The chairman of Cambodian conglomerate Prince Group, Chen Zhi, has been charged by US authorities with running what prosecutors described as a sprawling cyber fraud operation responsible for billions in global losses. The case marks one of the largest financial crime investigations ever pursued by the US government, according to the Department of Justice.
The 38-year-old businessman, who leads Phnom Penh-based Prince Group, was indicted in Brooklyn, New York, on charges of wire fraud conspiracy and money laundering. Prosecutors allege Chen used forced labor in Cambodia to operate large-scale online investment scams, commonly known as “pig butchering,” where victims are deceived into fake relationships and manipulated into transferring money to fraudulent crypto schemes.
The Justice Department also announced the seizure of 127,271 bitcoins—worth about $15 billion—believed to be proceeds from Chen’s operations. Officials described it as the largest-ever cryptocurrency forfeiture in US history.
“Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world,” said US Attorney Joseph Nocella. “This historic indictment and forfeiture send a strong message to fraudsters everywhere that we will pursue you no matter where you are.”
Chen, a Chinese-born businessman who relocated to Cambodia, remains at large. Prosecutors said he and his senior executives used the Prince Group network, which operates dozens of companies across 30 countries, as a front for one of Asia’s largest transnational criminal organizations.
Investigators allege that foreign workers were trafficked and confined in prison-like compounds in Cambodia, forced to carry out online scams under threat of violence. Workers were beaten or detained if they refused to participate, according to the indictment.
“The defendant was the mastermind behind a sprawling cyber-fraud empire operating under the Prince Group umbrella—a criminal enterprise built on human suffering,” said John A. Eisenberg, assistant attorney general for the Justice Department’s National Security Division.
The US said Chen’s operation used a “phone farm” system with over 1,200 mobile phones and 76,000 fake social media accounts to target victims globally. One co-conspirator allegedly claimed the schemes generated more than $30 million per day in 2018.
Prince Group, which promotes itself as one of Cambodia’s largest conglomerates with businesses in real estate, finance, tourism and technology, was accused of laundering criminal proceeds through its subsidiaries, including online gambling and crypto mining operations.
In a related move, the US Treasury Department designated Prince Group as a transnational criminal organization, banning US entities from doing business with it. “The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” Treasury Secretary Scott Bessent said in a statement.
Authorities in the UK also froze more than £130 million ($172 million) in assets linked to Chen, including 19 properties and a £12 million mansion in northwestern London.
A study by a University of Texas at Austin professor estimated that global “pig butchering” scams stole over $75 billion between 2020 and 2024. The FBI reported $5.8 billion in losses from cryptocurrency investment fraud in 2024 alone.
Prosecutors did not specify how they obtained access to Chen’s crypto wallets, but said the bitcoin seizure demonstrates the US government’s expanding ability to track and recover illicit digital assets.
Chen remains at large, and emails to Prince Group’s listed contacts were returned with errors. The US government said efforts to locate and extradite him are ongoing.
