Chen Zhi, a British-Cambodian businessman and chairman of the Prince Holding Group, has had his £100million London mansion and 18 other properties seized after being charged with orchestrating one of the largest crypto and phone scam operations in history.
The 37-year-old, who remains at large, was sanctioned by both the US and UK governments in a coordinated move that froze his assets — including 19 luxury properties in London, one of which is reportedly worth close to £100 million.
According to the US Department of Justice, Chen masterminded a “sprawling cyber-fraud empire” responsible for defrauding victims worldwide through fake romantic relationships, crypto scams, and investment fraud schemes. Officials described him as the leader of a network of scam centres operating in Cambodia and Myanmar, where forced labour was allegedly used to target unsuspecting victims.
The UK Foreign Office said Chen’s fraudulent network, active since around 2015, used the cover of legitimate businesses across more than 30 countries, including real estate, financial services, and consumer operations. His accomplices reportedly managed call centre “phone farms” using millions of mobile phones to run large-scale scam campaigns.
At the height of the operation, Chen allegedly bragged that his infamous “pig butchering” scam — a term for online romance-investment fraud — was generating £22 million per day.
Authorities say the illegal profits were laundered through Chen’s own gambling and cryptocurrency mining operations, funding a lavish lifestyle that included private jets, yachts, watches, luxury homes, and even a Picasso painting bought at a New York auction.
Among the seized UK assets are a £12 million mansion near Primrose Hill and the 10 Fenchurch Street office building in London’s financial district, purchased in 2020 for £95 million through one of his companies.
If convicted, Chen Zhi faces up to 40 years in prison for wire fraud conspiracy and money laundering conspiracy.
