Singapore Authorities Arrest Car Leasing Firm Owner Amid $15 Billion Bitcoin Laundering Probe
Singaporean authorities have arrested the owner of SRS Auto, a car leasing firm, as part of an escalating criminal investigation linked to a massive $15 billion (S$19.4 billion) Bitcoin laundering scheme and the activities of Cambodian national Chen Zhi. The arrest, made this week following a series of raids by the Singapore Police Force (SPF), signals a deepening crackdown on alleged money laundering operations with international implications.
The SPF confirmed the arrest of one individual suspected of involvement in money laundering offenses, stating they are unable to comment further due to the ongoing nature of the investigation. However, the probe centers on Chen Zhi, the head of the Prince Holding Group, a real estate and financial services conglomerate based in Cambodia, and associated companies.
The US government charged Chen and his firm in New York on October 14th with wire fraud and money laundering conspiracies related to the operation of forced-labor scam compounds across Cambodia. Recent investigations by The Straits Times have revealed Chen’s extensive network of financial dealings, including connections to car leasing and financing companies in Singapore.
Evidence suggests Chen may have moved funds from his Cambodian interests – many of which have been sanctioned by the US Treasury – into several Singaporean firms operating in the automotive sector. A significant portion of these funds reportedly flowed through TGC Cambodia, a Phnom Penh-based “pawnshop” chaired by Chhay Guy, who is also sanctioned by the US Treasury for alleged ties to online scams and money laundering. The United Kingdom’s Foreign, Commonwealth & Development Office has further accused Chhay of involvement in human rights abuses.
Quek Teng Guan serves as the chief executive officer of TGC Cambodia, while Mr. Tan Yew Kiat, 49, the arrested owner of SRS Auto, is listed as a director of the pawnshop. The pawnshop’s directorship also includes the CEO of Prince Bank, Honn Sorachna, a Cambodian bank controlled by Chen and Chhay, and which has also been sanctioned.
Mr. Tan’s past business dealings have already drawn scrutiny. The founder of women’s apparel company bYSI, he currently holds directorships in 16 companies all registered to the SRS Building in Kung Chong Road, and is the sole shareholder of SRS Auto Holdings, specializing in private car rental and motor financing. In 2022, SRS Auto attempted to privatize Allied Technologies, a precision engineering company, but the move was met with controversy.
In January 2024, the Securities Industry Council (SIC) sanctioned Mr. Tan for breaches of the Singapore Code on Take-overs and Mergers, prohibiting him from purchasing or selling shares through the Singapore Exchange Securities Trading Limited without consent for 18 months. He was also deemed unfit to serve as a director of any Singapore-listed company for three years.
A company document revealed a lingering charge held by Skyline Investment Management – a firm established by Chen, also sanctioned by the US Treasury, previously known as TS-Wheelers – against SRS Auto, indicating a loan taken out in May 2017 for an undisclosed sum. Reports indicate SRS Auto maintained accounts with UOB and the Singapore branch of Malayan Banking at the time.
Further complicating the matter, investigators have uncovered links between Chen and Ms. Chen Xiaoxuan, 25, a Singaporean woman residing at the same address as Mr. Tan. Ms. Chen is a director of several car leasing firms, including Cars and Coffee Leasing and Supreme Cars Financial Services, both incorporated in 2021, and recently established Rolls Platforms in August 2025. In 2022, she founded 2JKB, which purchased a commercial building on Jalan Kilang Barat just seven months later. This building was previously identified in the US probe as an address linked to 11 companies connected to Chen and three associated with Chen Xiuling, also sanctioned.
A large-scale operation conducted by the SPF on October 30th resulted in the seizure or freezing of over $150 million in assets, including luxury vehicles and a yacht. Prince Group issued a statement on November 11th, dismissing the allegations as “baseless” and suggesting they were motivated by the asset seizures.
The US Treasury has sanctioned a total of 146 entities, including Hong Kong-listed Khoon Group, which operates a Singapore-based subsidiary, Khoon Engineering. Chen is reportedly the controlling shareholder of Khoon Group, acquiring 55% of the shares by January 2023. Following reports of Chen’s control, Khoon Group’s CEO and board chairman both resigned.
The investigation underscores Singapore’s commitment to combating financial crime and its willingness to cooperate with international efforts to disrupt illicit financial flows. The case serves as a stark reminder of the evolving challenges posed by cryptocurrency-facilitated money laundering and the complex networks used to conceal illicit funds.
