Singapore Police Arrest Suspect in Raid on Car Loan Firm Linked to Prince Group’s Chen Zhi – Over $150M Seized
- What Happened in the Singapore Raid?
- Why Is Chen Zhi Under Fire?
- How Are Governments Reacting?
- The Crypto Angle: Follow the Bitcoin
- What’s Next for Chen Zhi?
- FAQs
Singapore authorities have cracked down on a suspected money laundering operation tied to Prince Group’s chairman, Chen Zhi. A raid on SRS Auto Holdings led to the arrest of its sole owner, Tan Yew Kiat, and the seizure of $165M in assets, including properties, luxury vehicles, and crypto. The move follows U.S. and UK sanctions against Chen’s alleged cybercrime network. Meanwhile, a dormant bitcoin wallet linked to Chen suddenly moved $1.83B in BTC, raising eyebrows among analysts.
What Happened in the Singapore Raid?
Singapore police stormed SRS Auto Holdings, a car loan company tied to Prince Group’s Chen Zhi, arresting Tan Yew Kiat on money laundering suspicions. The haul? Six properties, a yacht, 11 cars, and cash—totaling $165M. This isn’t just a local bust; it’s part of a global dragnet. The U.S. Treasury recently sanctioned 146 entities tied to Chen, calling it the "largest-ever action against a cybercrime syndicate." And let’s be real—when the feds drop sanctions this big, you know someone messed up bad.
Why Is Chen Zhi Under Fire?
Chen, a Cambodian tycoon with honorary titles and passports from Vanuatu and Cyprus, faces accusations of masterminding billion-dollar scams. The U.S. DOJ is chasing $14.4B in Bitcoin tied to his operations—yes,with a "B." Oddly, a wallet linked to him moved 15,959 BTC ($1.83B) after three years of silence. Crypto sleuths at Arkham Intelligence think it’s connected to the 2020 hack of mining pool LuBian, where 127,426 BTC vanished. Coincidence? Unlikely.
How Are Governments Reacting?
Singapore isn’t playing games. After U.S./UK sanctions, regulators across Asia froze accounts tied to Chen’s network. Prince Group denies wrongdoing, but employees are reportedly begging for access to frozen funds. Meanwhile, SRS Auto’s old loan deals with sanctioned firm Skyline Investment Management (allegedly controlled by Chen) are under scrutiny. Fun fact: Chen’s last public sighting? Nowhere. Dude’s ghosted since sanctions hit.
The Crypto Angle: Follow the Bitcoin
That $1.83B BTC transfer? Pure drama. Analysts suspect it’s part of a DOJ case to seize assets. Even crazier: 11,886 BTC from the LuBian hack resurfaced earlier this year—the exact amount moved to "recovery wallets." If this were a movie, we’d call it. (Hollywood, hit me up.)
What’s Next for Chen Zhi?
With Interpol likely on his tail and assets vanishing faster than a meme coin, Chen’s options are slim. Cambodia once hailed him as a philanthropist, but now? Radio silence. The takeaway? When the U.S., UK, and Singapore team up, you’re not just in trouble—you’retrouble.
FAQs
Who is Chen Zhi?
Chen Zhi is the controversial chairman of Prince Group, accused by the U.S. of running large-scale scams. He holds Cambodian honors and multiple citizenships but hasn’t been seen publicly since sanctions were announced.
How much was seized in the raid?
Authorities confiscated $165M in assets, including real estate, a yacht, luxury cars, and crypto.
Is the Bitcoin transfer linked to Chen?
Analysts at Arkham Intelligence and Cryptopolitan suggest the $1.83B BTC movement ties to Chen’s alleged operations and the 2020 LuBian hack.
