$15 Billion Cryptocurrency Investment Fraud: United States Government Facing Lawsuit in United States Court (Brooklyn Federal Court) to Disclose Source of $15 Billion Cryptocurrency (127,000 Bitcoins Now Valued at $8.8 Billion) Which are Being Claimed by Owners, 127,000 Bitcoins was Hacked in 2020, United States Prosecutors Alleged Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Laundered Proceeds via Bitcoin Mining Platform LuBian in China & Iran
26th March 2026 | Hong Kong
$15 Billion Cryptocurrency Investment Fraud – United States government is facing a lawsuit in United States court (Brooklyn Federal Court) to disclose source of $15 billion cryptocurrency (127,000 bitcoins now valued at $8.8 billion), which are being claimed by owners. 127,000 bitcoins was allegedly hacked in 2020. United states prosecutors alleged Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) laundered proceeds via bitcoin mining platform LuBian in China & Iran. In 2026 March, Taiwan charged 62 people for operating scam network & $338 million (TWD 10.7 billion) money laundering linked to Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who was arrested in Cambodia & extradited to China in 2026 January. Taiwan authorities have frozen $173 million (TWD 5.5 billion) assets, with some assets in process of liquidation. In 2026 March, The Singapore Police reported to have seized & froze a total of $392 million (S$500 million) assets of money laundering syndicate linked to Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) who was arrested in Cambodia & extradited to China in 2026 January. Singapore Police has arrested 3 individuals Tan Yew Kiat, Nigel Tang Wan Bao Nabil & Yeo Sin Huat Alan, and warrant of arrest issued against Chen Xiuling (Karen Cheng). In 2025 February, Thailand government was planning to seize $420 million of cyber scam frozen assets (Include condominiums, yachts & cars) as state assets. The assets owners include Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) & South Africa businessman Benjamin Mauerberger (Ben Smith). In 2026 January, Hong Kong police had frozen $353 million (HKD 2.75 billion) assets of Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who is also controlling shareholder of 2 Hong Kong-listed companies Geotech Holdings & Khoon Group. Cambodia-based Amber Casino employees are exiting the company & departing Cambodia. In 2026 January, Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) was arrested in Cambodia & extradited to China for investigation, with his Cambodia citizenship revoked. 2 other China citizens (Xu Ji Liang & Shao Ji Hui) were also arrested & extradited to China. In 2025 December, Singapore authority (Commercial Affairs Department, CAD) filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
“ $15 Billion Cryptocurrency Investment Fraud: United States Government Facing Lawsuit in United States Court (Brooklyn Federal Court) to Disclose Source of $15 Billion Cryptocurrency (127,000 Bitcoins Now Valued at $8.8 Billion) Which are Being Claimed by Owners, 127,000 Bitcoins was Hacked in 2020, United States Prosecutors Alleged Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Laundered Proceeds via Bitcoin Mining Platform LuBian in China & Iran “
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$15 Billion Cryptocurrency Investment Fraud: Taiwan Charged 62 People for Operating Scam Network & $338 Million (TWD 10.7 Billion) Money Laundering Linked to Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Who was Arrested in Cambodia & Extradited to China in 2026 January, $173 Million (TWD 5.5 Billion) Frozen & in Process of Liquidation by Taiwan Authorities
4th March 2026 – $15 Billion Cryptocurrency Investment Fraud – Taiwan has charged 62 people for operating scam network & $338 million (TWD 10.7 billion) money laundering linked to Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who was arrested in Cambodia & extradited to China in 2026 January. Taiwan authorities have frozen $173 million (TWD 5.5 billion) assets, with some assets in process of liquidation. In 2026 March, The Singapore Police reported to have seized & froze a total of $392 million (S$500 million) assets of money laundering syndicate linked to Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) who was arrested in Cambodia & extradited to China in 2026 January. Singapore Police has arrested 3 individuals Tan Yew Kiat, Nigel Tang Wan Bao Nabil & Yeo Sin Huat Alan, and warrant of arrest issued against Chen Xiuling (Karen Cheng). In 2025 February, Thailand government was planning to seize $420 million of cyber scam frozen assets (Include condominiums, yachts & cars) as state assets. The assets owners include Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) & South Africa businessman Benjamin Mauerberger (Ben Smith). In 2026 January, Hong Kong police had frozen $353 million (HKD 2.75 billion) assets of Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who is also controlling shareholder of 2 Hong Kong-listed companies Geotech Holdings & Khoon Group. Cambodia-based Amber Casino employees are exiting the company & departing Cambodia. In 2026 January, Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) was arrested in Cambodia & extradited to China for investigation, with his Cambodia citizenship revoked. 