Car leasing firm boss held as probe into scam ring widens

Arrest comes amid S'pore police probe into Cambodian national and firms linked to him

- Andrew Wong

The Singaporean owner of a car leasing firm has been arrested amid an ongoing criminal probe by the US Treasury that has seen the US government seize some US$15 billion (S$19.4 billion) in Bitcoin.

Mr Tan Yew Kiat, the owner of SRS Auto in Kung Chong Road, was arrested last week after the Singapore Police Force (SPF) conducted a series of raids.

An SPF spokesman said: "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."

SPF confirmed it is investigating in Singapore the activities of Cambodian national Chen Zhi and the companies associated with him.

Chen ran a real estate and financial services conglomerate, the Prince Holding Group, which is based in Cambodia and has been hit by sanctions that have resulted in the freezing of assets worth billions.

The US government on Oct 14 charged Chen and his firm in New York with wire fraud and money laundering conspiracies for directing the multinational business conglomerate's operation of forced-labour scam compounds across Cambodia.

Over the past two weeks, The Straits Times has been taking a closer look at Chen's involvement in banking services and a pawnshop in Cambodia, as well as his links to car leasing and financing companies in Singapore.

It appears Chen may have moved funds from his various interests in Cambodia, most of which have been sanctioned in the US probe, to several companies in the car trade.

The movement of funds was in part channelled via TGC Cambodia, a "pawnshop" in Phnom Penh chaired by a shadowy individual named Chhay Guy, who was sanctioned by the US Treasury along with Chen for their alleged ties to online scams and money laundering.