🔗 Share this article Who Are Chen Zhi and the So-Called Crime Network, Accused by the United States and United Kingdom of Massive Fraudulent Schemes? The UK and United States have enforced measures on a global syndicate operating from Southeast Asia, accused of running extensive internet fraud schemes that are believed to exploiting trafficked workers to defraud individuals globally. This criminal enterprise has expanded in recent years, particularly in certain areas in Myanmar and Cambodia where hundreds of thousands have been duped by fraudulent employment offers and then coerced to commit online fraud, including fake relationship schemes, often under the threat of torture. 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 connected to the so-called organization, which the UK also penalized. Those sanctioned include the leader of the Prince group, Chen Zhi, as well as numerous individuals connected to his business operations across south-east Asia and the Pacific. What is the Prince Group and the Identity of Chen Zhi? According to authoritative sources, the individual in question, 38, also known as “Vincent”, is the founder and chairman of Prince Holding Group (the group), a global corporate entity headquartered in the Southeast Asian nation which, according to its website, is centered around “property investment, financial services and retail offerings”. On 14 October, US authorities stated that Chen, who is still evading capture, had been indicted for conspiracy to commit fraud and conspiracy to launder money for directing the group's activities of forced labour scam compounds throughout the country. His swift rise to riches has won him significant political influence, comprising alleged consulting positions to Cambodia’s prime minister. Chen, a native of China from 1987, is believed to have acquired nationality in Cyprus and Vanuatu, and is also a Cambodian national. Reasons Behind the Group Been Sanctioned? The Department of Justice alleged individuals had been held against their will in the fraudulent operation centers linked with the group and forced to participate in a variety of fraudulent schemes that stole massive sums from targets in the US and globally. As part of the investigation into Chen, the United States and UK have seized $15bn (£11.3 billion) in bitcoin and blocked London assets. The frozen properties are thought to include a £12 million residence on a prestigious street, one of London’s most expensive addresses, a £95m commercial building on Fenchurch Street in the heart of the London's banking area, and multiple apartments in downtown London. “Today the FBI and allies executed one of the biggest crackdowns on fraud in recorded time,” said the bureau's head Kash Patel in a announcement about the measures. Other Parties Are Implicated? Based on the US assistant attorney general, Chen was the supposed “mastermind behind a sprawling cyber-fraud empire functioning under the Prince Group umbrella”. He was placed on a American blacklist this month alongside over a dozen other individuals suspected of being participating in his business empire. More than 100 corporate bodies – registered in multiple Asian jurisdictions and more – were also added to a blacklist because of alleged links to the leader. What will the Measures Do? Cambodia’s interior ministry spokesperson told media outlets that the authorities would cooperate with foreign nations in the legal proceeding against Chen. “We are not shielding persons that break regulations,” he said. “However, this does not imply that we are accusing Prince Group or Chen Zhi of engaging in illegal acts like the claims made by the US or the UK.” In spite of the unprecedented tranche of sanctions, experts say the scam industry is still enormous, with the UN estimating in recent years that about 100,000 people were being compelled to carry out internet fraud in Cambodia, as well as at least one hundred twenty thousand in the neighboring country and tens of thousands in Thailand, Laos and the Philippines. Given the widespread nature of the industry in several Southeast Asian nations, certain fear any apprehensions will create a gap for additional global syndicates to swoop in.