In what federal authorities are calling “one of the largest financial fraud takedowns in history,” the chairman of Cambodia-based Prince Holding Group has been indicted on charges of orchestrating a massive “pig butchering” cryptocurrency scam that allegedly stole billions from victims worldwide while exploiting forced laborers held in prison-like compounds.
Chen Zhi, also known as Vincent, a 37-year-old Chinese national who founded and leads Prince Group, faces charges of wire fraud conspiracy and money laundering conspiracy, according to a sweeping indictment unsealed by the U.S. Department of Justice. The case represents an unprecedented intersection of human trafficking, cryptocurrency fraud, and transnational organized crime — with U.S. authorities simultaneously seizing approximately 127,271 Bitcoin valued at around $15 billion, marking the largest forfeiture in DOJ history.
A Criminal Empire Built on Human Suffering
“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 when announcing the charges.
Prosecutors allege Chen led a sprawling criminal enterprise operating behind the facade of a legitimate business conglomerate. While Prince Group publicly presented itself as focused on real estate, financial services, and consumer services across 30 countries, investigators claim it secretly functioned as one of Asia’s largest transnational criminal organizations, with Chen at the helm since at least 2015.
What exactly are “pig butchering” scams? The term refers to sophisticated investment frauds where scammers spend weeks or months “fattening up” victims — building trust and emotional connections — before convincing them to invest in fake cryptocurrency platforms. Once significant funds are transferred, the scammers disappear, leaving victims financially and emotionally devastated.
“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,” said U.S. Attorney Joseph Nocella Jr., whose office is prosecuting the case.
Industrial-Scale Human Trafficking
Perhaps most disturbing are the allegations regarding Prince Group’s treatment of workers. According to the indictment, Chen directed the operation of multiple “scam compounds” in Cambodia where trafficked laborers were confined against their will and forced to perpetrate online scams. These workers reportedly faced violence and coercion if they failed to meet quotas or attempted to escape.
“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,” said Assistant Attorney General for National Security John A. Eisenberg. “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.”
The scale of the operation is staggering. Investigators discovered that the compounds maintained “phone farms” with thousands of devices and millions of mobile numbers to facilitate fraud campaigns. The United States Institute of Peace estimates these scam operations could be generating the equivalent of 40 percent of the formal economies of Cambodia, Myanmar, and Laos.
Following the Money
“Today the FBI and partners executed one of the largest financial fraud takedowns in history,” FBI Director Kash Patel stated, highlighting the unprecedented scale of both the criminal enterprise and the law enforcement response.
The civil forfeiture complaint targets approximately 127,271 Bitcoin worth around $15 billion, which authorities say represents proceeds from Chen’s fraud and money laundering operations. These funds were recovered from unhosted cryptocurrency wallets whose private keys were held by Chen and are now in U.S. government custody.
How did such a massive criminal enterprise operate in plain sight for so long? The answer appears to involve strategic corruption. According to the indictment, Chen and Prince Group allegedly paid substantial bribes to public officials across multiple countries to shield their operations from scrutiny, while laundering proceeds through a complex web of shell companies, online gambling operations, and cryptocurrency mining businesses.
Chen allegedly boasted that “the profit is considerable because there is no cost” — referring to the fact that, unlike legitimate enterprises, the operating capital for his cryptocurrency mining businesses comprised money stolen from Prince Group’s many victims.
Political Connections and Denials
The case has broader geopolitical dimensions. Reports suggest Chen serves as a cabinet-level advisor to current and former Cambodian Prime Ministers and has become a major patron of the long-ruling Cambodian People’s Party. Estimates indicate the cyber-scamming industry in Cambodia alone may be worth between $12.5 and $19 billion annually — potentially accounting for up to 60% of Cambodia’s formal GDP.
Prince Holding Group has vigorously denied allegations that the Cambodian government shields Chen from Chinese law enforcement. In a holding statement, the company called such accusations “unverifiable” and based on anonymous quotes.
Yet the international dragnet appears to be tightening. Businesses owned by Chen on the Isle of Man were recently raided in what police described as a large-scale international money laundering investigation, resulting in the arrest of two employees.
The U.S. Treasury has imposed sweeping sanctions on 146 targets within what it officially designates as the “Prince Group Transnational Criminal Organization,” highlighting Chen’s use of over 100 shell and holding companies to launder illicit revenues and support seemingly legitimate business ventures.
“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,” said one official involved in the case.
Chen Zhi remains at large. For thousands of victims who lost their life savings and countless trafficked workers who suffered in scam compounds, the indictment represents a first step toward justice — even as it exposes the disturbing convergence of human trafficking, cryptocurrency fraud, and corruption that continues to plague Southeast Asia.
