Singapore police stepped up their inquiry into the alleged Prince-linked scam network after searching a car loan company that borrowed from a firm tied to Chen Zhi.

People familiar with the case told Bloomberg that officers raided SRS Auto Holdings last week and arrested its sole proprietor, Tan Yew Kiat.

The Singapore Police Force confirmed it is investigating Chen and related companies and said one person has been detained for suspected money laundering, without naming the individual or firm.

SRS and Tan did not respond to queries.

Chen, chairman of Cambodia’s Prince Holding Group, was indicted in the US last month for allegedly directing a transnational scam and cyber fraud operation.

The US and UK also sanctioned him, his associates and connected entities, accusing them of defrauding victims globally and moving billions of dollars.

Records show SRS received an uncommitted revolving loan facility in 2017 from Skyline Investment Management, a company later sanctioned by the US for its links to Chen.

SRS was then known as TS-Wheelers Holdings. Filings also list Tan as a director of TGC Cambodia, another sanctioned firm.

A lawyer for Skyline declined to comment. The loan agreement indicated SRS held accounts with United Overseas Bank and Maybank.

UOB said it could not discuss client matters. Maybank did not reply.

Investigations across Asia have widened since the coordinated US and UK actions.

Singapore police seized more than 150 million Singapore dollars in assets they say are linked to Chen and Prince, including properties, vehicles and bank deposits.

Prince Holding Group has denied any wrongdoing.

Several sanctioned entities connected to Chen are seeking partial access to frozen funds held with Maybank and Revolut, saying the freeze has affected their ability to meet expenses.

Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik