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 world’s largest cryptocurrency fraud networks. The joint US-UK investigation exposed a sprawling criminal empire built on deception, forced labour, and international money laundering.
Cambodian Businessman Accused of Leading 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 that 19 London properties linked to Chen’s network were seized, including one valued at nearly £100 million. US prosecutors described the operation as one of the largest financial crackdowns in history, with 127,271 bitcoins now under government control.
Chen remains at large and is accused of operating a sprawling cyber-fraud empire under the cover of his multinational company, the Prince Group.
While the company publicly lists property, finance, and consumer services, investigators say it secretly operated as one of Asia’s largest criminal organisations.
Victims Deceived by Fraudulent Cryptocurrency Schemes
Investigators said Chen’s network tricked thousands of victims with fake cryptocurrency schemes promising high returns. Victims transferred money that was never invested.
Court filings show Chen oversaw at least ten scam compounds in Cambodia. Prosecutors said these compounds were designed to exploit as many victims as possible using technology, manipulation, and psychological pressure.
Scam Compounds and Large-Scale Digital Operations
Authorities discovered that Chen’s associates purchased millions of mobile numbers and ran “phone farms” to manage large-scale online scams. Two facilities contained 1,250 phones controlling more than 76,000 fake social media accounts.
Workers were trained to appear credible and instructed not to use photos of people who looked “too beautiful,” making accounts appear authentic.
Forced Labour and Human Trafficking Revealed
US Assistant Attorney General John A. Eisenberg described the Prince Group as “a criminal enterprise built on human suffering.”
Authorities allege Chen trafficked workers and confined them in prison-like compounds, forcing them to carry out online scams targeting thousands worldwide.
Prosecutors said Chen spent criminal proceeds on private jets, luxury travel, and rare artwork, including a Picasso painting purchased in New York. If convicted, he faces up to 40 years in prison.
London Properties and Offshore Holdings
In the UK, Chen and his associates allegedly used shell companies in the British Virgin Islands to buy property and launder illicit funds. His assets include a £100 million office tower 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 labelled a criminal organisation.
Illicit Wealth 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 Companies Connected to Scams 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 scam centres operated by Jin Bei and Golden Fortune were previously cited in a human rights report exposing forced labour and torture in cybercrime facilities.
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, the UK Foreign Office said.
Officials said the network operates on an “industrial scale,” even targeting victims in the UK through fake online 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 demonstrates that international financial crime will face strong, coordinated enforcement, no matter where perpetrators hide.
