More than $500 million in assets linked to Chen Zhi, the mysterious Cambodian billionaire and founder of Prince Holding Group, have been seized by prosecutors in Taiwan, Hong Kong, and Singapore. The move follows U.S. accusations that Chen masterminded a global crypto and cyber-scam network operating under the Prince Group banner.
The U.S. Department of Justice charged Chen on October 14 with wire fraud conspiracy and money laundering conspiracy, while U.S. authorities reportedly seized $14 billion in Bitcoin tied to the network. The U.S. and U.K. governments jointly imposed sanctions against Chen, his associates, and several corporate entities linked to Prince Holding Group, alleging they defrauded over 250 victims in the U.S.
Read more:
- AP News – Prosecutors in Asia seize yachts, luxury cars and cash from man accused of running cyberscams
- FBI Seizes $15B Bitcoin Empire in Global “Crypto Scam” Linked to Cambodian Tycoon Chen Zhi – USA Herald
Prince Holding Group Massive Asset Seizures Across Asia
The case has triggered sweeping asset freezes in multiple countries. On October 30, Singaporean prosecutors announced they had seized SGD 150 million ($114 million) in assets belonging to Chen, including a yacht and an extensive collection of fine liquor.
