Authorities tighten enforcement as probes widen across auto financing, property deals, and offshore links
A widening money laundering probe involving Cambodian tycoon Chen Zhi has triggered a series of enforcement actions across Singapore’s auto leasing sector and commercial property market. Vehicles, directors, and a major Bukit Merah building tied to the investigation are now under scrutiny as authorities dissect complex financial links spanning Singapore, Cambodia, China, and the United States.
Crackdown on Vehicles Linked to SRS Auto
Singapore police issued 121 prohibition of disposal orders on vehicles registered under SRS Auto, effectively blocking their sale or transfer. The move came as part of a multi-agency investigation into potential money laundering activities within the car leasing sector. Authorities began scrutinizing the company in 2024 after receiving intelligence from the Suspicious Transaction Reporting Office related to Cambodian tycoon Chen Zhi, who was indicted in the United States on Oct 14, 2025.
Chen Zhi at the Center of Cross-Border Investigations
Chen Zhi, chairman of the Prince Group conglomerate, is accused of wire fraud, money laundering conspiracy, and running forced-labour scam compounds in Cambodia. His business interests in Singapore include auto financing, corporate vehicles, real estate, and multiple firms registered under associates.
Investigators are now speaking to industry insiders, including Chen Xiaoxuan, who owns the 32,000 sq ft commercial building at 2 Jalan Kilang Barat and is assisting police with their inquiries. Her father, Tan Yew Kiat, owner of SRS Auto, was arrested in late November for suspected involvement in money laundering services.
A Commercial Property Pulled From the Market
On Dec 2, 2025, the property at 2 Jalan Kilang Barat was listed for sale at $50 million, but the listing was removed just three days later without explanation. The building is a significant node in the investigation. US authorities linked it to 11 Chen Zhi–related companies and another three tied to adviser Karen Chen.
The building was acquired in 2022 by 2JKB, a company incorporated by Chen Xiaoxuan only seven months before the purchase. It previously belonged to ESR-LOGOS REIT, which sold it for $35.3 million.
Web of Auto-Related Entities Under Review
Chen Xiaoxuan serves as a director of multiple auto financing and leasing entities, including Supreme Cars Financial Services, Rolls Platform, and Cars and Coffee Leasing. All are registered at the same 2 Jalan Kilang Barat address. These firms are now among those examined for their financial links to Chen Zhi, Tan, and their associates.
Past investigations revealed that Tan and his long-time associate Quek Teng Guan were directors of TGC Cambodia, a Phnom Penh “pawnshop” linked to individuals sanctioned for ties to online scams and money laundering.
Regulatory Concerns Over Unregulated Auto Financing
Singapore’s Monetary Authority maintains strict rules for motor vehicle loans issued by financial institutions, limiting loan-to-value ratios to 60 percent or 70 percent, depending on a vehicle’s open market value. However, many car leasing companies offer lease-to-own or unsecured financing that falls outside MAS’ oversight.
Acting Transport Minister Jeffrey Siow warned that buyers using such unregulated financing have no protection if disputes arise. Industry insiders have long sounded alarms, noting that up to eight in ten buyers of private-hire or corporate vehicles rely on alternative loans.
Finance expert Ben Charoenwong of INSEAD stressed that unregulated in-house financing presents structural risks. Without mandatory know-your-customer checks or transaction monitoring, leasing firms could inadvertently facilitate illicit flows from offshore entities.
Large-Scale Asset Seizures Across Multiple Jurisdictions
Singapore police launched an operation on Oct 30 that resulted in the seizure or freezing of over $150 million in assets, including luxury cars and a yacht. Abroad, US and British authorities seized US$15 billion worth of Bitcoin and tens of millions in real estate tied to the investigation. Three Singaporeans were sanctioned by the US alongside Chen Zhi and Karen Chen.
National Development Minister Chee Hong Tat confirmed that Singapore had been investigating Chen Zhi even before the US indictment. The Prince Group has denied all allegations, calling them “baseless.” Chen Zhi’s current whereabouts remain unknown, though SPF confirmed he is not in Singapore.
The deepening investigation highlights the vulnerabilities that arise when unregulated financing practices intersect with cross-border capital flows. For both Indonesians and Singaporeans, the case underscores the importance of stronger safeguards in corporate structures, real estate transactions, and alternative lending channels. As authorities continue unraveling the network linked to Chen Zhi, the findings may reshape how Singapore supervises high-risk sectors and offshore-linked business activities.
Sources: Straits Times (2025) , Straits Times 2 (2025)
Keywords: Chen Zhi, SRS Auto, 2 Jalan Kilang Barat, Money Laundering Investigation, MAS Regulation
