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Police reportedly detained Chen Zhi, the founder and chairman of Prince Group, earlier than deporting him to China for
investigation by Chinese language authorities. Based on Bloomberg, Zhi left Cambodia
underneath escort to face questioning over alleged monetary crimes and rip-off
operations.​

Sanctions, Bitcoin Seizure and Fraud Allegations

In October, the US Division of Justice unsealed an indictment that accused Chen Zhi of wire fraud and cash laundering in
reference to a world cryptocurrency scheme constructed on pressured‑labour rip-off
compounds in Cambodia.

US authorities stated they seized about 127,000 bitcoin,
valued at roughly $15 billion on the time, in what they described because the
largest forfeiture motion within the division’s historical past.​

The identical operation prompted the US Treasury and the UK
authorities to sanction Prince Group and related people and entities as
a transnational prison group.

You might also like: Spain “Dismantled” €460 Million Crypto Fraud Ring, Arrested 5

Officers alleged that networks underneath Chen’s management
used shell firms, unhosted wallets and a tangle of company buildings to
launder proceeds from “pig butchering” funding scams, on-line fraud and different
crimes.​

Alleged Rip-off Compounds and Compelled Labour

Investigators and rights teams accuse Zhi and
Prince Group of operating or backing massive rip-off compounds in Cambodia that relied
on trafficked employees. These services allegedly detained individuals underneath
coercive situations and compelled them to function cellphone and on-line fraud schemes
that focused victims around the globe.​

What’s most fascinating is pockets addresses listed within the US authorities $14B (127K BTC) seizure beforehand have been named in a Milky Unhappy report ~2 years in the past for having susceptible personal keys and now the USG says they’ve custody of them. https://t.co/sHNwMXhLKH pic.twitter.com/icLWKU33kC

— ZachXBT (@zachxbt) October 14, 2025

Courtroom filings and analytical experiences describe “cellphone
farms” and industrial‑scale cyberfraud operations that blended crypto buying and selling
pitches, pretend investments and romance scams. Analysts say the community grew into
one among Asia’s most vital prison enterprises, with operations and
monetary hyperlinks stretching into Southeast Asia, Europe and past.​

Taiwanese media LTN stated Prince Group helped present
greater than half of a US$260 million grant to Cambodia in 2018, elevating questions
about how enterprise, politics and safety pursuits intersected across the
conglomerate.​​

Suspected Hyperlinks to Chinese language Intelligence and World Attain

Native media accounts additionally be aware that Chen reportedly purchased
properties in a number of jurisdictions, together with models in London positioned close to
the US embassy, and used an online of firms to increase his footprint. Monetary
watchdogs in Singapore, Thailand and different markets have reportedly moved to
scrutinize or freeze belongings linked to companies related to the group.​

Chen’s elimination from Cambodia to China indicators a shift
in how authorities deal with alleged rip-off bosses who as soon as operated from loosely
regulated hubs. For years, critics argued that regulation‑enforcement companies moved
too slowly even because the suspected community grew and victims multiplied throughout
continents.​

The investigation in China now provides one other layer to
ongoing authorized actions within the US, UK and different jurisdictions over Bitcoin
forfeiture, property seizures and sanctions enforcement.

This text was written by Jared Kirui at www.financemagnates.com.