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Read Full BioThe United States and the United Kingdom have launched what officials describe as the “largest joint action ever targeting cybercriminal networks in Southeast Asia,” including operations tied to casinos and online gambling. As part of the joint action, the US and UK imposed sanctions against Cambodia’s Prince Group and its chairman, Chen Zhi. The U.S. Department of Justice (DOJ) simultaneously announced criminal charges against Zhi.
On October 14, the DOJ, U.S. Department of the Treasury, the UK Foreign, Commonwealth & Development Office (FCDO), and the UK Home Office announced the coordinated measures targeting what authorities call a transnational criminal organization. It is alleged that the network operates scam compounds, casinos, online gambling sites, and cryptocurrency laundering operations responsible for defrauding victims around the world.
DOJ Indicts Prince Group Leader Over Global Fraud & Trafficking Scheme
The same day the coordinated actions were announced, the DOJ unsealed an indictment charging Zhi with wire fraud conspiracy and money laundering, alleging he oversaw a vast criminal enterprise that operates forced-labor “scam compounds” throughout Cambodia under the Prince Group umbrella.
According to prosecutors, the trafficked workers were confined to compounds, where they were forced to carry out large-scale online scams that defrauded victims worldwide. The DOJ also filed a separate civil forfeiture complaint seeking to recover 127,271 Bitcoin, believed to represent the proceeds from the alleged fraud and money laundering operation, which is estimated to be worth $15 billion. The DOJ said the effort was “the largest forfeiture action” in the department’s history.
FBI Director Kash Patel called the coordinated actions “one of the largest financial fraud takedowns in history,” describing Prince Group as “a vast criminal network spanning multiple continents, built on forced labor, money laundering, investment schemes, and stolen assets.”
Prince Group Sanctioned Over Scam Compounds & Casino Links
In a press release, the Treasury Department’s Office of Foreign Assets Control (OFAC) alleges the Prince Group is responsible for “the construction, operation, and management of scam compounds reliant on human trafficking and modern-day slavery where industrial-scale cyberfraud operations target victims around the world, including U.S. citizens.”
Targets of the sanctions include Jin Bei Group Co. Ltd., a leisure and entertainment business that operates a flagship hotel and casino in Sihanoukville, and Golden Fortune Resorts World Ltd., which officials say ran a scam compound near Phnom Penh disguised as a “technology park.” In total, 146 entities were hit with sanctions.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Treasury Secretary Scott Bessent. “Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”
UK Freezes Prince Group Assets in Crackdown on Transnational Scam Network
The U.K.’s FCDO and Home Office took action against the Prince Group in coordination with US authorities, simultaneously imposing sanctions on Chen Zhi, the Prince Group, and affiliated businesses, including Jin Bei Group and Golden Fortune Resorts World Ltd. These measures freeze all of the group’s UK-based assets and block the network’s access to the British financial system.
In a press release, the UK government alleged: “Chen and the Prince Group have constructed casinos and compounds used as scam centres, maintain links to their operations through corporate proxies, and are implicated in laundering the proceeds.”
According to the UK government, Chen and his network also invested in London real estate, including a £12 million mansion on Avenue Road and a £100 million office building on Fenchurch Street. These assets were among those frozen under the new sanctions.
Foreign Secretary Yvette Cooper said: “The masterminds behind the scam centers are ruining the lives of vulnerable people and buying up London homes to store their money.” She added: “Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network.”
The government explained that the sanctions were coordinated with the US to “ensure maximum impact.” Fraud Minister Lord Hanson said: “These sanctions prove our determination to stop those who profit from this activity, hold offenders accountable, and keep dirty money out of the UK.”