2 other China citizens (Xu Ji Liang & Shao Ji Hui) were also arrested & extradited to China. In 2025 December, Singapore authority (Commercial Affairs Department, CAD) filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Singapore Police Seized & Froze Total $392 Million (S$500 Million) Assets of Money Laundering Syndicate Linked to Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Who was Arrested in Cambodia & Extradited to China in 2026 January, Singapore Police Arrested 3 Individuals Tan Yew Kiat, Nigel Tang Wan Bao Nabil & Yeo Sin Huat Alan, Warrant of Arrest Issued Against Chen Xiuling (Karen Cheng)
4th March 2026 – $15 Billion Cryptocurrency Investment Fraud – The Singapore Police Force had seized & froze a total of $392 million (S$500 million) assets of money laundering syndicate linked to Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) who was arrested in Cambodia & extradited to China in 2026 January. Singapore Police had also arrested 3 individuals Tan Yew Kiat, Nigel Tang Wan Bao Nabil & Yeo Sin Huat Alan, and warrant of arrest issued against Chen Xiuling (Karen Cheng). In 2025 February, Thailand government was planning to seize $420 million of cyber scam frozen assets (Include condominiums, yachts & cars) as state assets. The assets owners include Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) & South Africa businessman Benjamin Mauerberger (Ben Smith). In 2026 January, Hong Kong police had frozen $353 million (HKD 2.75 billion) assets of Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who is also controlling shareholder of 2 Hong Kong-listed companies Geotech Holdings & Khoon Group. Cambodia-based Amber Casino employees are exiting the company & departing Cambodia. In 2026 January, Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) was arrested in Cambodia & extradited to China for investigation, with his Cambodia citizenship revoked. 2 other China citizens (Xu Ji Liang & Shao Ji Hui) were also arrested & extradited to China. In 2025 December, Singapore authority (Commercial Affairs Department, CAD) filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Hong Kong Police Froze $353 Million (HKD 2.75 Billion) Assets of Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Who is Also Controlling Shareholder of 2 Hong Kong-Listed Companies Geotech Holdings & Khoon Group, Cambodia-Based Amber Casino Employees Exit Company & Depart Cambodia
17th January – $15 Billion Cryptocurrency Investment Fraud – Hong Kong police has frozen $353 million (HKD 2.75 billion) assets of Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38), who is also controlling shareholder of 2 Hong Kong-listed companies Geotech Holdings & Khoon Group. Cambodia-based Amber Casino employees are exiting the company & departing Cambodia. In 2026 January, Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) was arrested in Cambodia & extradited to China for investigation, with his Cambodia citizenship revoked. 2 other China citizens (Xu Ji Liang & Shao Ji Hui) were also arrested & extradited to China. In 2025 December, Singapore authority (Commercial Affairs Department, CAD) filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Cambodia Prince Holding Group Founder & Chairman Vincent Chen Zhi (Age 38) Arrested in Cambodia & Extradited to China for Investigation with Cambodia Citizenship Revoked, 2 Other China Citizens (Xu Ji Liang & Shao Ji Hui) were Also Arrested & Extradited to China
8th January – $15 Billion Cryptocurrency Investment Fraud – Cambodia Prince Holding Group founder & Chairman Vincent Chen Zhi (Age 38) has been arrested in Cambodia & extradited to China for investigation, with his Cambodia citizenship revoked. 2 other China citizens (Xu Ji Liang & Shao Ji Hui) were also arrested & extradited to China. In 2025 December, Singapore authority (Commercial Affairs Department, CAD) filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Singapore Authority to Seize $2.8 Million Assets (Cheques, Bonds & Security Deposits) Linked to Cambodia Prince Holding Group Vincent Chen Zhi, ex-Employee of Family Office (DW Capital) Filed Singapore Court Application for Release of Funds from 4 Companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to Pay Salaries, Taxes & Expenses, 4 Companies Linked to Vincent Chen Zhi BVI-Incorporated Family Office (Global Treasure Development)
