146 Sanctioned in Global Crypto Scam Crackdown

The420 Correspondent
2 Min Read

The United States and United Kingdom have jointly sanctioned the Cambodia-based Prince Group, calling it a transnational criminal network that defrauded victims worldwide through forced-labour “scam centres” in Cambodia, Myanmar, and beyond.

The US Treasury targeted 146 individuals, while the UK froze 19 London properties worth over £100 million (₹1,075 crore). Officials described the operation as the largest action ever in Southeast Asia against human trafficking and cyber-enabled fraud.

At its centre is Chen Zhi, the group’s 37-year-old Chinese-Cambodian chair, indicted for wire fraud and money laundering conspiracy. The US Justice Department seized Bitcoin worth over $14 billion (₹1.5 lakh crore) — its biggest crypto forfeiture to date.

FCRF Launches CCLP Program to Train India’s Next Generation of Cyber Law Practitioners

‘Pig-Butchering’ and Digital Slavery

Authorities say Prince Group ran massive “pig-butchering” scams — online schemes in which trafficked workers lured victims into fake romantic relationships and persuaded them to invest in fraudulent crypto platforms.

Thousands of labourers, many from China, were trapped in compounds and forced to work under threat of violence. The profits financed private jets, yachts, and even a Picasso painting, prosecutors said.

Political Ties and Global Fallout

Analysts describe the network as deeply entrenched in Cambodia’s political and business elite. “Prince Group was a central pillar of Cambodia’s criminal economy,” said Jacob Daniel Sims of Harvard University, citing Chen’s links to Prime Minister Hun Manet.

British Foreign Minister Yvette Cooper said the network “destroyed lives while buying up London homes to store their money.”

The sanctions also prompted South Korea to issue travel bans to parts of Cambodia after citizens were kidnapped and forced to work in scam centres. The UN estimates over 100,000 people are trapped in online scam operations across the region.

Stay Connected