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 uncovered a sprawling criminal network built on deception, forced labour, and international money laundering.
Cambodian Businessman Accused of Running 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 case as one of the largest financial crackdowns in history, involving 127,271 bitcoins now held by the government.
Chen remains at large and is accused of operating a sprawling cyber-fraud empire under the cover of his multinational company, the Prince Group.
The group publicly claims to operate in property, finance, and consumer services, but investigators say it secretly functioned as one of Asia’s largest criminal organisations.
Victims Tricked Into Fake Cryptocurrency Schemes
Investigators said Chen’s network deceived thousands of victims through fraudulent investment offers promising high returns. Victims transferred money that was never invested.
Court filings reveal that Chen oversaw at least ten scam compounds in Cambodia. Prosecutors said these facilities were designed to exploit victims on a large scale using advanced technology and psychological manipulation.
Scam Compounds and Large-Scale Digital Operations
Authorities found that Chen’s associates purchased millions of mobile numbers and operated “phone farms” to run online scams. Two facilities held 1,250 phones managing over 76,000 fake social media accounts.
Workers were instructed on how to appear credible. They were told not to use photos of people who looked “too beautiful,” making accounts seem authentic.
Forced Labour and Human Trafficking 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, forcing them to run online scams targeting thousands worldwide.
Prosecutors said Chen spent illegal proceeds on private jets, luxury travel, and rare art, including a Picasso painting 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 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. The Prince Group has been officially 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 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 run by Jin Bei and Golden Fortune were previously cited in a human rights report documenting forced labour and torture in cybercrime operations.
Workers Exploited and Forced Into 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 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 romantic relationships and fraudulent investment schemes.
Governments Pledge Strong 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 shows that international financial crime will face strong, coordinated enforcement, no matter where the perpetrators hide.