30th December – $15 Billion Cryptocurrency Investment Fraud – Singapore authority (Commercial Affairs Department, CAD) has filed court application to seize $2.8 million assets (Cheques, bonds & security deposits) linked to Cambodia Prince Holding Group Vincent Chen Zhi. Separately, an ex-employee of Vincent Chen Zhi family office (DW Capital) has also filed a Singapore court application for release of funds from 4 companies (Capital Zone Warehousing, Skyline Investment Management, Citylink Solutions) to pay salaries, taxes & expenses. The 4 companies are linked to Vincent Chen Zhi BVI-incorporated family office (Global Treasure Development). In 2025 December, Singapore Police arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Singapore Police Arrests Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore Citizen Nigel Tang Wan Bao Nabil Who is Sanctioned by United States, Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco)
20th December – $15 Billion Cryptocurrency Investment Fraud – Singapore Police has arrested Cambodia Vincent Chen Zhi Prince Holding Group Superyacht (Nonni II) ex-Captain & Singapore citizen Nigel Tang Wan Bao Nabil, who is sanctioned by United States. Nigel Tang Wan Bao Nabil is Director & Operations Head of Warpcapital Yacht Management and Head of Operations at Capital Zone Warehousing (Singapore Tax-Exempt Warehouse for Imported Alcohol & Tobacco). In 2025 November, Cambodia Vincent Chen Zhi Prince Holding Group issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctionsagainst the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Cambodia Vincent Chen Zhi Prince Holding Group Issues Statement of Baseless Unlawful Activities Accusation Against Chairman Chen Zhi & Unlawful Seizure of Assets
13th November – $15 Billion Cryptocurrency Investment Fraud – Cambodia Vincent Chen Zhi Prince Holding Group has issued a statement of baseless unlawful activities accusation against Chairman Chen Zhi & unlawful seizure of assets. In 2025 November, a China cybersecurity agency report claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: China Cybersecurity Agency Report Claims United States Used State-Sponsored Group to Hack & Seize $15 Billion Digital Assets from Cambodia Prince Holding Group Vincent Chen Zhi
13th November – $15 Billion Cryptocurrency Investment Fraud – A China cybersecurity agency report has claimed the United States had used state-sponsored group to hack & seize $15 billion digital assets from Cambodia Prince Holding Group Vincent Chen Zhi. In 2025 November, Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong was reported to have misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong Misappropriated $4.5 Million (S$5.84 Million) from OCBC Account from 2021 to 2022, David Wong Helped to Setup Chen Zhi Family Office in Singapore DW Capital Holdings Granted with Singapore Government Tax Incentives, Private Banks & Securities Accounts Include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian, Relationship Between Chen Zhi & David Wong Fell Apart in 2021 & Legal Proceedings Started, David Wong (Include Companies) Issued Default Court Judgement in 2022 to Pay $9.2 Million (S$12 Million) & Subsequently Filed for Bankruptcy
8th November – $15 Billion Cryptocurrency Investment Fraud – Prince Holding Group Vincent Chen Zhi Head of Family Office David Wong had misappropriated $4.5 million (S$5.84 million) from OCBC account from 2021 to 2022. David Wong had helped to setup Chen Zhi family office in Singapore (DW Capital Holdings) & granted with Singapore government tax incentives. Chen Zhi family office private banks & securities accounts include OCBC, Bank of Singapore, Bank J Safra Sarasin, Deutsche Bank, Maybank & UOB Kay Hian. In 2021, relationship Between Chen Zhi & David Wong fell apart, and legal proceedings started. In 2022, David Wong (Include his companies) was issued default court judgement to pay $9.2 million (S$12 million) & subsequently filed for bankruptcy. In 2025 November, Singapore central bank Monetary Authority of Singapore (MAS) cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Monetary Authority of Singapore (MAS) Cancels Tax Incentives of 2 Family Offices Entities Linked to Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), Hong Kong Police Froze $354 Million (HKD 2.75 Billion) Assets Linked to Cambodia Crime Syndicate
7th November – $15 Billion Cryptocurrency Investment Fraud – Singapore central bank Monetary Authority of Singapore (MAS) has cancelled the tax incentives of 2 family offices entities linked to Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37), and Hong Kong police had frozen $354 million (HKD 2.75 billion) assets linked to the Cambodia crime syndicate. In 2025 November, Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) Assets & Companies Include $134 Million London Office Building, $16 Million Mansion & 17 Apartments (New Oxford Street & Nine Elms) in London, $13 Million Penthouse (Gramercy Park) in Singapore, $12.4 Million Luxury Apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach Car with Car Plate No. 5555 in Singapore, Luxury Yacht (NONNI II) in Singapore, Family Office in Singapore (DW Capital Holdings), Controlling Shareholder of 2 Hong Kong-Listed Companies (Geotech Holdings & Khoon Group), Vincent Chen Zhi Had Renounced China Citizenship & Has Citizenships in Cambodia, Cyprus & Vanuatu
