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 largest cryptocurrency fraud networks in the world. The joint US-UK operation uncovered a sprawling criminal empire built on deception, forced labour, and international money laundering.
Cambodian Businessman Accused of Leading Global Scam
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 that 19 London properties linked to Chen’s network were seized, including one worth nearly £100 million. US prosecutors called the operation one of the largest financial takedowns in history, involving 127,271 bitcoins now held by the US government.
Chen remains at large and is accused of running a sprawling cyber-fraud empire under the guise 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 by Fake Investment Schemes
Investigators said Chen’s network deceived thousands of victims with fake cryptocurrency schemes promising high returns. Victims transferred money that was never invested.
Court filings reveal Chen oversaw at least ten scam compounds in Cambodia. Prosecutors said these sites were designed to exploit victims on a massive scale, using advanced technology and psychological manipulation.
Scam Compounds and Large-Scale Digital Operations
Authorities discovered that Chen’s accomplices purchased millions of mobile numbers and set up “phone farms” to run massive online scams. Two facilities contained 1,250 phones managing over 76,000 fake social media accounts.
Workers were trained to appear credible. They were instructed not to use photos of people who looked “too beautiful,” so fake accounts seemed authentic.
Forced Labour and Human Trafficking Exposed
US Assistant Attorney General John A. Eisenberg called the Prince Group “a criminal enterprise built on human suffering.”
Authorities allege Chen trafficked workers, confining them in prison-like compounds and forcing them to conduct online scams targeting thousands worldwide.
Prosecutors said Chen spent the illicit proceeds on private jets, luxury travel, and rare art, including a Picasso purchased in New York. If convicted, he 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 money. His assets include a £100 million office building in central London, a £12 million mansion in North London, and 17 additional flats.
US-UK sanctions now block Chen from Britain’s financial system. The Prince Group has been officially designated a criminal organisation.
Stolen Money Hidden in London Real Estate
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, defend human rights, and keep illicit wealth off our streets.”
Authorities said Chen’s companies built casinos and compounds used as scam centres and money-laundering hubs.
Four Linked Companies Sanctioned
Four companies tied to Chen — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have been sanctioned by UK authorities.
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 operations.
Workers Exploited and Forced Into Fraud
Many workers trapped in Chen’s network were foreign nationals lured by fake job offers. Once inside, they were held captive and forced to commit online scams under threats of violence, according to the UK Foreign Office.
Officials said the network operates on an “industrial scale,” even targeting victims in the UK through fake romantic relationships and fraudulent investment schemes.
Governments Vow Coordinated Action Against Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters prey on the vulnerable, steal life savings, and destroy lives. We will not tolerate this.”
He added that the US-UK operation sends a strong signal that international financial crime will face united enforcement, no matter where the perpetrators hide.
