Who Are the Alleged Leader and the Prince Group, Targeted by the US and UK of Large-Scale Fraudulent Schemes?
The UK and US have enforced measures on a global syndicate based in Southeast Asia, accused of running extensive internet fraud schemes that are suspected of exploiting victims of human trafficking to defraud people globally.
This criminal enterprise has flourished in the past few years, especially in certain areas in Myanmar and Cambodia where countless individuals have been deceived by fraudulent employment offers and then forced to commit internet scams, such as romance scams, sometimes under the threat of torture.
The United States Treasury stated it had implemented what it called the largest action ever in south-east Asia, focusing on 146 people connected to the so-called organization, which the UK also penalized.
Those targeted include the leader of the alleged network, the accused figure, as well as numerous individuals linked with his commercial activities throughout Southeast Asia and Pacific regions.
Understanding the Prince Group and Who is Chen Zhi?
According to authoritative sources, the individual in question, 38, also referred to as “Vincent”, is the leader and establisher of Prince Holding Group (the group), a global corporate entity based in Cambodia which, as per its online presence, is focused on “real estate development, financial services and consumer services”.
On October 14, US authorities stated that the accused, who remains at large, had been indicted for wire fraud conspiracy and conspiracy to launder money for overseeing the group's activities of fraud centers using coerced labor across Cambodia.
Chen’s rapid ascent to wealth has gained him substantial clout, including reported advisory roles to Cambodia’s prime minister. The individual, a native of China from 1987, is believed to have acquired nationality in Vanuatu and Cyprus, and is also a citizen of Cambodia.
Why have the Group Been Penalized?
The Department of Justice claimed people had been held against their will in the scam compounds linked with the group and forced to participate in a variety of fraudulent schemes that stole billions of dollars from targets in the United States and worldwide.
As part of the probe into the leader, the US and UK have confiscated $15bn (£11.3bn) in cryptocurrency and blocked London assets.
The frozen properties are thought to include a £12m residence on a prestigious street, one of London’s most expensive addresses, a £95 million commercial building on Fenchurch Street in the center of the City of London’s financial district, and multiple apartments in central London.
“Now the Federal Bureau of Investigation and partners carried out one of the largest financial fraud takedowns in recorded time,” said FBI director the official in a announcement about the measures.
Who else Are Implicated?
According to the senior justice official, Chen was the supposed “chief architect behind a sprawling digital scam network operating under the group's banner”. He was added to a US sanctions list this October together with over a dozen additional persons believed to be involved in his business empire.
Over a hundred business entities – registered in Cambodia, Singapore, Hong Kong and Taiwan and more – were also added to a sanctions list because of alleged links to Chen.
What will the Sanctions Do?
A representative from Cambodia's government told news agencies that the authorities would cooperate with foreign nations in the legal proceeding against Chen.
“We do not protecting individuals that break regulations,” he said. “But it does not mean that we are accusing the group or its leader of engaging in illegal acts similar to the claims issued by the US or the UK.”
Despite the unprecedented tranche of sanctions, analysts say the scam industry is still massive, with the United Nations estimating in recent years that about 100,000 people were being forced to carry out online scams in the nation, as well as at least one hundred twenty thousand in Myanmar and tens of thousands in Thailand, Laos and the Philippines.
Considering the prevalence of the enterprise in multiple south-east Asian countries, certain fear any arrests will create a gap for additional global syndicates to take over.
