London, October 16, 2025 – In a landmark international crackdown on transnational cybercrime, authorities from the United States and the United Kingdom have dismantled a sprawling fraud network allegedly orchestrated by Chen Zhi, the 37-year-old chairman of Cambodia's Prince Holding Group. Dubbed a "global phone scam kingpin" by investigators, Chen – a British-Cambodian national originally from China – faces charges of wire fraud conspiracy and money laundering conspiracy, with potential penalties of up to 40 years in prison if convicted. The operation, unsealed in federal court in Brooklyn, New York, on Tuesday, resulted in the seizure of 19 luxury properties in London valued at over £150 million, including a £100 million mansion, and the forfeiture of approximately 127,271 bitcoins worth $15 billion – marking the largest cryptocurrency seizure in U.S. history.
The indictment, filed by the U.S. Attorney's Office for the Eastern District of New York, paints a damning picture of Chen, also known by the alias "Vincent," as the mastermind behind what prosecutors describe as "one of the largest investment fraud operations in history." Under his direction, Prince Holding Group – ostensibly a legitimate conglomerate spanning real estate, financial services, and consumer goods across more than 30 countries – allegedly served as a front for a vast empire of scam compounds in Cambodia and Myanmar. These facilities, resembling fortified prisons, exploited forced labor to perpetrate "pig butchering" scams, a sophisticated form of romance and investment fraud that has bilked victims worldwide out of billions.
"Pig butchering" refers to a predatory tactic where scammers, often posing as romantic interests or savvy investors on social media platforms like Facebook, Instagram, and dating apps, slowly "fatten up" victims with flattery and fabricated tales of financial success. Once trust is established, the fraudsters lure targets into fake cryptocurrency investment platforms, encouraging escalating deposits under the illusion of high returns. When victims attempt withdrawals, the schemes collapse, leaving them destitute – much like a fattened pig led to slaughter. U.S. authorities estimate that Chen's network alone defrauded victims of at least $15 billion since operations began around 2015, with daily hauls peaking at $30 million (£23 million) – a figure Chen reportedly boasted about in internal communications.
The human cost of this empire is staggering. Prosecutors allege that Chen and his associates trafficked hundreds of workers, primarily young migrants from China and Southeast Asia, into at least 10 guarded compounds in Cambodia. Lured by bogus job advertisements promising legitimate call-center work, these individuals were stripped of their passports, confined behind barbed-wire walls, and subjected to brutal coercion. Dormitories housed up to 1,000 people in squalid conditions, where scammers were forced to make thousands of outbound calls daily using "phone farms" stocked with millions of procured mobile devices. Failure to meet quotas invited beatings, electrocution, or worse; one indictment detail recounts Chen authorizing a worker's thrashing but instructing subordinates not to "beat him to death." The U.K. Foreign, Commonwealth & Development Office (FCDO) corroborated these claims, stating that the network "used forced labour to trick victims across the world through fake romantic relationships and fraudulent cryptocurrency schemes."
Chen's operation wasn't confined to Southeast Asia. A Brooklyn-based money-laundering cell, tied directly to Prince Group, processed funds from over 250 U.S. victims, funneling illicit gains through a web of shell companies and cryptocurrencies. The Treasury Department's Office of Foreign Assets Control (OFAC) designated Prince Group as a "transnational criminal organization" on Tuesday, imposing sanctions on Chen, over 100 associates, and 146 entities – freezing their U.S. assets and barring American dealings. In tandem, the U.K. sanctioned six key figures and entities, leading to the seizure of Chen's London portfolio: a sprawling £100 million mansion in Mayfair, a £12 million residence near Primrose Hill, the £95 million 10 Fenchurch Street office tower (acquired in 2020 via a subsidiary), and 16 other high-value properties totaling £150 million in estimated worth. These assets, prosecutors say, were purchased with laundered proceeds, symbolizing the opulent lifestyle Chen allegedly enjoyed amid his victims' ruin.
