US prosecutors have charged Cambodian businessman Chen Zhi, widely known as Vincent Chen, accusing him of running one of Asia’s largest human trafficking and cryptocurrency fraud networks that raked in an estimated $15 billion.
According to the Department of Justice, Chen, 37, used his conglomerate, Prince Holding Group, as a front for a sprawling web of criminal activity stretching across Asia. The US has also launched what it described as the largest asset seizure in its history, confiscating over 127,000 Bitcoin linked to the operation — worth roughly $15 billion at current market value.
Attorney General Pam Bondi described the case as “one of the most significant strikes ever” against human trafficking and cyber-enabled financial crime.
Investigators allege that Chen oversaw a network of forced labor compounds across Cambodia, where trafficked workers were held behind barbed wire and high walls. Many victims were lured with fake job offers, then forced under threat of violence to run online “pig butchering” scams — fraudulent cryptocurrency investment schemes that manipulate victims into trust before wiping out their savings.
The network reportedly targeted victims worldwide, causing massive financial losses. Prosecutors say the Prince Group has been operating under the guise of legitimate real estate, finance, and consumer businesses since around 2015, using its influence and bribery to evade law enforcement in multiple countries.
The laundered proceeds were allegedly funneled through the group’s gambling and crypto-mining divisions, funding extravagant lifestyles that included yachts, private jets, luxury homes, high-end watches, and even a Picasso painting purchased from a New York auction.
Chen faces up to 40 years in prison if convicted on charges of wire fraud and money laundering conspiracy.
In a coordinated effort, British authorities have frozen 19 London properties worth more than £100 million linked to Chen’s network, including a £12 million mansion in North London. Sanctions were also imposed on his associate, Qiu Wei Ren, a Chinese national holding multiple citizenships.
An investigation by Zoyols Blog revealed that despite recent crackdowns, scam compounds in neighboring Myanmar are making a comeback — this time powered by Starlink satellite internet. Earlier this year, authorities in China, Thailand, and Myanmar forced militia groups to release over 7,000 trafficked workers, mostly Chinese nationals. Yet reports suggest that the illicit call-center industry is quickly rebuilding, signaling that the billion-dollar shadow economy behind crypto scams remains far from dismantled.
