In a coordinated international effort, prosecutors in Taiwan, Hong Kong, and Singapore have seized hundreds of millions of dollars in assets linked to Chen Zhi, a Cambodian businessman accused by the U.S. of leading a global cyber-scam syndicate. The crackdown follows an October 14 indictment by U.S. authorities, which charged Chen with wire fraud conspiracy and money laundering conspiracy, alongside the seizure of $14 billion in cryptocurrency. Chen, founder of Cambodia’s Prince Holding Group, allegedly orchestrated a vast network of scams spanning multiple countries, including the U.S., the U.K., and Palau. The U.S. and U.K. governments have jointly sanctioned Chen and his collaborators, while investigations into his operations continue to expand. Singaporean authorities seized over $114 million in financial assets, a yacht, and luxury liquor on October 30. Taiwanese prosecutors confiscated $150 million in assets, including 26 luxury cars and 11 upscale apartments in Taipei, while Hong Kong police announced the seizure of $353 million in cash, stocks, and other funds. U.K. authorities also targeted Chen’s assets, seizing a $15.6 million mansion and a $130 million office building. Chen, a Chinese national with Cambodian citizenship, has close ties to Cambodia’s political elite, having served as an adviser to Prime Minister Hun Manet and former Prime Minister Hun Sen. Despite his prominent status, prosecutors allege that the bulk of his wealth stems from fraudulent activities, including the notorious ‘pig butchering’ scam, which reportedly generated $30 million daily. The Prince Holding Group has yet to respond to requests for comment.
Prosecutors in Asia seize yachts, luxury cars and cash from man accused of running cyberscams
