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 exposed a vast criminal network built on fraud, forced labour, and global money laundering.
Cambodian Tycoon at the Heart of Global Crypto 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 governments sanctioned his companies and froze his assets.
UK officials confirmed that 19 London properties tied to Chen’s network have been seized, including one worth nearly £100 million. Prosecutors described the case as one of the largest financial takedowns ever, involving 127,271 bitcoins now controlled by the US government.
Chen remains a fugitive and is accused of running a vast cyber-fraud network under the guise of a legitimate multinational business empire.
The Prince Group publicly claims to work in real estate, finance, and consumer services. Investigators, however, allege it secretly operated as one of Asia’s biggest criminal organisations.
Fake Investments and Global Victims
Investigators said Chen’s group deceived victims through false cryptocurrency investment schemes. They convinced people to transfer money based on fake promises of huge profits.
Court filings show that under Chen’s command, at least ten scam compounds were built across Cambodia. Prosecutors said these operations were designed to trap as many victims as possible using technology, manipulation, and psychological pressure.
Digital Scam Factories Operating at Industrial Scale
Authorities revealed that Chen’s accomplices purchased millions of phone numbers and set up “phone farms” to conduct large-scale online scams. Two centres housed 1,250 mobile phones managing more than 76,000 fake social media accounts.
Documents show workers received detailed guidance on how to appear trustworthy. They were even told not to use photos of people who looked “too beautiful,” to make fake profiles seem realistic and believable.
Forced Labour and Human Trafficking Behind the Network
US Assistant Attorney General John A. Eisenberg called the Prince Group “a criminal empire built on human suffering.”
According to investigators, Chen’s organisation trafficked workers and confined them in guarded compounds. They were forced to carry out online scams targeting thousands of victims worldwide.
Prosecutors said Chen spent criminal profits on private jets, luxury travel, and expensive art — including a Picasso painting purchased in New York. If convicted, Chen faces up to 40 years in prison.
Lavish London Real Estate Under Seizure
In the UK, Chen and his partners allegedly created shell companies in the British Virgin Islands to buy luxury property and launder illicit funds. His network reportedly owns a £100 million office tower in central London, a £12 million North London mansion, and 17 city flats.
The coordinated US-UK sanctions have now cut Chen off from Britain’s financial system. The Prince Group has been formally labelled a criminal organisation by both countries.
Dirty Money Hidden in Britain’s Property Market
UK Foreign Secretary Yvette Cooper accused Chen’s network of “wrecking lives and hiding stolen money in London’s property market.”
She said: “Together with our US partners, we are taking decisive action to dismantle this transnational criminal network, defend human rights, and protect the UK from dirty money.”
According to the UK Foreign Office, Chen’s businesses built casinos and compounds used for online scams and global money laundering.
Four Front Companies Sanctioned
Four firms connected to Chen’s network — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have all been sanctioned.
Two Cambodian scam centres, operated by Jin Bei and Golden Fortune, were named earlier this year in a human rights report exposing forced labour and torture inside cybercrime compounds.
Workers Exploited and Forced to Commit Crimes
Many workers trapped inside Chen’s scam centres were foreign nationals deceived by fake job offers. Once inside, they were held captive and forced to carry out scams under threats of violence or torture, according to the UK Foreign Office.
Officials said these fraud operations work on an “industrial scale,” even targeting British victims through fake online romances and investment traps.
Governments Unite Against Global Financial Crime
Fraud Minister Lord Hanson said: “Fraudsters prey on the vulnerable, stealing life savings and destroying families. We will not tolerate this.”
He said the coordinated US-UK operation shows that governments are ready to fight international financial crime with stronger, united action — no matter where the criminals hide.
