Singaporean authorities arrested businessman Tan Yew Kiat last week as part of an expanding investigation into Cambodian businessman Chen Zhi, who is accused of leading a global scam operation. Singapore police confirmed Tan's arrest on 23/11 after searches linked to several money laundering allegations, though specific investigation details were not disclosed.

Tan, a businessman previously involved in several legal disputes in Singapore, holds positions in 16 companies based in the SRS building. He is primarily known as the owner of SRS Auto, which specializes in vehicle rentals and car loans, and is also the founder of the women's fashion company bYSI.

Singapore police confirmed they are expanding their investigation into Chen Zhi's activities and associated companies. Chen operates Prince Holding Group (PHG), which the US sanctioned and indicted in October, alleging it is behind an international scam empire, human trafficking, and forced labor.

Tan Yew Kiat pictured in a Straits Times interview in 2015. *Photo: ST*

The Straits Times reported that Chen may have transferred funds from his Cambodian operations, many of which are US-sanctioned, to several Singaporean car companies. These funds are suspected to have moved through TGC Cambodia, a pawn shop in Phnom Penh led by Chhay Guy. Chhay, who is currently at large, was sanctioned by the US and UK for fraud and money laundering.

TGC Cambodia has four directors: Chhay, Tan, Singaporean businessman Quek Teng Guan, and Honn Sorachna, chief executive officer of Prince Bank. Prince Bank, which Chen and Chhay control, is also on the US sanctions list. The Straits Times, citing informed sources, suggested Tan has a close relationship with Chen, having reportedly received a loan from Chen's investment company, Skyline.

The police investigation also uncovered a connection between Chen and a Singaporean woman, Chen Xiaoxuan, who shares an address with Tan. Chen Xiaoxuan operates at least three car rental companies in Singapore. She also purchased a building in Singapore in late 2022, which US officials identify as the registered address for 11 companies directly linked to Chen Zhi.

Chen Zhi has been indicted in the US and faces a maximum sentence of 40 years in prison. The US government also seized approximately 127,271 bitcoin from the tycoon, valued at nearly 15 billion USD at current exchange rates. Furthermore, related companies have been added to the sanctions list, incurring asset freezes and transaction bans.

A series of asset seizures targeting PHG are also underway across Asia and Europe. In a statement on 11/11, PHG denied all allegations from US and other officials, calling the information "baseless" and claiming it "caused undue harm to thousands of employees, partners, and the community".

*By Thanh Danh (Based on Straits Times, Malaysia Edge)*