The UK and the US governments have joined forces to take down a Southeast Asian crypto scam network, indicting the founder of Prince Holding Group.

An international network that runs illegal crypto scam centres using trafficked workers has been sanctioned by the UK and US governments in the largest ever forfeiture action. This has also led to the indictment of UK and Cambodian national Chen Zhi, the founder and chairman of the Cambodian business Prince Holding Group, under charges of wire fraud conspiracy and money laundering conspiracy. He is currently still at large.

Trafficked people were allegedly held against their will and forced to engage in a cryptocurrency investment fraud scheme, known as ‘pig butchering’ scams, as well as in illegal online gambling operations linked to the same criminal network.

It’s thought that billions of dollars have been stolen from victims around the world. American authorities have seized around 127,271 Bitcoin, currently worth approximately $15 billion, believed to be connected to the intertwined scam and gambling enterprises.

Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes https://t.co/y2c7tiShgH @NewYorkFBI pic.twitter.com/8Nde99bQpu

— FBI (@FBI) October 14, 2025

“Today the FBI and partners executed one of the largest financial fraud takedowns in history,” said FBI Director Kash Patel.

“This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets – targeting millions of innocent victims in the process. Justice will be done and I’m proud of the men and women of the FBI who executed the mission faithfully.”

An international move against the illegal gambling and crypto scam network

In the UK, authorities have seized and frozen Chen’s UK-based assets, including a £12 million mansion on Avenue Road in North London, a £100 million office building on Fenchurch Street in the City of London, and seventeen flats on New Oxford Street and in Nine Elms in South London.

“The masterminds behind these horrific scam centres are ruining the lives of vulnerable people and buying up London homes to store their money,” said UK Foreign Secretary Yvette Cooper. “Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets.”

If convicted, Chen could face the maximum penalty of 40 years in prison. Scams are becoming increasingly smart in recent years, especially with the rise of AI.

Featured image: Prince Holding Group

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