Asian Authorities Confiscate Luxury Goods and Cash from Alleged Global Scam Kingpin
Law enforcement agencies in Taiwan, Hong Kong, and Singapore have confiscated a staggering amount of valuable assets from a businessman based in Cambodia. The individual in question is thought to be the mastermind behind a worldwide fraudulent operation.
The confiscation of assets is part of an ongoing global investigation into the operations of a Cambodian businessman, Chen Zhi. He is the founder of a major company in Cambodia and stands accused of leading a vast online scam network that operates in multiple countries, including the U.S., the U.K., and Palau.
Chen is facing charges of conspiracy to commit wire fraud and money laundering. These offenses were unveiled in an indictment that also revealed a huge seizure of cryptocurrency assets, including a whopping $14 billion in bitcoin. The governments of the U.S. and U.K. have also applied joint sanctions against Chen and his accomplices, as well as his company.
Rising Concerns about Scam Networks
There's a growing unease regarding scam networks operating out of Cambodia, Laos, Myanmar, and the Philippines. The U.N. estimates that these scam groups extract tens of billions of dollars annually from victims worldwide via various schemes, from phony investments to romance scams.
The indictment alleges that Chen's criminal network, under the guise of his company, duped around 250 victims in the U.S. alone. The company has yet to comment on these charges.
The recent asset seizures paint a picture of a man with a vast fortune scattered across different jurisdictions.
Recent Seizures
In late October, Singapore launched an investigation following the seizure of financial assets belonging to Chen valued at over $114 million, in addition to a yacht and an array of expensive liquor.
Earlier this week, Taiwanese law enforcement seized assets from Chen worth $150 million and arrested 25 suspects. The confiscation included 26 luxury cars – a Ferrari, Bugatti, and a Porsche among them – and 11 apartments in a high-end building in Taipei. The same building is known to house a popular Mandarin pop superstar.
On the same day, Hong Kong police declared the confiscation of assets worth $353 million, mainly consisting of cash, shares, and other funds, which local media linked to Chen.
Authorities in the U.K. also seized a mansion in North London worth $15.6 million and an office building valued at $130 million in mid-October.
About Chen Zhi
Chen, originally a Chinese national, obtained Cambodian citizenship and became a prominent figure in the Cambodian elite. His company has multiple businesses, including a bank and real estate investments in the country.
However, law enforcement agencies allege that the majority of his wealth has been amassed through fraudulent activities. The indictment against Chen notes him boasting about his “pig butchering” scam, which was reportedly raking in $30 million a day.
Chen has served as an adviser to Prime Minister Hun Manet and his father, former Prime Minister Hun Sen, and has even received a title equivalent to an English lord. The Minister of Information for Cambodia’s government has declined to comment on this matter.
