Singapore Probe Into Alleged Prince Scam Ring Widens With Raid
(Bloomberg) — Singapore authorities raided a car loan company that received a loan from a firm affiliated with Prince Holding Group, as the net widens on people linked to the alleged fraud organization and its chairman Chen Zhi.
SRS Auto Holdings Pte., registered in Singapore. It was raided by police last week, according to people familiar with the matter who asked not to be identified citing sensitive information. They said the sole owner of SRS, Tan Yew Kiat, was arrested.
“Police are investigating Chen Zhi and companies linked to him,” the Singapore Police Force said in a statement in response to questions about the raid on SRS on Sunday. “So far, one person suspected of involvement in money laundering has been arrested. We cannot comment further as the investigation is ongoing.”
There was no mention of SRS or Tan in the police statement. SRS did not respond to an emailed request for comment, while Tan did not respond to calls or text messages regarding the same.
Last month, the United States indicted Chinese-born Chen for allegedly leading a vast transnational fraud organization and criminal ring. US and UK authorities also imposed sanctions on the 37-year-old, his associates and related companies, accusing them of operating fraud centers around the world that stole money from victims and laundered billions of dollars in funds.
SRS, a specialty vehicle leasing and auto financing company, received a “commitment-free revolving credit facility” from Skyline Investment Management Pte., according to an agreement seen by Bloomberg News in May 2017 that corporate filings show are still in effect. At the time of the agreement, SRS, TS-Wheelers Holdings Pte. It was known as.
Skyline is one of dozens of firms approved last month by the U.S. Treasury Department, which claims Chen’s control made him part of a criminal network. Separately, Tan, a Singapore citizen, was listed in a corporate directory as a director at Cambodia-registered TGC Cambodia Co., which is also approved by the United States.
Clarence Lun Yaodong, an attorney representing Skyline, declined to comment.
The loan agreement also includes SRS’s agreement with Singaporean lender United Overseas Bank Ltd. and that he also has accounts with the Singapore arm of Malayan Banking Bhd.
“Due to customer confidentiality we are unable to comment on individual customer relationships,” a UOB spokesman said. Malaysia-based Maybank did not respond to an emailed request for comment.
US and UK sanctions against Chen and various partners and firms have led to investigations by authorities in Asia, including Singapore, Hong Kong and Taiwan. Following the US action, Singapore police seized more than S$150 million ($115 million) in assets linked to her and Prince, including properties, cars and bank accounts.
The Prince group said in a statement earlier this month that it “categorically rejects the notion that it or its President Chen Zhi has engaged in any illegal activity.” Skyline and other firms linked to it are also trying to gain access to funds frozen by Singapore authorities in accounts held at Maybank and Revolut Ltd., arguing that this is causing “significant hardship” to employees and their families.
More stories like this available Bloomberg.com
