Imagine a criminal empire so vast and ruthless that it enslaves people in prison-like camps, forcing them to scam innocent victims out of billions of dollars through cryptocurrency fraud. This isn’t a dystopian novel—it’s the shocking reality of the Prince Group scandal. Today, federal authorities unsealed an indictment against Chen Zhi, also known as Vincent, the 37-year-old UK and Cambodian national who chairs this multinational conglomerate. But here’s where it gets even more chilling: Chen Zhi is accused of masterminding a forced-labor scheme in Cambodia, where individuals were held captive and coerced into running elaborate cryptocurrency scams, known as “pig butchering,” targeting victims worldwide, including the United States. The scale of this operation? Billions of dollars stolen. And this is the part most people miss—authorities have seized approximately 127,271 Bitcoin (worth a staggering $15 billion), marking the largest forfeiture action in the history of the U.S. Department of Justice. Chen Zhi remains at large, but the net is tightening.
The indictment, filed in Brooklyn, New York, charges Chen Zhi with wire fraud conspiracy and money laundering. According to the U.S. Attorney’s Office and the Justice Department’s National Security Division, the Prince Group’s operations were a modern-day nightmare. Victims were lured into transferring cryptocurrency with false promises of investment profits, only to have their funds stolen and laundered through a complex web of accounts. The group’s tactics were insidious—building trust with victims over time before exploiting them. But it doesn’t stop there. The compounds where these scams were executed were essentially forced-labor camps, surrounded by high walls and barbed wire, where workers were subjected to violence and torture. Chen Zhi allegedly oversaw these operations, even maintaining records of profits and the specific scams run from each room.
Here’s the controversial part: While Prince Group publicly presented itself as a legitimate conglomerate focused on real estate, financial services, and consumer goods, it secretly operated as one of Asia’s largest criminal organizations. This raises a troubling question: How many other seemingly legitimate businesses are hiding dark operations? The group’s reach was global, with local networks assisting in scams across the U.S., including Brooklyn, where millions were laundered from over 250 victims. Chen Zhi and his associates allegedly used political influence and bribes to shield their operations, further complicating efforts to bring them to justice.
The laundering techniques were equally sophisticated. Cryptocurrency was “sprayed” and “funneled” across countless virtual addresses to obscure its origins. Some proceeds were converted into traditional currency, while others were stored in unhosted wallets controlled by Chen Zhi. The group’s ill-gotten gains funded a lavish lifestyle, including luxury travel, yachts, private jets, and even a Picasso painting purchased in New York. If convicted, Chen Zhi faces up to 40 years in prison.
In a coordinated effort, the U.S. Department of the Treasury and the United Kingdom’s Foreign, Commonwealth and Development Office have sanctioned Chen Zhi and associated entities, labeling Prince Group a transnational criminal organization. The FBI’s New York Joint Asian Criminal Enterprise Task Force is leading the investigation, with assistance from the Virtual Asset Unit. But here’s the bigger question: As cryptocurrency fraud continues to rise—causing over $5.8 billion in losses in 2024 alone—how can we better protect ourselves and hold these criminals accountable? If you have information about Chen Zhi or Prince Group, contact the FBI at PrinceGroupTips@fbi.gov. And if you’ve fallen victim to cryptocurrency fraud, report it to the FBI Internet Crime Complaint Center at www.ic3.gov. This case is a stark reminder of the dark side of the digital age—and the urgent need for vigilance and action.
