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.

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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.

In Taiwan, prosecutors detained 25 suspects and seized about $150 million in assets, including 26 luxury cars — among them a Ferrari, Bugatti, and Porsche — and 11 upscale apartments in Taipei. Taiwanese media reported that one of the seized buildings is the same residence where pop icon Jay Chou lives.

The same day in Hong Kong, police confiscated HKD 2.75 billion ($353 million) in cash, stocks, and financial instruments, reportedly linked to Chen’s accounts.

Meanwhile, in the United Kingdom, authorities seized a £12 million ($15.6 million) mansion in North London and a $130 million office building, both connected to the Prince network.

Chen Zhi’s Rise and Alleged “Pig Butchering” Empire

Chen, a Chinese-born businessman who obtained Cambodian citizenship, rose to prominence through Prince Holding Group, which has interests in banking, real estate, and finance. However, according to the U.S. indictment, much of his wealth allegedly came from orchestrating massive online scams, including the infamous “pig butchering” operations — deceptive investment schemes that he once boasted generated $30 million daily.

The United Nations estimates that similar scam networks across Cambodia, Laos, Myanmar, and the Philippines collectively earn tens of billions of dollars annually from victims worldwide.

Despite the allegations, Chen maintained close ties to Cambodia’s political elite. He served as an adviser to Prime Minister Hun Manet and former leader Hun Sen, earning the honorary title of “neak oknha”, akin to an English lord.

When asked for comment, Pheaktra Neth, Cambodia’s Minister of Information, told the Associated Press that he had “no comment.”

The ongoing investigation into Prince Holding Group underscores growing international cooperation in dismantling cyber-scam syndicates operating from Southeast Asia. With financial regulators and law enforcement agencies coordinating across borders, the Chen Zhi case is poised to become one of the largest cybercrime crackdowns in history.