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 sprawling criminal network built on fraud, forced labour, and money laundering.
Cambodian Businessman Accused of Global Fraud Network
Chen Zhi, who holds both Cambodian and British citizenship, 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 have been seized, including one valued at nearly £100 million. Prosecutors described the case as one of the largest financial crackdowns in history, involving 127,271 bitcoins now controlled by the US government.
Chen remains at large and is accused of running a vast cyber-fraud operation disguised as his multinational business, the Prince Group.
The group publicly lists property, finance, and consumer services as its activities, but investigators say it secretly ran one of Asia’s largest criminal organisations.
Victims Tricked Into Fake Cryptocurrency Investments
Investigators said Chen’s network deceived thousands of victims through fake cryptocurrency schemes, promising high returns that never existed.
Court documents show that Chen directed the construction of at least ten scam compounds in Cambodia. Prosecutors said these facilities were designed to exploit victims on a large scale, combining psychological manipulation and technological deception.
Scam Compounds and Massive Digital Operations
Authorities revealed that Chen’s accomplices purchased millions of phone numbers and ran “phone farms” to manage fake accounts and online scams. Two facilities contained 1,250 phones controlling more than 76,000 social media profiles.
Documents show workers were trained to appear trustworthy. They were told not to use photos of people who looked “too beautiful,” making their fake accounts seem more convincing.
Human Trafficking and Forced Labour at the Core
US Assistant Attorney General John A. Eisenberg described the Prince Group as “a criminal enterprise built on human suffering.”
Investigators allege Chen’s organisation trafficked workers, locking them in prison-like compounds and forcing them to run online scams targeting thousands of people worldwide.
Prosecutors said Chen spent profits on private jets, luxury travel, and expensive artwork, including a Picasso purchased in New York. If convicted, Chen faces up to 40 years in prison.
Luxury London Properties Under Scrutiny
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.
The US-UK sanctions now block Chen from accessing the British financial system. The Prince Group has been formally designated a criminal organisation.
Stolen Money Hidden in London Real Estate
UK Foreign Secretary Yvette Cooper accused Chen’s network of “destroying 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 global criminal network, defend human rights, and keep illicit wealth off our streets.”
UK authorities reported that Chen’s businesses built casinos and compounds used for online scams and laundering money.
Four Front Companies Face Sanctions
Four companies linked to Chen — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have all been sanctioned by the UK.
Two Cambodian scam centres run by Jin Bei and Golden Fortune were previously exposed in a human rights report for forced labour and torture in cybercrime operations.
Exploited Workers Forced Into Scams
Many of the workers trapped in Chen’s network were foreign nationals lured by fake job offers. They were held captive and forced to commit scams under threats of violence, according to the UK Foreign Office.
Officials said the network operates on an “industrial scale,” including in the UK, targeting victims through fake online relationships and fraudulent investments.
Governments Pledge Strong Action Against Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters prey on the vulnerable, steal savings, and ruin lives. We will not allow it.”
He added that the US-UK operation sends a clear message that international financial crime will face coordinated enforcement, no matter where the perpetrators hide.
