US and UK Crackdown Targets Prince Group

The United States and United Kingdom have unveiled sweeping sanctions against one of Southeast Asia’s largest transnational criminal networks, the Prince Group, accused of orchestrating vast cryptocurrency scams using trafficked workers. The network reportedly operated “scam centres” across Cambodia, Myanmar, and multiple countries in the region.

The US Treasury Department called the action the largest ever in Southeast Asia, targeting 146 individuals associated with the Cambodia-based Prince Group, declaring it a transnational criminal organization.

The UK followed suit, sanctioning six entities and individuals linked to the network and freezing 19 London properties worth over £100 million ($134 million).

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Allegations of Human Trafficking and Fraud

Prince Group’s operations allegedly involved hundreds of thousands of trafficked workers forced to carry out online scams under threat of violence. Assistant Attorney General John Eisenberg described the group as a “sprawling cyberfraud empire,” while US Attorney Joseph Nocella called it “one of the largest investment fraud operations in history.”

The scams, often referred to as “pig-butchering” scams, involved trafficked workers luring victims into online romantic relationships before persuading them to invest in fraudulent cryptocurrency platforms. Victims reportedly lost millions of dollars worldwide.

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Key Figures: Chen Zhi and Leadership of the Scam Network

The network’s 37-year-old chair, Chinese-Cambodian tycoon Chen Zhi, also known as Vincent, remains at large. Federal prosecutors in the US have charged him with wire fraud and conspiracy to launder money, facing up to 40 years in prison if convicted.

According to authorities, Chen masterminded a sophisticated criminal network operating since 2015 under the guise of legitimate real estate, financial services, and consumer businesses. Prosecutors allege Chen and his associates used political influence and bribery to protect their operations across multiple countries.

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Global Reach and Financial Impact

The Prince Group’s fraudulent operations reportedly spanned more than 30 countries. Stolen funds were laundered through cryptocurrency mining, gambling ventures, and luxury purchases, including yachts, private jets, vacation homes, and even a Picasso painting. Prosecutors estimated the network was generating up to $30 million daily at its peak.

Jacob Daniel Sims, a transnational crime expert at Harvard University’s Asia Center, emphasized the network’s central role in enabling global cyber fraud. He noted that sanctions and indictments significantly alter the risk calculus for international banks, investors, and real estate firms dealing with Cambodian elite money.

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International Response and Humanitarian Concerns

British Foreign Minister Yvette Cooper condemned the network, highlighting its destructive impact on vulnerable populations while enriching criminals and enabling money laundering through global real estate.

The United Nations has estimated that around 100,000 people were forced to carry out online scams in Cambodia, with at least 120,000 in Myanmar and tens of thousands in Thailand, Laos, and the Philippines. In 2025, UN authorities warned that East Timor is emerging as a new hub for online scams.

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Legal Actions and Bitcoin Forfeiture

The US Justice Department filed its largest forfeiture action in history against the Prince Group, seizing over $14 billion in Bitcoin at current market prices. Authorities say these measures, alongside indictments and sanctions, aim to disrupt the network’s operations and prevent further exploitation of trafficked workers.

While the Prince Group remains partially operational, experts agree the sanctions significantly increase global scrutiny, complicating the network’s access to financial and real estate systems worldwide.

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Conclusion: A Landmark Strike Against Transnational Crypto Fraud

The US and UK sanctions against the Prince Group mark one of the most significant international efforts to tackle human trafficking and crypto-enabled financial fraud. By targeting the network’s leaders, assets, and operations, authorities aim to dismantle a sprawling criminal empire that has defrauded people worldwide and exploited vulnerable workers across Southeast Asia.