Who Is the Alleged Leader and the So-Called Crime Network, Targeted by the United States and United Kingdom of Massive Fraudulent Schemes?
The UK and United States have enforced measures on a global syndicate operating from Southeast Asia, accused of running large-scale online scam operations that are suspected of using trafficked workers to swindle people around the world.
This criminal enterprise has expanded in the past few years, particularly in certain areas in Cambodia and Myanmar where countless individuals have been deceived by fraudulent employment offers and then forced to commit online fraud, including romance scams, sometimes under the threat of physical harm.
The US treasury department stated it had taken what it called the largest action ever in Southeast Asia, targeting 146 people connected to the so-called organization, which the UK also penalized.
Those targeted include the leader of the Prince group, the accused figure, as well as more than a dozen individuals connected to his business operations throughout south-east Asia and the Pacific.
What is the Prince Group and Who is Chen Zhi?
According to official statements, the individual in question, 38, also referred to as “Vincent”, is the leader and establisher of Prince Holding Group (Prince Group), a global corporate entity based in the Southeast Asian nation which, according to its website, is focused on “real estate development, banking operations and retail offerings”.
On 14 October, US authorities stated that the accused, who is still evading capture, had been indicted for conspiracy to commit fraud and money laundering conspiracy for overseeing the group's activities of fraud centers using coerced labor throughout the country.
His swift rise to riches has gained him substantial clout, comprising reported advisory roles to the nation's leader. Chen, a native of China from 1987, is believed to have acquired nationality in Cyprus and Vanuatu, and is also a citizen of Cambodia.
Why have They Been Sanctioned?
The US justice department claimed people had been forcibly detained in the scam compounds connected to the group and made to engage in a variety of deceptive practices that defrauded billions of dollars from victims in the US and worldwide.
As part of the investigation into Chen, the United States and UK have seized $15bn (£11.3bn) in cryptocurrency and blocked properties in London.
The frozen properties are thought to include a £12 million mansion on a prestigious street, one of the costliest locations in London, a £95m commercial building on Fenchurch Street in the center of the City of London’s financial district, and several flats in central London.
“Today the FBI and partners executed one of the biggest crackdowns on fraud in recorded time,” said the bureau's head Kash Patel in a announcement about the actions.
Other Parties Is Involved?
Based on the US assistant attorney general, Chen was the alleged “chief architect behind a vast digital scam network operating under the group's banner”. He was placed on a American blacklist this October alongside more than a dozen other individuals believed to be involved in his business empire.
Over a hundred corporate bodies – based in multiple Asian jurisdictions among others – were also placed on a blacklist because of alleged links to the leader.
What will the Measures Achieve?
A representative from Cambodia's government told media outlets that the authorities would cooperate with other countries in the case against Chen.
“We are not protecting individuals that violate the law,” he said. “But it does not mean that we are accusing the group or its leader of committing crimes similar to the claims made by the United States or UK.”
Despite the unprecedented tranche of sanctions, experts say the scam industry is still massive, with the UN estimating in recent years that about 100,000 people were being forced to execute internet fraud in Cambodia, as well as at least 120,000 in Myanmar and many thousands in Thailand, Laos and the Philippines.
Considering the widespread nature of the enterprise in several Southeast Asian nations, some worry any apprehensions will create a gap for additional global syndicates to take over.
