Who Is the Alleged Leader and the Prince Group, Accused by the US and UK of Massive Fraudulent Schemes?
The United Kingdom and United States have enforced measures on a global syndicate based in south-east Asia, accused of running large-scale internet fraud schemes that are believed to exploiting victims of human trafficking to swindle individuals globally.
This criminal enterprise has expanded 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 carry out internet scams, including romance scams, often under the threat of torture.
The US treasury department stated it had implemented what it called the largest action ever in south-east Asia, focusing on over a hundred individuals connected to the so-called organization, which the United Kingdom also sanctioned.
Those sanctioned comprise the leader of the alleged network, the accused figure, as well as numerous persons connected to his commercial activities across Southeast Asia and Pacific regions.
Understanding the Alleged Syndicate and the Identity of Chen Zhi?
Based on official statements, the individual in question, 38, also known as “Vincent”, is the founder and chairman of the so-called conglomerate (Prince Group), a global corporate entity headquartered in Cambodia which, according to its website, is centered around “property investment, banking operations and retail offerings”.
On October 14, US authorities stated that Chen, who remains at large, had been indicted for conspiracy to commit fraud and money laundering conspiracy for directing Prince Group’s operation of fraud centers using coerced labor across Cambodia.
His swift rise to riches 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 bought citizenship in Vanuatu and Cyprus, and is also a citizen of Cambodia.
Why have the Group Been Sanctioned?
The Department of Justice claimed individuals had been held against their will in the fraudulent operation centers linked with the syndicate and forced to engage in a variety of fraudulent schemes that stole billions of dollars from victims in the US and globally.
As part of the investigation into the leader, the United States and UK have seized $15bn (£11.3bn) in cryptocurrency and frozen London assets.
The frozen properties are believed to comprise a £12m residence on a prestigious street, one of London’s most expensive addresses, a £95m office block on a key financial avenue in the center of the City of London’s financial district, and several flats in downtown London.
“Today the FBI and allies executed one of the biggest crackdowns on fraud in recorded time,” said the bureau's head the official in a announcement about the measures.
Other Parties Is Involved?
According to the senior justice official, Chen was the supposed “chief architect behind a vast digital scam network functioning under the Prince Group umbrella”. He was placed on a American blacklist this month together with over a dozen other individuals believed to be participating in his business empire.
More than 100 corporate bodies – based in Cambodia, Singapore, Hong Kong and Taiwan among others – were also added to a blacklist because of alleged links to Chen.
Impact of the Measures Do?
A representative from Cambodia's government told media outlets that the authorities would work together with other countries in the case against Chen.
“We do not shielding individuals that break regulations,” the official said. “However, this does not imply that we are accusing Prince Group or Chen Zhi of committing crimes like the claims made by the United States or UK.”
Despite the historic set of penalties, analysts say the scam industry is still massive, with the UN calculating in 2023 that about 100,000 people were being forced to carry out internet fraud in the nation, as well as at least 120,000 in Myanmar and many thousands in Thailand, Laos and the Philippines.
Given the widespread nature of the enterprise in several Southeast Asian nations, some fear any apprehensions will leave a vacuum for additional global syndicates to swoop in.
