Singapore deepens probe into Chen Zhi’s alleged scam empire with fresh raid

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 were 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 did not mention SRS or Tan. SRS did not reply to an emailed request for comment, while Tan did not 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, 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.

  

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