Al-Yurae-
In what officials are calling one of the most sweeping coordinated crackdowns on cybercrime in modern history, the United States and the United Kingdom have jointly sanctioned a vast online fraud empire centered in Southeast Asia — a network that combined human trafficking, cryptocurrency scams, and large-scale money laundering operations.
Sanctions Target Cambodian Tycoon Chen Zhi
The focus of the sanctions is the Prince Group, a Cambodian conglomerate chaired by Chen Zhi, a Chinese-Cambodian businessman accused of building a multinational cyber-fraud network that defrauded victims globally.
According to both governments, Chen’s organisation lured thousands of trafficked workers into “investment scam centres” disguised as commercial enterprises across Cambodia, Myanmar, and neighbouring countries, where they were forced under threat of torture to operate what US officials described as a “sprawling cyber-fraud empire”.
US prosecutors unsealed an indictment on October 8 in a Brooklyn federal court charging Chen with wire fraud and money laundering conspiracy. The Justice Department alleges that under Chen’s oversight, trafficked labourers engaged in elaborate “pig-butchering” scams — deceptive online relationships that coax victims into fraudulent cryptocurrency investments.
A Record $14 Billion Bitcoin Seizure
In conjunction with the indictments, the US Department of Justice announced the largest cryptocurrency seizure in its history: approximately 127,271 bitcoin, valued at $14–15 billion, believed to be proceeds from the Prince Group’s operations. The bitcoin was traced to 25 unhosted cryptocurrency wallets controlled by Chen, which prosecutors said had remained dormant since 2020. The DOJ now seeks permanent forfeiture of the assets in what officials call the biggest forfeiture action ever filed by the department.
The funds, laundered through online gambling and crypto mining companies, allegedly financed lavish purchases including private jets, rare art such as a Picasso painting, and luxury properties in multiple countries.
Frozen Assets and London Property Empire
In the United Kingdom, the Foreign Office confirmed that 19 London properties, worth over £200 million, have been frozen as part of the sanctions against Chen and his network. These include a £12 million mansion in north London and a £100 million office building near the “Walkie Talkie” skyscraper in the City. According to British officials, these assets were used to store criminal proceeds laundered through offshore companies registered in the British Virgin Islands.
Foreign Secretary Yvette Cooper described the operation as a blow against “predatory criminals who ruin lives and prop up their fortunes through human suffering.” She added, “These masterminds are buying up London homes to stash dirty money — that ends today”.
The Scale of the Scam Network
Investigations reveal that the Prince Group and its subsidiaries — including Jin Bei Group, Golden Fortune Resorts World, and Byex Exchange — built or operated at least ten complexes across Cambodia where workers were confined and forced to conduct online scams. These centres used strategies such as faked romantic relationships to trick victims into sending vast sums under false investment promises.
Amnesty International had previously highlighted several of these compounds, detailing widespread torture, beatings, and threats of organ harvesting against foreign nationals trapped inside, often recruited via fake job listings.
Court filings further allege that two of the group’s “call farms” managed more than 76,000 social media accounts and operated “rapport-building” guides advising workers not to use profile photos of women who appeared “too beautiful,” in order to seem more credible to victims.
A Coordinated Global Crackdown
The United States sanctioned 146 individuals and entities connected to the Prince Group, while the UK targeted six entities and six individuals. The Financial Crimes Enforcement Network (FinCEN) also invoked Section 311 of the USA PATRIOT Act, designating the Huione Group — described as a financial enabler of the operation — as a primary money-laundering concern.
Assistant Attorney General John A. Eisenberg called the network “a criminal enterprise built on human suffering,” while US Treasury Secretary Scott Bessent said Washington will “continue to lead global efforts to ensure such predatory criminals cannot use the international financial system as their playground”.
Implications and Continuing Pursuit
Chen Zhi remains at large, and both US and British authorities have issued warrants for his arrest. If convicted, he faces up to 40 years in prison.
His group’s operations are believed to have reached beyond Southeast Asia, impacting victims across the United Kingdom, the United States, and Africa, and forming part of a broader upsurge in transnational “pig-butchering” schemes that have siphoned billions from victims worldwide.
Fraud Minister Lord Hanson summarized the stakes bluntly: “Fraudsters prey on the desperate and the hopeful alike… Today’s sanctions send a message — whether you operate from Phnom Penh or Mayfair, the free world is closing in”.
