The United States and the United Kingdom have launched major sanctions against a sprawling criminal network operating across Southeast Asia, accusing it of running brutal “scam centres”
that used trafficked workers to defraud victims around the world through fake cryptocurrency schemes.
The U.S. Treasury Department called the move its largest-ever crackdown in Southeast Asia, targeting 146 individuals and entities linked to the Cambodia-based Prince Group, which it described as a transnational criminal organization.
At the same time, the UK government froze 19 London properties worth over £100 million ($134 million) tied to the same network and sanctioned six people and companies connected to it.
Tycoon indicted and $14 billion in bitcoin seized
Federal prosecutors in the U.S. also unveiled an indictment against Chen Zhi, also known as Vincent Chen, a 37-year-old Chinese-Cambodian billionaire and chairman of the Prince Group. Chen faces charges of wire fraud and money laundering conspiracy and could receive up to 40 years in prison if convicted.
Authorities also launched the largest forfeiture action in U.S. history, seizing Bitcoin valued at more than $14 billion linked to the group.
Assistant Attorney General John Eisenberg described Chen as the “mastermind behind a sprawling cyberfraud empire,” calling the operation one of the largest investment scams ever uncovered.
Pig-butchering’ scams and forced labor camps
Investigators say the network ran dozens of scam compounds across Cambodia, Myanmar, and other parts of Southeast Asia, where thousands of workers—many lured from China—were tricked with fake job offers and then held captive.
Inside these compounds, victims were beaten, tortured, and forced to run online scams, targeting people globally with elaborate crypto investment frauds known as “pig-butchering” scams—where fraudsters build fake romantic relationships before convincing their victims to invest in bogus schemes.
Luxury lifestyles built on fraud
Prosecutors say the stolen money was laundered through gambling and cryptocurrency mining operations controlled by Prince Group.
The profits funded extravagant lifestyles, including yachts, private jets, luxury villas, and even a Picasso painting purchased from a New York auction house. At one point, Chen allegedly bragged that his operation was pulling in $30 million a day.
Since 2015, the Prince Group has operated in more than 30 countries, claiming to be involved in real estate and finance. Behind the scenes, officials say, Chen and his associates used bribery and political influence to protect their empire.
Political connections and global impact
Experts say the crackdown could reshape how global institutions view Cambodia’s powerful elite.
Jacob Daniel Sims, a transnational crime specialist at Harvard University’s Asia Center, described the Prince Group as “an essential part of the scaffolding that makes global cyber-scamming possible.”
He added that Chen was deeply embedded in Cambodian politics, serving as an adviser to Prime Minister Hun Manet and his father, former Prime Minister Hun Sen.
‘Ruining lives around the world’
British Foreign Minister Yvette Cooper condemned the network for profiting off human misery:
“The masterminds behind these horrific scam centres are destroying lives around the world while buying up London homes to store their money,” she said.
The United Nations estimated in 2023 that over 100,000 people were being forced to work in online scams in Cambodia alone, with another 120,000 in Myanmar and tens of thousands more in Thailand, Laos, and the Philippines. More recently, the UN warned that East Timor is emerging as a new hub for similar operations. Photo by Edwin.images, Wikimedia commons.