The scale of the laundering was audacious. Stolen funds were cycled through Prince Group's own ventures, including online gambling platforms and cryptocurrency mining farms, which provided a veneer of legitimacy while obfuscating trails. Extravagant purchases followed: a fleet of private jets for globetrotting, superyachts docked in Monaco, fleets of luxury watches from brands like Rolex and Patek Philippe, and even a Picasso masterpiece snapped up at a Sotheby's auction in New York for $25 million. Chen's personal bitcoin wallets, now sanctioned by OFAC, hold an additional $1.8 billion in the cryptocurrency, with researchers at blockchain analytics firm Elliptic identifying another $560 million in unsanctioned addresses likely under his control. The $15 billion seizure – comprising bitcoins pilfered from a Chinese mining operation – could, if approved by courts, be liquidated to compensate victims, offering a rare glimmer of restitution in the shadowy world of crypto fraud.
Chen remains at large, his whereabouts unknown as of Thursday, though tips can be submitted to the FBI at PrinceGroupTips@fbi.gov. Born in China in 1988, he emigrated to Cambodia in his early 20s, rapidly ascending through savvy business dealings. By 2015, Prince Holding Group had ballooned into a $1 billion empire, sponsoring Cambodian chess teams and earning Chen the prestigious "neak oknha" title – akin to a knighthood – from the government. He advised Prime Minister Hun Manet and his predecessor father, Hun Sen, leveraging political ties to shield his activities. Experts like Jacob Daniel Sims, a transnational crime fellow at Harvard University's Asia Center, describe Chen as a "central pillar" in Cambodia's criminal underbelly, where cyber-scams intertwine with ruling elite patronage. "Prince Group is an essential part of the scaffolding that makes global cyber-scamming possible," Sims told the Associated Press. Chinese authorities had probed the group for similar offenses since 2020, but enforcement faltered amid Cambodia's lax oversight.
This bust underscores the explosive growth of Southeast Asian scam syndicates. The FBI's 2024 Internet Crime Report logged $5.8 billion in U.S. losses from crypto investment fraud alone, with Southeast Asia-based operations – including "pig butchering" – claiming $10 billion from Americans last year, a 66% surge from 2023. Globally, the UN estimates these networks generate $64 billion annually, fueling human trafficking and organized crime. U.S. Attorney Joseph Nocella emphasized the joint operation's significance: "Chen directed one of the largest investment fraud operations in history, causing billions in losses and untold misery." U.K. Foreign Secretary David Lammy echoed this, calling it a "significant strike against the global scourge of human trafficking and cyber-enabled financial fraud."
Victim stories humanize the devastation. In one case detailed in court filings, a retired California teacher lost her $500,000 life savings after a scammer posing as a Hong Kong entrepreneur wooed her online for months, promising crypto riches that never materialized. Another Midwestern family saw $1.2 million evaporate, plunging them into debt and divorce. These aren't isolated tales; the schemes targeted vulnerable demographics – the elderly, lonely divorcees, and novice investors – exploiting post-pandemic isolation amplified by social media.
The operation's unraveling began with tips from defectors and blockchain forensics. U.S. agencies, including the FBI and IRS, traced wallet addresses back to Prince Group's mining ops, while international partners like Interpol provided intel on the compounds. One facility, linked to the Jinbei Casino Hotel (owned by Prince Group per Cambodian records), was raided in June 2025, freeing 200 captives. This week's actions also cut off the related Huione Group from the U.S. financial system under anti-money-laundering laws, severing a key laundering artery.
As the dust settles, questions linger about accountability in Cambodia, where scam compounds operate with apparent impunity. Prime Minister Hun Manet's administration has pledged cooperation, but critics decry the irony of sanctioning a tycoon once feted by the elite. For victims, the seized bitcoin offers hope: at current prices (~$113,000 per coin), it could repay a fraction of losses, though volatility looms.
U.S. Attorney General Pam Bondi hailed the collaboration as "one of the most significant strikes ever" against these networks. Yet experts warn that without broader reforms – from platform regulations to extradition treaties – kingpins like Chen will merely relocate. "This is a blow," Sims noted, "but the criminal economy adapts quickly." As Chen evades capture, his frozen empire stands as a stark reminder: in the digital age, fortune's wheel turns not on algorithms, but on unchecked greed.
Prince Group has not responded to requests for comment; spokesperson Gabriel Tan was unreachable. The case, United States v. Chen, continues in Brooklyn federal court.
