What Is the Alleged Leader and the Prince Group, Targeted by the US and UK of Large-Scale Scam Operations?
The UK and US have enforced measures on a multinational network based in south-east Asia, allegedly orchestrating large-scale internet fraud schemes that are suspected of exploiting victims of human trafficking to defraud individuals around the world.
This industry has flourished in recent years, especially in parts of Myanmar and Cambodia where countless individuals have been deceived by false job adverts and then forced to commit internet scams, such as fake relationship schemes, often under the menace of torture.
The United States Treasury stated it had taken what it described as the most significant measure to date in Southeast Asia, targeting 146 people connected to the so-called organization, which the United Kingdom also penalized.
Those sanctioned comprise the head of the Prince group, Chen Zhi, as well as numerous individuals linked with his business operations across Southeast Asia and Pacific regions.
What is the Prince Group and the Identity of Chen Zhi?
According to official statements, the individual in question, 38, also referred to as “the alias”, is the leader and establisher of Prince Holding Group (Prince Group), a global corporate entity headquartered in Cambodia which, according to its website, is centered around “property investment, banking operations and consumer services”.
On October 14, American officials stated that Chen, who is still evading capture, had been indicted for wire fraud conspiracy and money laundering conspiracy for overseeing Prince Group’s operation of forced labour scam compounds across the country.
His swift rise to riches has won him significant political influence, including reported advisory roles to Cambodia’s prime minister. Chen, a native of China from 1987, is thought to have acquired nationality in Vanuatu and Cyprus, and is also a citizen of Cambodia.
Why have the Group Been Penalized?
The US justice department claimed individuals had been held against their will in the scam compounds linked with the syndicate and forced to participate in a range of deceptive practices that stole massive sums from targets in the US and globally.
As part of the probe into Chen, the United States and UK have confiscated $15bn (£11.3 billion) in cryptocurrency and blocked London assets.
The frozen properties are believed to comprise a £12m residence on Avenue Road, one of London’s most expensive addresses, a £95 million commercial building on Fenchurch Street in the heart of the London's banking area, and multiple apartments in central London.
“Now the Federal Bureau of Investigation and allies carried out one of the largest financial fraud takedowns in recorded time,” said the bureau's head Kash Patel in a statement about the actions.
Who else Are Implicated?
Based on the senior justice official, Chen was the supposed “chief architect behind a vast cyber-fraud empire functioning under the Prince Group umbrella”. He was added to a US sanctions list this month alongside more than a dozen additional persons believed to be involved in his business empire.
More than 100 business entities – based in multiple Asian jurisdictions and more – were also placed on a blacklist because of alleged links to Chen.
Impact of the Sanctions Do?
Cambodia’s interior ministry spokesperson told media outlets that the authorities would cooperate with other countries in the case against Chen.
“We do not protecting individuals that break regulations,” the official said. “But it does not mean that we blame the group or its leader of engaging in illegal acts like the claims issued by the US or the UK.”
Despite the unprecedented tranche of sanctions, experts say the scam industry is still massive, with the United Nations calculating in recent years that about 100,000 people were being compelled to execute internet fraud in Cambodia, as well as at least 120,000 in the neighboring country and tens of thousands in Thailand, Laos and the Philippines.
Considering the widespread nature of the enterprise in multiple south-east Asian countries, some fear any apprehensions will create a gap for additional global syndicates to swoop in.
