The United States has seized over $14 billion in bitcoin and charged Cambodian businessman Chen Zhi, founder of the Prince Group, for allegedly running one of the largest cryptocurrency fraud networks in the world. The joint US-UK operation revealed a criminal empire built on deception, forced labour, and international money laundering.
Cambodian Businessman Allegedly Behind Global Fraud
Chen Zhi, a dual citizen of Cambodia and the UK, 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 19 London properties linked to Chen’s network have been seized, including one worth nearly £100 million. US prosecutors called it one of the largest financial takedowns ever, involving 127,271 bitcoins now under government control.
Chen remains at large and is accused of running a sprawling cyber-fraud empire under the cover of his multinational company, the Prince Group.
The Prince Group publicly lists property, finance, and consumer services as its business, but investigators say it secretly operated as one of Asia’s largest criminal organisations.
Victims Lured Into Fake Investment Schemes
Investigators said Chen’s network targeted thousands of victims with fraudulent cryptocurrency schemes promising high returns. Victims were persuaded to transfer money that was never invested.
Court filings show Chen oversaw the construction of at least ten scam compounds in Cambodia, designed to exploit victims on a massive scale using technology, manipulation, and coercion.
Scam Compounds and Large-Scale Digital Operations
Authorities found that Chen’s accomplices purchased millions of phone numbers and set up “phone farms” to run extensive online scams. Two facilities housed 1,250 phones managing over 76,000 fake social media accounts.
Workers were given instructions on how to appear credible and were told not to use profile photos of people who looked “too beautiful” to make the accounts seem authentic.
Forced Labour and Human Trafficking Revealed
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 conduct online scams targeting thousands of people worldwide.
Prosecutors said Chen spent criminal profits on luxury travel, private jets, and rare art, including a Picasso painting bought in New York. If convicted, he faces up to 40 years in prison.
London Real Estate and Offshore Holdings Under Scrutiny
In the UK, Chen and his associates allegedly created shell companies in the British Virgin Islands to buy property and launder illicit funds. His holdings include a £100 million central London office tower, a £12 million mansion in North London, and 17 additional flats.
US-UK sanctions now block Chen from Britain’s financial system, and the Prince Group has been formally labelled a criminal organisation.
Criminal Profits Hidden in London Property
UK Foreign Secretary Yvette Cooper accused Chen’s network of “destroying lives and hiding stolen money in London’s property market.”
She said: “Together with our US partners, we are taking decisive action to dismantle this global criminal network, defend 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 Sanctioned
Four firms tied to Chen — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have been sanctioned by UK authorities.
Two Cambodian centres run by Jin Bei and Golden Fortune were previously named in a human rights report exposing forced labour and torture in cybercrime operations.
Exploited Workers Forced Into Fraud
Many workers trapped in Chen’s network were foreign nationals lured by false job offers. They were held captive and forced to commit online scams under threat of violence, according to the UK Foreign Office.
Officials said the network operates on an “industrial scale,” including in the UK, using fake relationships and fraudulent investments to trap victims.
Governments Vow Coordinated Action Against Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters target the vulnerable, steal savings, and ruin lives. We will not tolerate this.”
He added that the US-UK operation sends a strong signal that international financial crime will face coordinated enforcement, no matter where the criminals hide.
