British-Cambodian businessman and chairman of Prince Holding Group, Chen Zhi, has been charged with wire fraud and money laundering conspiracy, following allegations of masterminding a £10.5 billion cryptocurrency scam.
In a coordinated operation by the United States and United Kingdom governments, Chen’s assets — including 19 properties in London — were frozen.
Among them is a mansion near Primrose Hill valued at £12 million and a £95 million office building at 10 Fenchurch Street.
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The US Department of Justice described Chen, 37, as the architect of a “sprawling cyber-fraud empire” and “one of the largest investment fraud operations in history.” He remains at large.
Authorities said Chen’s network operated scam centres in Cambodia and Myanmar, using forced labour to lure victims into fake romantic relationships and fraudulent crypto investments.
The scheme reportedly generated up to £22 million daily at its peak.
Since 2015, Prince Group allegedly posed as a legitimate conglomerate across 30 countries, offering real estate, financial services, and consumer goods.
Prosecutors said Chen’s accomplices procured millions of mobile phones to run call centre scams from “phone farms.”
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Proceeds from the scam were laundered through gambling and crypto mining operations linked to Prince Group.
The funds financed extravagant purchases including luxury watches, yachts, private jets, holiday homes, and a Picasso painting acquired at a New York auction.
If convicted, Chen faces up to 40 years in prison.
