SINGAPORE, Dec 8 — The police have issued 121 prohibition of disposal orders against vehicles registered under car leasing firm SRS Auto, amid a multi-agency probe into possible money laundering activities.
According to AsiaOne, the orders prevent the sale or transfer of the vehicles as authorities investigate the company and its owners, including Tan Yew Kiat and his daughter Chen Xiaoxuan, over links to Cambodian tycoon Chen Zhi.
Tan, 49, was arrested in late November at SRS Auto’s Kung Chong Road office over suspected money laundering.
The probe, ongoing since 2024, involves the police, the Monetary Authority of Singapore (MAS) and other agencies under the Anti-Money Laundering Case Coordination and Collaboration Network.
Investigators are examining loans and financial transactions related to the leasing firm, including unregulated “floor stock” financing that falls outside MAS oversight.
MAS regulations cap loans for vehicle purchases, but in-house or lease-to-own financing provided by car leasing firms often bypasses these limits, leaving potential gaps for abuse, experts say.
Police said dealers can still submit documents to sell or redeem SRS Auto-financed vehicles, with each request assessed individually.