4th November – $15 Billion Cryptocurrency Investment Fraud: Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) assets & companies include $134 million London office building, $16 million mansion & 17 apartments (New Oxford Street & Nine Elms) in London, $13 million penthouse (Gramercy Park) in Singapore, $12.4 million luxury apartment (Le Nouvel Ardmore) in Singapore, Mercedes-Maybach car with car plate no. 5555 in Singapore, luxury yacht (NONNI II) in Singapore, family Office in Singapore (DW Capital Holdings), and controlling shareholder of 2 Hong Kong-listed companies (Geotech Holdings & Khoon Group). Vincent Chen Zhi had renounced his China citizenship, and has citizenships in Cambodia, Cyprus & Vanuatu. In 2025 November, Singapore Police seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Singapore Police Seized $115 Million (S$150 Million) Assets, 1 Yacht & 11 Cars of Cambodia Citizen, Founder & Chairman of Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & Associates, $115 Million Assets Seized Include Financial Assets (Bank Accounts, Securities Accounts & Cash) & 6 Properties, Other Assets Seized Include 1 Yacht, 11 Cars & Many Bottles of Liquor
3rd November – $15 Billion Cryptocurrency Investment Fraud: Singapore Police has seized $115 million (S$150 million) assets, 1 yacht & 11 cars of Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & his associates. The $115 million assets seized include financial assets (bank accounts, securities accounts & cash) & 6 properties. Other assets seized include 1 yacht, 11 cars & many bottles of liquor. Singapore Police Force (31/10/25): “As part of the operation, the Police seized and issued prohibition of disposal orders against six properties and various financial assets, including bank accounts, securities accounts and cash, with a total estimated value of more than S$150 million. Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders.” In 2025 October, Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud: Singapore Central Bank MAS Working Closely with Singapore Police on Cambodia Conglomerate Prince Holding Group, Financial Institutions Filed Suspicious Transactions Reports
3rd November – $15 Billion Cryptocurrency Investment Fraud – Singapore central bank Monetary Authority of Singapore (MAS) is working closely with Singapore Police on Cambodia conglomerate Prince Holding Group, and financial institutions had earlier filed suspicious transactions reports. Singapore MAS: “The Monetary Authority of Singapore (MAS) said today that it is working closely with the Police through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) to follow up on the case involving Prince Holding Group. Financial institutions (FIs) had filed suspicious transaction reports early on. A number of FIs had also undertaken risk mitigation measures, for example by closing suspicious accounts. This had averted larger sums from being held in our financial sector. MAS will continue to work closely with the Police, and will also conduct supervisory reviews with FIs with a nexus to the case. Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS: “Combatting financial crime requires global effort as illicit fund flows are often cross-border in nature. In addition to international cooperation, close public and private partnership is crucial. MAS works closely with the Police, our international counterparts and our FIs to protect our financial system against illicit activities, including staying vigilant to money laundering risks.” AC3N – The AC3N is led by the Commercial Affairs Department of the Singapore Police Force and MAS, and comprises relevant sector supervisors, law enforcement agencies, and intelligence agencies involved in combatting money laundering in Singapore. In 2025 October, $15 billion cryptocurrency investment fraud Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) was reported to have built a $15 billion fortune, and acquired London properties including a $134 million (£100 million) office building, a $16 million (£12 million) mansion & 17 apartments (New Oxford Street & Nine Elms). The $15 billion (127,271 Bitcoin) is currently in custody of the United States government. The stolen funds were used for luxury travel, entertainment, watches, yachts, private jets, vacation homes, high-end collectables & rare artwork (including a Picasso painting). In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud Cambodia Citizen, Founder & Chairman of Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) Built $15 Billion Fortune & Acquired London Properties Including $134 Million (£100 Million) Office Building, $16 Million (£12 Million) Mansion & 17 Apartments (New Oxford Street & Nine Elms)
