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 a massive cryptocurrency scam network built on deception and forced labour. The joint US-UK operation is one of the largest financial crackdowns in recent history.
Business Magnate Accused of Leading Global Crime Network
Chen Zhi, who holds both Cambodian and British citizenship, was charged in New York with conspiracy to commit wire fraud and money laundering. The US and UK governments have sanctioned his network and frozen his assets.
British officials confirmed that 19 London properties linked to Chen’s network have been seized, including one worth almost £100 million. Prosecutors in the US called the seizure one of the biggest financial operations in history, involving 127,271 bitcoins now held by the US government.
Chen remains on the run and is accused of heading a vast cyber-fraud empire under the cover of his multinational company, the Prince Group.
The organisation claims to operate in property, finance, and consumer services, but investigators say it secretly ran one of Asia’s largest criminal syndicates.
Thousands of Victims Duped by Fake Investment Schemes
Investigators said Chen’s network targeted unsuspecting victims with fake cryptocurrency investment offers. Victims were persuaded to transfer funds based on false promises of high profits that never existed.
Court filings reveal that Chen oversaw at least ten scam compounds in Cambodia designed to exploit victims on a massive scale. Prosecutors described the setup as highly organised, using advanced technology and psychological manipulation.
Inside the Scam Factories and Digital Deception Hubs
Authorities discovered that Chen’s accomplices bought millions of phone numbers and created “phone farms” to manage vast networks of fake online accounts. Two facilities contained 1,250 phones controlling more than 76,000 fraudulent social media profiles.
Documents show that workers were instructed on how to sound genuine to potential victims. They were even told not to use profile photos of people who looked “too beautiful” to make fake accounts appear more trustworthy.
Human Trafficking and Forced Labour Behind the Operation
US Assistant Attorney General John A. Eisenberg described the Prince Group as “a criminal empire built on human misery.”
Prosecutors allege that Chen’s organisation trafficked workers who were imprisoned in heavily guarded compounds. These workers were forced to conduct online scams that targeted thousands of people worldwide.
The Justice Department said Chen and his team spent their profits on luxury travel, private jets, and rare artwork — including a Picasso painting purchased in New York. If convicted, Chen faces a maximum prison sentence of 40 years.
Luxury Properties and Offshore Accounts Under Investigation
In the UK, Chen and his associates allegedly used shell companies in the British Virgin Islands to purchase prime real estate and launder illicit funds. His assets reportedly include a £100 million office tower in central London, a £12 million mansion in North London, and 17 additional flats across the capital.
The coordinated sanctions between the US and UK have cut Chen off from Britain’s financial system. The Prince Group has been officially labelled a criminal organisation.
London Property Market Used to Hide Criminal Profits
UK Foreign Secretary Yvette Cooper accused Chen’s network of “ruining lives and hiding stolen wealth in London’s property market.”
She said: “Together with our US partners, we are taking strong and united action to dismantle this global network, defend human rights, and protect Britain from dirty money.”
The UK Foreign Office said Chen’s businesses built casinos and compounds that operated as scam centres and money-laundering bases.
Four Companies Hit With Sanctions
Four firms linked to Chen’s network — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have been sanctioned by UK authorities.
Two Cambodian centres operated by Jin Bei and Golden Fortune were previously identified in a human rights report exposing forced labour and torture in cybercrime compounds.
Exploited Workers Forced to Commit Online Scams
Many of the workers trapped in Chen’s scam network were foreign nationals lured by fake job offers. Once inside, they were imprisoned and forced to carry out scams under threats of violence, according to the UK Foreign Office.
Officials said the fraud network operates on an “industrial scale,” even targeting people in the UK through fake online relationships and fraudulent investments.
Governments Promise Tougher Action on Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters exploit the vulnerable, steal life savings, and destroy lives. We will not stand by.”
He said the international operation proves that global financial crime will face firm, coordinated action — and that justice will reach even those hiding behind international borders.
