On Tuesday, October 14, 2025, US authorities unsealed a sweeping indictment against Chen Zhi, a 37-year-old UK-Cambodian businessman, unveiling what prosecutors are calling one of the largest cyber fraud and human trafficking cases in modern history. The charges, announced by the US Department of Justice, allege that Chen masterminded a sprawling criminal empire using forced labor compounds in Cambodia to orchestrate cryptocurrency scams that have siphoned billions from victims around the globe.
The Justice Department also revealed it had seized approximately 127,271 Bitcoin—worth an estimated US$15 billion at current prices—in what officials described as the largest asset forfeiture in US history. "Today's action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud," Attorney General Pam Bondi stated, underscoring the gravity of the case and its international implications, according to the US Department of Justice.
At the center of the allegations is Prince Holding Group, a multinational conglomerate founded by Chen. Prosecutors claim that the company, which operates in real estate, finance, and consumer businesses across more than 30 countries, served as a front for "one of Asia's largest transnational criminal organizations." Since around 2015, Prince Group has expanded its reach under the guise of legitimate business, while allegedly concealing a darker agenda.
According to court documents and statements from US officials, Chen and his senior executives established a network of heavily guarded compounds throughout Cambodia. Here, hundreds of trafficked workers—lured primarily from China and neighboring countries by fake job advertisements—were detained under brutal, prison-like conditions. The facilities were reportedly surrounded by high walls and barbed wire, designed to prevent escape and ensure absolute control.
Inside these compounds, victims were coerced under threats of violence to carry out so-called "pig butchering" scams. These elaborate cryptocurrency investment frauds involve building trust with unsuspecting victims—often over weeks or months—before ultimately convincing them to invest large sums, only to disappear with the funds. The schemes, officials said, targeted individuals worldwide and have caused losses estimated in the billions.
Prosecutors allege that Chen and his associates used their political connections and bribed officials in multiple countries to shield their activities from law enforcement. The ill-gotten gains were laundered through Prince Group's own gambling and cryptocurrency mining operations, making the illicit profits even harder to trace. The proceeds funded an extravagant lifestyle for Chen and his inner circle, including the purchase of luxury yachts, private jets, expensive watches, vacation homes, and even a Picasso painting acquired from a New York auction house.
The scale of the operation is staggering. At one point, Assistant Attorney General John Eisenberg described Chen as "the mastermind behind a sprawling cyber fraud empire," and US Attorney Joseph Nocella called it "one of the largest investment fraud operations in history." Prosecutors revealed that Chen once bragged the 'pig butchering' scam was pulling in as much as US$30 million a day. According to the US Treasury Department, Americans alone lost at least US$10 billion to Southeast Asia-based scams last year—a 66% increase from 2023—with Prince Holding Group identified as a dominant player in this illicit market.
International authorities have not stood idle. In a coordinated move, British officials on the same day froze 19 London properties linked to Chen's network, collectively valued at over £100 million. Among these was a £12 million mansion in North London, a symbol of the vast wealth amassed through the criminal enterprise. Sanctions also targeted Chen's associate, Qiu Wei Ren, who holds Cambodian, Cypriot, and Hong Kong citizenship, further tightening the net around the alleged ringleaders.
The indictment and sanctions arrive amid growing concern over the resurgence of similar scam operations in the region. An AFP investigation reported that scam centers in neighboring Myanmar are expanding again despite crackdowns earlier this year. In February 2025, authorities in China, Thailand, and Myanmar forced pro-junta militias to shut down such compounds, resulting in the release of about 7,000 people—most of them Chinese citizens. However, reports indicate that these operations have quickly resumed, now utilizing Elon Musk's Starlink satellite system to maintain internet access and evade local telecommunications controls.
The US Treasury Department has declared Prince Holding Group a "transnational criminal organization," and the indictment details how Chen allegedly sanctioned violence against workers, authorized bribes to foreign officials, and laundered illicit profits through a web of businesses. Chinese authorities, for their part, have been investigating the company for cyber scams and money laundering since at least 2020, according to court records reviewed by the US Institute of Peace.
The human cost of these operations is profound. Victims, many of whom were seeking legitimate employment opportunities, found themselves trapped in a nightmare—forced to perpetrate crimes under constant threat of violence, with little hope of escape. The psychological and physical toll on these individuals has prompted calls from human rights organizations for increased international cooperation to dismantle such criminal networks and provide support for survivors.
Chen now faces up to 40 years in prison if convicted on charges of wire fraud and money laundering conspiracy. The case has sent shockwaves through the global financial and law enforcement communities, highlighting both the vulnerabilities of the digital economy and the ability of transnational criminal organizations to exploit them.
While the seizures and indictments mark a significant step forward, officials and experts caution that the fight is far from over. The resurgence of scam compounds in Myanmar, now bolstered by new technology, demonstrates how quickly these operations can adapt and reemerge. As one US official put it, "The battle against cyber-enabled crime and human trafficking is ongoing, and we must remain vigilant."
For now, the case against Chen Zhi and Prince Holding Group stands as a stark reminder of the dark side of digital innovation—and the lengths to which some will go to profit from the suffering of others.