UK and US team up to dismantle $15B international crypto scam and illegal gambling network

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Chen Zhi from Prince Holding Group. UK and US team up to dismantle $15B international crypto scam and illegal gambling network

The UK and the US governments have joined forces to take down a Southeast Asian crypto scam network, indicting the founding father of Prince Holding Group.

A global community that runs unlawful crypto rip-off centres utilizing trafficked staff has been sanctioned by the UK and US governments within the largest ever forfeiture motion. This has additionally led to the indictment of UK and Cambodian nationwide Chen Zhi, the founder and chairman of the Cambodian enterprise Prince Holding Group, beneath costs of wire fraud conspiracy and cash laundering conspiracy. He’s at present nonetheless at massive.

Trafficked individuals have been allegedly held towards their will and compelled to interact in a cryptocurrency funding fraud scheme, generally known as ‘pig butchering’ scams, in addition to in unlawful on-line playing operations linked to the identical legal community.

It’s thought that billions of {dollars} have been stolen from victims all over the world. American authorities have seized round 127,271 Bitcoin, at present price roughly $15 billion, believed to be related to the intertwined rip-off and playing enterprises.

Chairman of Prince Group Indicted for Working Cambodian Compelled Labor Rip-off Compounds Engaged in Cryptocurrency Fraud Schemes https://t.co/y2c7tiShgH @NewYorkFBI pic.twitter.com/8Nde99bQpu

— FBI (@FBI) October 14, 2025

“Immediately the FBI and companions executed one of many largest monetary fraud takedowns in historical past,” said FBI Director Kash Patel.

“That is a person who allegedly operated an unlimited legal community throughout a number of continents involving pressured labor, cash laundering, funding schemes, and stolen property – concentrating on tens of millions of harmless victims within the course of. Justice will probably be executed and I’m pleased with the women and men of the FBI who executed the mission faithfully.”

A global transfer towards the unlawful playing and crypto rip-off community

Within the UK, authorities have seized and frozen Chen’s UK-based property, together with a £12 million mansion on Avenue Highway in North London, a £100 million workplace constructing on Fenchurch Avenue within the Metropolis of London, and seventeen flats on New Oxford Avenue and in 9 Elms in South London.

“The masterminds behind these horrific rip-off centres are ruining the lives of weak individuals and shopping for up London properties to retailer their cash,” said UK Foreign Secretary Yvette Cooper. “Along with our US allies, we’re taking decisive motion to fight the rising transnational risk posed by this community – upholding human rights, defending British nationals and preserving soiled cash off our streets.”

If convicted, Chen might face the utmost penalty of 40 years in jail. Scams have gotten more and more good in recent times, especially with the rise of AI.

Featured picture: Prince Holding Group

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