Figure : Bitcoin (Source – Wikipedia)
Authorities in the United States and United Kingdom have launched a sweeping crackdown on a vast crypto fraud operation allegedly led by businessman Chen Zhi, a dual national of Cambodia and the UK. The U.S. Department of Justice (DOJ) confirmed the seizure of over $14 billion worth of Bitcoin — the largest crypto confiscation in U.S. history.
Chen, who remains at large, is accused of orchestrating a global cyber scam network through his conglomerate, the Prince Group, based in Cambodia. The group allegedly defrauded thousands of individuals by luring them into bogus cryptocurrency investments. Victims were tricked via online messages promising high returns, according to U.S. prosecutors.
As part of the joint operation, the UK government has frozen multiple assets connected to Chen’s network — including 19 properties in London, one of which is reportedly valued at over £100 million.
The criminal enterprise is believed to have operated large-scale “scam compounds” across Cambodia, using trafficked workers forced to run fake investment and romance scams. According to court documents, these facilities were equipped with thousands of phones used to manage tens of thousands of fake social media accounts.
Authorities say Chen and his associates funneled illicit profits into luxury goods and real estate, including private jets, rare artwork, and high-end properties. A Picasso painting was reportedly among the assets purchased using scam proceeds.
If convicted, Chen could face up to 40 years in prison for wire fraud and money laundering. The Prince Group and several affiliated companies have been sanctioned by both the U.S. and UK governments.
UK Foreign Secretary Yvette Cooper condemned the operation as a “brutal criminal network” that exploited vulnerable people while laundering money through the UK financial system. Officials say this case highlights the growing threat of industrial-scale online fraud and the importance of international cooperation in combating cybercrime.
For more please read : Nikkei Asia, exteranews
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