🔗 Share this article What Are the Alleged Leader and the So-Called Crime Network, Targeted by the United States and United Kingdom of Large-Scale Fraudulent Schemes? The UK and US have imposed sanctions on a multinational network operating from Southeast Asia, allegedly orchestrating extensive online scam operations that are believed to using victims of human trafficking to defraud people globally. This industry has flourished in recent years, particularly in parts of Myanmar and Cambodia where countless individuals have been deceived by false job adverts and then forced to commit internet scams, such as romance scams, sometimes under the threat of physical harm. The US treasury department stated it had taken what it called the most significant measure to date in Southeast Asia, focusing on 146 people associated with the Prince Group, which the United Kingdom also sanctioned. Those sanctioned include the leader of the alleged network, Chen Zhi, as well as more than a dozen individuals connected to his commercial activities across south-east Asia and the Pacific. What is the Prince Group and the Identity of Chen Zhi? According to authoritative sources, Chen Zhi, thirty-eight, also known as “Vincent”, is the founder and chairman of the so-called conglomerate (the group), a multinational business conglomerate based in the Southeast Asian nation which, according to its website, is focused on “property investment, financial services and consumer services”. On October 14, American officials stated that the accused, who is still evading capture, had been indicted for wire fraud conspiracy and money laundering conspiracy for overseeing Prince Group’s operation of forced labour scam compounds throughout the country. Chen’s rapid ascent to wealth has gained him substantial clout, including reported advisory roles to the nation's leader. The individual, a native of China from 1987, is thought to have acquired nationality in Cyprus and Vanuatu, and is also a citizen of Cambodia. Why have They Been Penalized? The US justice department alleged individuals had been forcibly detained in the fraudulent operation centers connected to the group and forced to engage in a variety of deceptive practices that stole massive sums from targets in the United States and worldwide. As part of the probe into Chen, the United States and UK have confiscated $15 billion (£11.3 billion) in bitcoin and frozen London assets. The frozen properties are thought to include a £12m mansion on a prestigious street, one of London’s most expensive addresses, a £95m commercial building on Fenchurch Street in the heart of the City of London’s financial district, and multiple apartments in central London. “Now the FBI and partners executed one of the largest financial fraud takedowns in recorded time,” said the bureau's head the official in a statement about the actions. Other Parties Are Implicated? According to the senior justice official, the accused was the alleged “chief architect behind a sprawling cyber-fraud empire functioning under the Prince Group umbrella”. He was placed on a American blacklist this October together with over a dozen other individuals suspected of being involved in his commercial network. More than 100 corporate bodies – based in multiple Asian jurisdictions among others – were also added to a blacklist because of alleged links to Chen. What will the Measures Do? Cambodia’s interior ministry spokesperson told news agencies that the government would cooperate with foreign nations in the case against Chen. “We do not protecting persons that violate the law,” he said. “However, this does not imply that we blame Prince Group or Chen Zhi of committing crimes like the allegations made by the United States or UK.” Despite the historic set of penalties, analysts say the fraud sector is still enormous, with the UN estimating in 2023 that about 100,000 people were being compelled to execute internet fraud in Cambodia, as well as at least 120,000 in the neighboring country and tens of thousands in Thailand, Laos and the Philippines. Given the prevalence of the enterprise in several south-east Asian countries, some worry any arrests will leave a vacuum for other transnational groups to take over.