The United States has seized more than $14 billion in bitcoin and charged Cambodian businessman Chen Zhi, founder of the Prince Group, for allegedly running one of the world’s largest cryptocurrency scams. The joint US-UK operation revealed a sprawling criminal network built on fraud, forced labour, and global money laundering.
Cambodian Businessman Accused of Leading Global Scam
Chen Zhi, who holds Cambodian and British citizenship, was charged in New York with conspiracy to commit wire fraud and money laundering. Both the US and UK have sanctioned his companies and frozen his assets.
UK authorities confirmed that 19 London properties linked to Chen’s network were seized, including one worth nearly £100 million. US prosecutors called it one of the largest financial crackdowns in history, involving 127,271 bitcoins now held by the government.
Chen remains a fugitive and is accused of running a vast cyber-fraud empire under the guise of his multinational company, the Prince Group.
The company publicly lists property, finance, and consumer services as its business, but investigators say it secretly operated as one of Asia’s largest criminal networks.
Victims Targeted Through Fake Investments
Investigators said Chen’s network deceived thousands of victims through fraudulent cryptocurrency schemes promising high returns. Victims transferred funds that were never invested.
Court filings reveal that Chen oversaw at least ten scam compounds in Cambodia, designed to exploit victims on a massive scale using technology, manipulation, and coercion.
Scam Compounds and Digital Operations Exposed
Authorities found that Chen’s associates purchased millions of mobile numbers and set up “phone farms” to run large-scale scams. Two facilities held 1,250 phones managing over 76,000 social media accounts.
Workers were trained to appear credible and were told not to use profile photos of people who looked “too beautiful,” making the accounts seem authentic.
Human Trafficking and Forced Labour at the Core
US Assistant Attorney General John A. Eisenberg called the Prince Group “a criminal enterprise built on human suffering.”
Authorities allege Chen trafficked workers and confined them in prison-like compounds where they were forced to carry out online scams targeting thousands globally.
Prosecutors said Chen spent the proceeds on private jets, luxury travel, and rare artwork, including a Picasso purchased in New York. If convicted, Chen faces up to 40 years in prison.
Luxury Properties and Offshore Holdings Under Scrutiny
In the UK, Chen and his associates allegedly used shell companies in the British Virgin Islands to buy property and launder criminal proceeds. His assets include a £100 million central London office building, a £12 million mansion in North London, and 17 additional flats.
The US-UK sanctions have cut Chen off from Britain’s financial system, and the Prince Group has been officially labelled a criminal organisation.
Stolen Funds Hidden in London Property
UK Foreign Secretary Yvette Cooper said Chen’s network was “destroying lives and hiding stolen money in London’s property market.”
She added: “Together with our US partners, we are taking decisive action to dismantle this global criminal network, protect human rights, and keep illicit wealth off our streets.”
Authorities said Chen’s companies built casinos and compounds that served as scam centres and money-laundering hubs.
Four Front Companies Face Sanctions
Four firms linked to Chen — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have been sanctioned.
Two Cambodian scam centres operated by Jin Bei and Golden Fortune were previously named in a human rights report exposing forced labour and torture in cybercrime facilities.
Exploited Workers Forced to Commit Scams
Many workers trapped in Chen’s network were foreign nationals lured by fake job offers. Once inside, they were held captive and forced to run online scams under threat of violence, the UK Foreign Office said.
Officials said the network operates on an “industrial scale,” even targeting victims in the UK using fake romantic relationships and fraudulent investment schemes.
Governments Promise Coordinated Action Against Fraud
Fraud Minister Lord Hanson said: “Fraudsters target the vulnerable, steal life savings, and destroy lives. We will not tolerate this.”
He added that the US-UK operation sends a strong message that international financial crime will face united enforcement, no matter where criminals hide.
