What Are the Alleged Leader and the So-Called Crime Network, Accused by the United States and United Kingdom of Large-Scale Scam Operations?
The UK and United States have imposed sanctions on a multinational network operating from Southeast Asia, accused of orchestrating large-scale internet fraud schemes that are suspected of using trafficked workers to defraud individuals around the world.
This industry has flourished in recent years, particularly in parts of Cambodia and Myanmar where countless individuals have been duped by false job adverts and then coerced to carry out online fraud, such as fake relationship schemes, sometimes under the threat of torture.
The US treasury department stated it had implemented what it called the largest action ever in south-east Asia, targeting 146 people connected to the so-called organization, which the United Kingdom also sanctioned.
Those targeted comprise the head of the alleged network, the accused figure, as well as numerous persons connected to his business operations throughout south-east Asia and the Pacific.
What is the Prince Group and the Identity of Chen Zhi?
Based on authoritative sources, Chen Zhi, 38, also referred to as “Vincent”, is the leader and establisher of Prince Holding Group (Prince Group), a global corporate entity based in the Southeast Asian nation which, as per its online presence, is centered around “real estate development, financial services and consumer services”.
On 14 October, US authorities stated that the accused, who remains at large, had been charged with conspiracy to commit fraud and money laundering conspiracy for overseeing the group's activities of fraud centers using coerced labor throughout Cambodia.
His swift rise to riches has gained him significant political influence, comprising alleged consulting positions to the nation's leader. The individual, born in China in 1987, is believed to have acquired nationality in Cyprus and Vanuatu, and is also a Cambodian national.
Why have They Been Sanctioned?
The Department of Justice alleged people had been held against their will in the fraudulent operation centers linked with the group and made to engage in a range of fraudulent schemes that defrauded massive sums from victims in the US and worldwide.
As part of the probe into Chen, the US and UK have seized $15 billion (£11.3 billion) in cryptocurrency and blocked properties in London.
The frozen properties are thought to include a £12 million residence on a prestigious street, one of the costliest locations in London, a £95 million commercial building on Fenchurch Street in the center of the City of London’s financial district, and several flats in downtown London.
“Today the Federal Bureau of Investigation and partners executed one of the biggest crackdowns on fraud in history,” said FBI director Kash Patel in a announcement about the measures.
Who else Is Involved?
Based on the US assistant attorney general, Chen was the alleged “mastermind behind a vast digital scam network 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 participating in his business empire.
Over a hundred business entities – based in Cambodia, Singapore, Hong Kong and Taiwan and more – were also placed on a blacklist because of alleged links to the leader.
What will the Measures Do?
Cambodia’s interior ministry spokesperson told media outlets that the government would cooperate with other countries in the legal proceeding against Chen.
“We do not shielding individuals that break regulations,” the official said. “But it does not mean that we blame the group or its leader of committing crimes like the claims issued by the US or the UK.”
In spite of the unprecedented tranche of sanctions, analysts say the scam industry is still massive, with the United Nations calculating in recent years that about 100,000 people were being forced to carry out internet fraud in the nation, as well as at least one hundred twenty thousand in the neighboring country and tens of thousands in Thailand, Laos and the Philippines.
Given the widespread nature of the enterprise in several Southeast Asian nations, certain worry any arrests will leave a vacuum for additional global syndicates to swoop in.