19th October – $15 billion cryptocurrency investment fraud Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) had built a $15 billion fortune, and acquired London properties including a $134 million (£100 million) office building, a $16 million (£12 million) mansion & 17 apartments (New Oxford Street & Nine Elms). The $15 billion (127,271 Bitcoin) is currently in custody of the United States government. The stolen funds were used for luxury travel, entertainment, watches, yachts, private jets, vacation homes, high-end collectables & rare artwork (including a Picasso painting). In Singapore, Prince Holding Group Vincent Chen Zhi & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
$15 Billion Cryptocurrency Investment Fraud Cambodia Citizen, Founder & Chairman of Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & Karen Chen Xiuling (CFO) Setup Family Office (DW Capital Holdings) in Singapore in 2018 to Receive Tax Incentives for Family Office & Acquired Properties in Singapore, Karen Chen Xiuling was Independent Director of Temasek & Vertex-Backed Singapore-Listed $125 Million Livestreaming Platform 17Live Group (via SPAC Merger Vertex Technology Acquisition Corp in 2023), Temasek Issues Statement of No Relationship with Prince Holding Group & Not Involved in Appointment of Directors to 17Live Group (Co-Founded by Joseph Phua & Jeffery Huan)
18th October – $15 billion cryptocurrency investment fraud Cambodia citizen, founder & Chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) & Karen Chen Xiuling (Appointed CFO in 2021) had setup a family office (DW Capital Holdings) in Singapore in 2018 to receive tax incentives for the family office, and acquired properties in Singapore. Karen Chen Xiuling was an independent Director of Temasek & Vertex-backed Singapore-listed $125 million livestreaming platform 17Live Group (via SPAC merger Vertex Technology Acquisition Corp in 2023), and is Director of 10 companies (2023 filing). Temasek issued a statement of no relationship with Prince Holding Group, and is not involved in the appointment of Directors to 17Live Group (Co-founded by Joseph Phua & Jeffery Huan). Temasek (17/10/25): “We refer to Bloomberg’s article titled “Singapore Ties to Alleged Cambodian Scam Ring Under Spotlight” that implicated Temasek in the alleged scam case involving the Prince Holding Group. We are deeply concerned by the misleading framing that suggests the involvement of Temasek and its portfolio companies with individuals and entities under investigation. We would like to iterate that: Temasek has no relationship with Prince Holding Group or any of its subsidiaries. Temasek was not involved in the appointment of any directors to the 17Live board, including Chen Xiuling. Of the 26% deemed interest in 17Live, the majority is held by Vertex Ventures. Temasek holds a 3.6% stake acquired when the SPAC went public. Temasek does not direct the business operations of its portfolio companies. We expect their boards and management teams to operate in full compliance with the laws and regulations of the markets they are in. The article also implied that our portfolio companies SJ Group and Ascott had formed deeper ties with the Prince Group via its subsidiary, Canopy Sands Development Co. Both companies have provided statements to highlight that their business dealings with Canopy were limited to professional service agreements with no ownership stakes. SJ Group (Surbana Jurong) undertook a master planning assignment for Canopy Sands that ended in 2022. It had no ownership or operational role, and has no ongoing projects with Prince Holding Group or its entities. Ascott, a CapitaLand subsidiary, was appointed to provide hospitality management services for two hotels. It holds no ownership stake in the properties. The article reflects inaccurate reporting and is at the very least mischievous. We are issuing this statement to ensure that the public has an accurate representation of Temasek’s and our portfolio companies’ non-involvement in this case.” In 2025 October, United States Department of Justice (DOJ) filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering. Vincent Chen Zhi stole billions from victims globally including in United States. Vincent Chen Zhi currently cannot be located. The $15 billion (127,271 Bitcoin) is currently in custody of the United States government. The stolen funds were used for luxury travel, entertainment, watches, yachts, private jets, vacation homes, high-end collectables & rare artwork (including a Picasso painting). Prince Holding Group operates in more than 30 countries. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
