🔗 Share this article What Are Chen Zhi and the Prince Group, Accused by the US and UK of Massive Fraudulent Schemes? The United Kingdom and United States have enforced measures on a global syndicate operating from south-east Asia, accused of running extensive internet fraud schemes that are believed to exploiting victims of human trafficking to defraud individuals around the world. This criminal enterprise has flourished in the past few years, especially in parts of Cambodia and Myanmar where hundreds of thousands have been duped by false job adverts and then forced to carry out internet scams, such as fake relationship schemes, sometimes under the threat of physical harm. The United States Treasury stated it had implemented what it called the most significant measure to date in south-east Asia, focusing on over a hundred individuals associated with the so-called organization, which the UK also sanctioned. Those sanctioned comprise the leader of the alleged network, Chen Zhi, as well as more than a dozen persons connected to his business operations across Southeast Asia and Pacific regions. Understanding the Alleged Syndicate and Who is Chen Zhi? Based on authoritative sources, Chen Zhi, thirty-eight, also referred to as “the alias”, is the founder and chairman of Prince Holding Group (the group), a multinational business conglomerate based in Cambodia which, according to its website, is focused on “real estate development, banking operations and retail offerings”. On 14 October, US authorities stated that Chen, who remains at large, had been charged with wire fraud conspiracy and money laundering conspiracy for overseeing Prince Group’s operation of forced labour scam compounds throughout the country. Chen’s rapid ascent to wealth has gained him substantial clout, comprising reported advisory roles to Cambodia’s prime minister. The individual, born in China in 1987, is thought to have acquired nationality in Vanuatu and Cyprus, and is also a citizen of Cambodia. Reasons Behind the Group Been Penalized? The US justice department claimed individuals had been held against their will in the scam compounds linked with the group and forced to engage in a variety of deceptive practices that stole massive sums from targets in the US and worldwide. As part of the investigation into Chen, the US and UK have confiscated $15 billion (£11.3 billion) in bitcoin and frozen properties in London. The frozen properties are thought to include a £12m residence on Avenue Road, one of the costliest locations in London, a £95 million office block on Fenchurch Street in the heart of the City of London’s financial district, and several flats in downtown London. “Now the Federal Bureau of Investigation and allies executed one of the largest financial fraud takedowns in recorded time,” said the bureau's head the official in a announcement about the actions. Other Parties Are Implicated? According to the senior justice official, the accused was the supposed “chief architect behind a sprawling cyber-fraud empire functioning under the Prince Group umbrella”. He was placed on a US sanctions list this month together with over a dozen additional persons suspected of being involved in his commercial network. More than 100 corporate bodies – registered in multiple Asian jurisdictions among others – were also added to a blacklist because of alleged links to the leader. What will the Measures Do? Cambodia’s interior ministry spokesperson told news agencies that the authorities would work together with foreign nations in the case against Chen. “We do not shielding persons that violate the law,” he said. “But it does not mean that we blame the group or its leader of engaging in illegal acts similar to the claims issued by the US or the UK.” Despite the historic set of penalties, experts say the scam industry is still enormous, with the United Nations estimating in recent years that about 100,000 people were being compelled to carry out internet fraud in the nation, as well as at least one hundred twenty thousand in Myanmar and tens of thousands in Thailand, Laos and the Philippines. Considering the widespread nature of the enterprise in multiple Southeast Asian nations, certain fear any apprehensions will leave a vacuum for additional global syndicates to swoop in.