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 vast cryptocurrency fraud built on forced labour. The joint US-UK operation marks one of the largest financial crackdowns in modern history.
Cambodian Tycoon at the Centre of International Fraud
Chen Zhi, who holds both Cambodian and British citizenship, was charged in New York with conspiracy to commit wire fraud and money laundering. Both governments imposed sanctions on his companies and froze his assets.
UK officials confirmed that 19 London properties linked to Chen’s network have been seized, including one worth nearly £100 million. US prosecutors called it one of the biggest financial operations in history, confirming the seizure of 127,271 bitcoins now under government control.
Chen remains at large and is accused of leading a sprawling cyber-fraud empire under the cover of his multinational business, the Prince Group.
The organisation claims to specialise in property, finance, and consumer services, but investigators say it functions as one of Asia’s largest transnational criminal networks.
Victims Tricked by False Investment Promises
According to investigators, Chen’s associates lured victims online with fake investment opportunities that promised high returns. Victims were convinced to transfer cryptocurrency that was never actually invested.
Court filings show that Chen oversaw at least ten scam compounds across Cambodia, each built to reach as many victims as possible. Prosecutors described the network as highly coordinated and deliberately deceptive.
Scam Compounds and Massive Digital Operations Uncovered
Investigators revealed that Chen’s network purchased millions of mobile numbers and operated “phone farms” to run scams on a massive scale. Two of these centres contained more than 1,200 phones managing 76,000 fake social media accounts.
Documents show employees were trained to appear authentic when communicating with victims. They were even told to avoid profile photos that looked “too beautiful,” so their fake identities seemed more believable.
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.”
Authorities allege that Chen’s organisation trafficked workers and confined them in prison-like compounds. The workers were forced to run online scams that targeted thousands of victims worldwide.
The Justice Department said Chen used his illegal profits for private jets, luxury travel, and expensive art, including a Picasso painting purchased from a New York auction house. If convicted, Chen faces up to 40 years in prison.
Lavish Property Empire Under Government Sanctions
In the UK, Chen and his associates allegedly created shell companies in the British Virgin Islands to purchase high-end property and launder money. Authorities said his assets include a £100 million office building in central London, a £12 million mansion in North London, and 17 additional city flats.
The coordinated sanctions between the US and UK now block Chen from the British financial system. The Prince Group has officially been declared a criminal organisation.
Dirty Money Hidden in London’s Property Market
UK Foreign Secretary Yvette Cooper said Chen’s network had been “destroying lives and hiding stolen money in London’s property market.”
She said: “Together with our US partners, we are taking firm action to dismantle this global criminal network, defend human rights, and protect Britain from dirty money.”
The UK Foreign Office said Chen’s companies built casinos and compounds used for online scams and money laundering.
Four Linked Companies Blacklisted
Four companies connected to Chen’s network — the Prince Group, Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — have been sanctioned.
Two Cambodian scam centres, operated by Jin Bei and Golden Fortune, were cited earlier this year in a human rights report exposing forced labour and torture inside cybercrime facilities.
Foreign Workers Forced Into Online Scams
Many workers trapped in Chen’s compounds were foreign nationals lured by fake job offers. Once inside, they were forced to commit online scams under threats of violence or torture, 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 opportunities.
Governments Vow to Strike Back Against Global Fraud
Fraud Minister Lord Hanson said: “Fraudsters prey on the vulnerable, stealing life savings and destroying families. We will not tolerate this.”
He said the joint action between the US and UK sends a clear warning that international fraud and human exploitation will be met with strong, coordinated enforcement.
