Singapore car leasing owner arrested amid US$15B Bitcoin probe linked to Chen Zhi

Singapore police have arrested the owner of a car leasing firm as part of an expanding probe linked to a major United States investigation involving billions in cryptocurrency.

According to a statement by the Singapore Police Force (SPF), Tan Yew Kiat, owner of SRS Auto, was detained this week following raids conducted in Singapore.

SPF said one individual had been arrested on suspicion of involvement in money-laundering offences and that investigations are ongoing.

SPF separately confirmed it is examining local activities connected to Cambodian national Chen Zhi and companies associated with him.
The police statements did not identify SRS or Tan directly.

SRS Auto did not respond to emailed queries, and Tan did not reply to calls or text messages seeking comment.

According to Bloomberg, SRS took an “uncommitted revolving loan facility” from Skyline Investment Management in May 2017.

Corporate filings indicate that the facility remains active and that SRS, then known as TS-Wheelers Holdings, held accounts with United Overseas Bank and the Singapore arm of Maybank.

Skyline was among dozens of entities sanctioned by the US Treasury Department, which alleged that Chen controlled the firm as part of a criminal network.

Maybank did not respond to media requests, while a UOB spokesperson declined to comment.

Chen ran the Cambodia-based Prince Holding Group, which has been hit by sanctions resulting in the freezing of assets worth billions.

On 14 October 2025, US authorities charged Chen and his firm in New York with wire fraud and money-laundering conspiracies relating to forced-labour scam compounds across Cambodia.

According to The Straits Times, Tan was listed as a director at Cambodia-registered TGC Cambodia, a firm also sanctioned by the US.
The report said Tan allegedly had a close relationship with Chen.

Funds appeared to have moved from Chen’s Cambodia-based interests to several Singapore companies in the car trade.

Some flows were channelled via TGC Cambodia, a pawnshop in Phnom Penh chaired by Chhay Guy, who was sanctioned alongside Chen.

Chhay has also been accused by the United Kingdom’s Foreign, Commonwealth and Development Office of supporting or facilitating human rights abuses.

Both Chen and Chhay remain at large.

The Straits Times reported that the chief executive of TGC Cambodia is Singaporean Quek Teng Guan, while Tan, 49, is listed as a director.
Its other directors are Chhay and the chief executive of Prince Bank, Honn Sorachna.

Prince Bank, controlled by Chen and Chhay as sole shareholders, was sanctioned in the same probe.

The bank and its chief executive were included in the US Treasury’s actions.

Tan has been previously linked to several business controversies.

He founded women’s apparel company bYSI and holds directorships in 16 Singapore companies registered to the SRS Building in Kung Chong Road.

In January 2024, the Securities Industry Council sanctioned Tan after finding him complicit in two breaches of the Singapore Code on Take-overs and Mergers.
He was barred from trading shares on the Singapore Exchange without SIC approval for 18 months.

Tan was also declared unfit to serve as a director of any listed company for three years from January 2024.

Further links have emerged between Chen and a Singaporean woman sharing Tan’s residential address.

According to The Straits Times, this individual, Chen Xiaoxuan, 25, is involved in the car-leasing sector and is listed as a director of several firms.

She incorporated Rolls Platforms in August 2025 and set up 2JKB in 2022.

A land title deed seen by The Straits Times shows that 2JKB purchased a commercial building in Jalan Kilang Barat in December 2022.

ESR-LOGOS REIT had divested the property for S$35.3 million in November 2022.

The building has been identified in the US probe as the Singapore address for 11 entities linked to Chen and three tied to another sanctioned individual, Chen Xiuling, also known as Karen Chen.

On 30 October, SPF mounted an operation against Chen’s associates in Singapore, seizing or freezing assets valued at more than S$150 million, including luxury cars and a yacht.

Prince Group subsequently issued a statement on 11 November denying any unlawful activity.

It said allegations appeared “baseless” and aimed at justifying multibillion-dollar asset seizures.

In total, the US Treasury sanctioned 146 entities, including Hong Kong-listed Khoon Group.

Khoon Group owns Singapore-headquartered subsidiary Khoon Engineering, an electrical works firm.

Chen held a controlling 55 per cent stake in Khoon Group and all subsidiaries by January 2023.

A week after related reports, Khoon Group announced the resignations of its chief executive, Ang Kok Kwang, and board chairman, Ang Jui Khoon.

Heidoh earlier reported that both individuals are long-time grassroots leaders affiliated with the People’s Action Party, while Khoon Engineering Group in Singapore clarified that it operates independently and has no business ties with the Hong Kong-listed Khoon Group.

The firm added that the Ang family fully divested its 55% stake in Khoon Group nearly three years ago and that Chen Zhi, who acquired the shares, has no involvement in Khoon Engineering Group’s Singapore operations.