The United States and the United Kingdom have seized $15 billion worth of Bitcoin allegedly belonging to Chen Zhi, the head of Cambodia-based Prince Group. The operation targets a vast online scam network reportedly run by thousands of forced laborers, involving schemes ranging from romance scams to fake investment platforms.
In one of the most extensive sanction actions to date, the two countries blacklisted 146 executives and affiliated companies connected to the Prince Holding Group, a conglomerate operating across Southeast Asia.
FORCED LABOR AND GLOBAL FRAUD ALLEGATIONS
In recent years, the illegal online fraud industry—especially in Cambodia and Myanmar—has grown rapidly, luring thousands of victims with fake job ads and forcing them to work under threats of violence.
These individuals are reportedly compelled to carry out global-scale internet scams, including romance fraud, often under threats of torture.
According to prosecutors, the network laundered billions of dollars, funding a lavish lifestyle that included luxury yachts, private jets, and even a Picasso painting.
The U.S. Treasury Department described the action as “the largest operation ever undertaken in Southeast Asia.”
WHO IS CHEN ZHI? WHAT IS THE PRINCE GROUP?
According to the U.S. Department of Justice, Chen Zhi, also known as Vincent Chen, is a 38-year-old entrepreneur and the founder and chairman of Prince Holding Group.
The company describes its operations on its website as focusing on real estate development, financial services, and consumer services.
U.S. authorities allege that Chen is being prosecuted for forced labor and money laundering, and that he oversaw fraud compounds in Cambodia.
BILLIONS IN ASSETS FROZEN
As part of the investigation, U.S. and U.K. officials seized $15 billion in Bitcoin and froze Chen’s assets in London.
These include a £12 million mansion on Avenue Road, a £95 million office building in London’s financial district, and several luxury apartments in the city center.
FBI Director Kash Patel stated, “Today, we struck a major blow against one of the largest financial fraud operations in history.”
WHO IS ON THE SANCTIONS LIST?
In addition to Chen Zhi, the U.S. blacklisted dozens of his business partners. More than 100 companies registered in Cambodia, Singapore, Hong Kong, and Taiwan were sanctioned for their ties to Chen.
CAMBODIA’S RESPONSE AND CONCERNS
Touch Sokhak, spokesperson for Cambodia’s Ministry of Interior, said the country is open to international cooperation:
“We do not protect individuals who violate the law. However, this does not mean we acknowledge that Prince Group or Chen Zhi committed crimes.”
Experts warn that while the sanctions are significant, the fraud industry remains enormous across the region.
According to United Nations data, around 100,000 people in Cambodia and 120,000 in Myanmar, along with tens of thousands in neighboring countries, are being forced to work in such operations.
Observers caution that after potential arrests, other criminal networks could fill the power vacuum left behind.
