Singapore (VNA) — Singapore police have issued 121 prohibition of disposal orders against vehicles registered under SRS Auto (Singapore), as authorities expand a multi-agency investigation into allegations that the firm helped Chen Zhi, Chairman of Prince Group, launder money through its car leasing business.
The orders block the sale or transfer of vehicles owned by the company.
The investigation began in 2024 after police received financial intelligence from the Suspicious Transaction Reporting Office (STR) regarding 38-year-old Cambodian busnessmen Chen.
On October 14, Chen was indicted in the US over alleged wire fraud and money laundering conspiracy, and for allegedly directing the operation of forced-labour scam compounds in Cambodia.
In Singapore, the probe involves police and agencies within the Anti-Money Laundering Case Coordination and Collaboration Network (AMLCN), including the Monetary Authority of Singapore (MAS) and intelligence agencies. Singaporean authorities are examining a range of Chen’s business and investment activities in the country, including the automotive sector and individuals previously linked to him.
Earlier, The Straits Times reported that a commercial cluster at 2 Jalan Kilang Barat is directly linked to 11 Singapore-registered companies owned by Chen and three companies associated with his close adviser, Karen Chen.
On October 14, the US and UK imposed sanctions on Prince Group and Chen for alleged conspiracy to commit fraud and money laundering. The US Treasury Department described the group as a “transnational criminal organisation.” According to US authorities, Chen’s network operated forced-labour scam centres in at least 10 compounds across Cambodia, where thousands of migrant workers were detained and forced to impersonate others on social media to defraud victims into transferring digital assets./.
Singapore probes 300 suspects linked to 800 scam cases
Singapore recorded nearly 20,000 scam cases in the first half of 2025 with estimated losses of 456.4 million USD. In 2024, scam victims lost 1.1 billion USD, the highest annual total on record./.