United States Department of Justice (DOJ) Files $15 Billion (127,271 Bitcoin) Forfeiture Lawsuit Against Cambodia Citizen, Founder & Chairman of Cambodia Conglomerate Prince Holding Group Vincent Chen Zhi (Age 37) for Cryptocurrency Investment Fraud & Money Laundering, Vincent Chen Zhi Stole Billions from Victims Globally Including United States, Vincent Chen Zhi Cannot be Located, $15 Billion (127,271 Bitcoin) is Currently in Custody of United States Government, Stolen Funds Used for Luxury Travel, Entertainment, Watches, Yachts, Private Jets, Vacation Homes, High-End Collectables & Rare Artwork (Including Picasso Painting), Prince Holding Group Operates in More than 30 Countries
18th October – United States Department of Justice (DOJ) has filed a $15 billion (127,271 bitcoin) forfeiture lawsuit against Cambodia citizen, founder & chairman of Cambodia conglomerate Prince Holding Group Vincent Chen Zhi (age 37) for cryptocurrency investment fraud & money laundering, who allegedly stole billions from victims globally including in the United States. Vincent Chen Zhi currently cannot be located. The $15 billion (127,271 Bitcoin) is currently in custody of the United States government. The stolen funds were used for luxury travel, entertainment, watches, yachts, private jets, vacation homes, high-end collectables & rare artwork (including a Picasso painting). Prince Holding Group operates in more than 30 countries. Announcement (14/10/25): “An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession. Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice. As alleged in the indictment and forfeiture complaint, since approximately 2015, the defendant has been the founder and chairman of Prince Group, a Cambodian corporate conglomerate that operates dozens of business entities in more than 30 countries. Prince Group is ostensibly focused on real estate development, financial services, and consumer services. However, in secret, the defendant and his top executives grew Prince Group into one of Asia’s largest transnational criminal organizations. Under the defendant’s direction, Prince Group made enormous profits operating scam compounds across Cambodia that perpetrated fraudulent cryptocurrency investment schemes. To perpetrate these schemes, malicious actors contacted unwitting victims through messaging or social media applications and convinced them to transfer cryptocurrency to specified accounts based on false promises that the funds would be invested and generate profits. In reality, the funds were stolen from the victims and laundered for the benefit of the perpetrators. The scam perpetrators often built relationships with their victims over time, earning their trust before stealing their funds. Prince Group’s schemes targeted victims around the world, including in the United States, with assistance from local networks working on Prince Group’s behalf. One such network operated in Brooklyn, New York, and facilitated the fraudulent transfer and laundering of millions of dollars on behalf of Prince Group from over 250 victims in New York and across the country. Prince Group carried out these schemes by trafficking hundreds of workers and forcing them to work in compounds in Cambodia and execute the scams, often under the threat of violence. The compounds housed vast dormitories surrounded by high walls and barbed wire, and functioned as violent forced labor camps. The defendant was directly involved in managing the scam compounds and maintained records associated with each one, including ledgers tracking profits and which fraudulent schemes were run out of which rooms. The defendant also maintained documents describing and depicting “phone farms” at the compounds: automated call centers that used thousands of phones and millions of mobile telephone numbers to facilitate the various fraudulent schemes. The defendant was directly involved in using violence against the individuals within the forced labor camps and possessed images of Prince Group’s violent methods, including photographs depicting beatings and other methods of torture. The defendant communicated directly with his subordinates about beating individuals who “caused trouble,” in one case specifying that the victims should not be “beaten to death.” In furtherance of these schemes, the defendant and a close network of Prince Group’s top executives used their political influence in multiple foreign countries to protect their criminal enterprise and paid bribes to public officials to avoid disruption by law enforcement. They subsequently laundered the proceeds of the fraudulent schemes through professional money laundering operations and through Prince Group’s own network of ostensibly legal business enterprises, including its online gambling