An indictment was unsealed in federal court in Brooklyn, charging Chen Zhi, also known as “Vincent,” the founder and chairman of Cambodia-based Prince Holding Group (Prince Group), with wire fraud conspiracy and money laundering conspiracy. Authorities allege that Chen Zhi directed the operation of forced-labor scam compounds in Cambodia, where individuals were held against their will to carry out cryptocurrency investment fraud schemes, commonly referred to as “pig butchering” scams. These schemes are said to have stolen billions of dollars from victims worldwide, including those in the United States. Chen Zhi is currently at large.
The U.S. Attorney’s Office for the Eastern District of New York and the Department of Justice’s National Security Division also filed a civil forfeiture complaint targeting approximately 127,271 bitcoin, valued at about $15 billion. The funds are alleged to be proceeds from fraud and money laundering schemes connected to Prince Group and were previously stored in unhosted cryptocurrency wallets controlled by Chen Zhi. This action marks the largest forfeiture effort in the history of the Department of Justice.
Attorney General Pamela Bondi commented, “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud. 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.”
United States Attorney Joseph Nocella, Jr. stated, “As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions. 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.”
Assistant Attorney General John A. Eisenberg added, “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. 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.”
FBI Assistant Director Christopher G. Raia said, “Chen Zhi, the chairman of Prince Group, a transnational criminal organization, allegedly orchestrated an international cryptocurrency investment fraud scheme and labor trafficking network to steal billions of dollars from thousands of victims. Zhi allegedly victimized countless individuals: forcing thousands to serve as trapped accomplices and targeting countless others for their wallets. By leveraging his co-conspirators and political influence, this alleged operation plagued all corners of the globe and evaded law enforcement detection for years. Today’s indictment and historical forfeiture action demonstrates the FBI’s relentless determination to eradicate all unlawful revenue streams fueling criminal activity no matter where they are in the world.”
DEA New York Special Agent Frank A Tarentino III commented on interagency efforts: “Once again, we see the tremendous success of DEA’s Trident Initiative, an initiative built with our federal law enforcement partners to target and dismantle sophisticated criminal networks and their leadership, operating across the globe. This investigation exposes a staggering level of fraud, corruption, and criminal greed that allowed billions of dollars in illicit funds to flow through global financial systems, leaving behind a trail of victims. It also highlights how transnational criminal organizations continue to evolve, leveraging cryptocurrency and other digital assets to move their money and mask their crimes. Money laundering isn’t a victimless crime; it fuels drug trade, funds violence, and undermines the rule of law. The DEA remains committed to tracing every dollar, following every transaction, and bringing those who abuse our financial networks to justice.”
DSS Deputy Assistant Director William Ferrari highlighted cooperation between agencies: “This case is a powerful example of DSS global footprint and our ability to collaborate seamlessly with both U.S. and international law enforcement on complex, multi-jurisdictional fraud schemes. Every day, DSS and our partners around the world are conducting investigations just like this, disrupting transnational criminal networks and protecting U.S. interests abroad.”
According to court documents unsealed today, since 2015 Chen Zhi has led Prince Group as its founder and chairman. The conglomerate operates dozens of businesses in more than 30 countries with public activities focused on real estate development and financial services; however, prosecutors allege that it secretly grew into one of Asia’s largest transnational criminal organizations by running scam compounds across Cambodia.
The fraudulent operations reportedly involved contacting potential victims via messaging or social media platforms with false promises regarding cryptocurrency investments. Victims were persuaded over time to transfer digital assets under pretenses that profits would be generated; instead funds were stolen then laundered through professional operations or through Prince Group’s own businesses—including online gambling or crypto mining activities.
One network supporting these operations functioned out of Brooklyn—facilitating fraudulent transfers totaling millions from over 250 victims in New York State alone.
The compounds used hundreds of trafficked workers held under threat or actual violence within facilities described as dormitories surrounded by high walls topped with barbed wire—functioning as forced labor camps where detailed records tracked profits from each room’s scams.
Prosecutors allege that Chen Zhi personally managed aspects of these compounds—including communications about violent discipline—and maintained documentation about “phone farms” (large-scale call centers using thousands of devices) facilitating online fraud.
The complaint further states that top executives at Prince Group used political connections across multiple countries both for protection from law enforcement interference (via bribery) as well as laundering proceeds through various means—including advanced techniques designed to obscure digital asset trails (“spraying” or “funneling” cryptocurrencies).
Some proceeds were spent on luxury items such as watches or yachts; others were stored in unhosted wallets whose private keys Chen Zhi controlled.
If convicted on all counts Chen Zhi faces up to 40 years imprisonment.
This investigation was led by FBI’s New York Joint Asian Criminal Enterprise Task Force alongside its Virtual Asset Unit.
In coordination with today’s DOJ actions—the U.S Treasury designated Prince Group as a transnational criminal organization while imposing sanctions on Chen Zhi along with associated entities; similar measures were announced by UK authorities.
According to recent data from the FBI, reported losses from cryptocurrency investment fraud exceeded $5.8 billion in 2024 alone.
Members of the public who believe they may be victims are encouraged to contact the FBI Internet Crime Complaint Center.
The case is being prosecuted by attorneys from several sections within EDNY—with support from DOJ’s Office of International Affairs—and received assistance from UK law enforcement agencies.
