore branches held accounts for SRS Auto, per court documents.
What’s next for Chen Zhi?
With Interpol alerts and frozen assets globally, legal experts predict extradition battles—unless he surfaces voluntarily.