and cryptocurrency mining operations. At the defendant’s direction, Prince Group associates used sophisticated cryptocurrency laundering techniques to obscure the source of fraudulent Prince Group profits, including “spraying” and “funneling” techniques in which large volumes of cryptocurrency were repeatedly disaggregated across scores of virtual currency addresses and then re-consolidated into fewer addresses to obscure the source of the funds. Some of these criminal proceeds were ultimately held in wallets at cryptocurrency exchanges or exchanged for traditional currency and stored in traditional bank accounts. Other criminal proceeds included the Defendant Cryptocurrency, which was stored in unhosted cryptocurrency wallets whose private keys the defendant personally held. The defendant maintained diagrams recording the process by which some of the Defendant Cryptocurrency was laundered. The defendant boasted to others of Prince Group’s mining businesses that “the profit is considerable because there is no cost” — that is, unlike legitimate enterprises, the operating capital for the cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims. The defendant and his co-conspirators subsequently used some of the criminal proceeds for luxury travel and entertainment and to make extravagant purchases such as watches, yachts, private jets, vacation homes, high-end collectables, and rare artwork, including a Picasso painting purchased through an auction house in New York City. If convicted, the defendant faces a maximum penalty of 40 years in prison. In parallel with today’s actions by the Department of Justice, the Department of the Treasury today designated Prince Group as a transnational criminal organization and announced sanctions against the defendant and multiple associated individuals and entities, for their roles in illicit activity. The United Kingdom’s Foreign, Commonwealth and Development Office also announced sanctions. The DEA New York Division is investigating the case, along with the FBI New York Joint Asian Criminal Enterprise Task Force and the FBI’s Virtual Asset Unit. If you have information about Chen Zhi or Prince Group, please contact the FBI at [email protected]. According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone. You can learn more about cryptocurrency investment fraud here. Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at www.ic3.gov.”
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” said Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche. “By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets, and bring to justice those who exploit the vulnerable for profit. We are grateful for the hard work of Director Patel and the men and women of the FBI.”a
“Today the FBI and partners executed one of the largest financial fraud takedowns in history,” said FBI Director Kash Patel. “This is an individual who allegedly operated a vast criminal network across multiple continents involving forced labor, money laundering, investment schemes, and stolen assets — targeting millions of innocent victims in the process. Justice will be done and I’m proud of the men and women of the FBI who executed the mission faithfully.”
“As alleged, the defendant was the mastermind behind a sprawling cyber-fraud empire operating under the Prince Group umbrella, a criminal enterprise built on human suffering. Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide, including many here in the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “This indictment and historic forfeiture, the largest in Department history, reflect our commitment to using every tool at our disposal to ensure such crimes do not pay.”
“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York. “Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will. This historic indictment and forfeiture complaint send a strong message to fraudsters everywhere that we will pursue you no matter where you are, no matter who you are, and no matter your insidious methods, and we will never stop fighting for victims.”
“The outcome of this investigation underscores the strength of the DEA’s Trident Initiative and the value of coordinated action with our federal partners,” said Administrator of the Drug Enforcement Administration (DEA) Terrance Cole. “DEA is committed to exposing and dismantling complex criminal schemes that exploit global financial systems and emerging technologies to conceal illicit proceeds. These networks operate at the intersection of drug trafficking, corruption, and financial crime, threatening the stability of institutions and communities, alike. DEA remains steadfast in its efforts to protect the integrity of our financial systems, deny criminal organizations the profits that sustain them, and uphold the rule of law across borders.”
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