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 exposed a criminal empire built on deception, forced labour, and global money laundering.
Cambodian Tycoon Accused of Leading Worldwide 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 sanctioned his companies and froze his assets.
UK authorities confirmed that 19 London properties linked to Chen’s network have been seized, including one valued at nearly £100 million. US prosecutors described the seizure as 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 disguised as a multinational company, the Prince Group.
The company claims to operate in property, finance, and consumer services, but investigators say it secretly ran one of Asia’s largest criminal organisations.
Victims Tricked Into Fake Cryptocurrency Schemes
Investigators said Chen’s network deceived thousands of victims through false investment offers promising high returns. Victims transferred money that was never invested.
Court documents show that Chen oversaw at least ten scam compounds in Cambodia. Prosecutors said these sites were built to exploit victims on a massive scale using advanced technology and psychological manipulation.
Scam Compounds and Large-Scale Digital Operations
Authorities found that Chen’s accomplices purchased millions of mobile numbers and created “phone farms” to run large-scale scams. Two centres contained 1,250 phones managing over 76,000 fake social media accounts.
Workers were trained to appear trustworthy. They were instructed not to use photos of people who looked “too beautiful,” to make accounts seem authentic.
Forced Labour and Human Trafficking Behind the Network
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 run online scams targeting thousands worldwide.
Prosecutors said Chen spent the illegal profits 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 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 holdings 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 formally labelled a criminal organisation.
Stolen Funds 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, protect human rights, and keep illicit wealth off our streets.”
Authorities said Chen’s businesses built casinos and compounds that served as scam centres and money-laundering hubs.
Four 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 documenting 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 carry out 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 Pledge Coordinated Action Against Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters exploit the vulnerable, steal savings, and destroy lives. We will not tolerate this.”
He added that the US-UK operation sends a clear message that international financial crime will face strong, coordinated enforcement, no matter where the perpetrators hide.
