The United States and the United Kingdom have taken strong action against a major criminal network based in Southeast Asia. The two countries have announced sanctions against the Cambodia-based Prince Group, which has been accused of running a massive online scam that used trafficked workers to cheat people around the world.
According to the U.S. Treasury Department, this is the largest crackdown of its kind in Southeast Asia. The sanctions target 146 people connected to the Prince Group, which officials describe as a transnational criminal organization. The UK also joined the move, imposing sanctions on six individuals and companies linked to the group. British authorities have frozen 19 properties in London worth more than 100 million pounds, believed to have been bought using money from the scam.
U.S. officials said the group’s chairman, 37-year-old Chen Zhi, also known as Vincent, has been charged with wire fraud and money laundering conspiracy. He is accused of being the mastermind behind one of the biggest investment fraud schemes in history. If found guilty, he could face up to 40 years in prison. The U.S. Justice Department has also filed its largest-ever forfeiture case, seizing Bitcoin worth more than 14 billion dollars from the group.
Investigations show that the Prince Group ran a network of scam centers across Cambodia, Myanmar, and other nearby countries. These centers were run like forced labor camps. Many of the workers, mostly Chinese, were tricked into taking fake job offers and then held captive. They were threatened, tortured, and forced to carry out online scams. One of the most common tactics used was known as “pig butchering,” where scammers built fake romantic relationships online and then convinced their victims to invest in fake cryptocurrency platforms.
Authorities revealed that the stolen money was used to buy luxury items such as yachts, private jets, vacation homes, and even a Picasso painting. At one point, Chen reportedly bragged that his operation was making 30 million dollars a day.
Experts say the Prince Group has been operating since 2015 under the cover of legitimate businesses, including real estate and finance. The network allegedly used bribery and political influence to protect its operations. Analysts also say Chen has close ties to Cambodia’s ruling family, including Prime Minister Hun Manet.
Following the sanctions, South Korea has also moved to protect its citizens by banning travel to several Cambodian cities where these scams are active. The United Nations estimates that over 100,000 people in Cambodia alone are being forced to work in scam centers.
The actions by the U.S. and UK mark one of the biggest steps yet in the global fight against cyber fraud and human trafficking in Southeast Asia. Limiting such fraudulent activities calls for concerted efforts from different stakeholders, such as governmental agencies and private sector players like Riot Blockchain Inc. (NASDAQ: RIOT).
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