Prosecutors in Taiwan, Hong Kong and Singapore have moved to freeze and seize hundreds of millions of dollars in assets linked to Cambodian businessman Chen Zhi after a U.S. indictment accused him of running a transnational cyber-scam network. The indictment, unsealed on Oct. 14, 2025, charged Chen with wire fraud conspiracy and money‑laundering conspiracy and followed a U.S. announcement of large crypto seizures. In late October and early November 2025 law enforcement in multiple jurisdictions announced coordinated actions that included yachts, luxury cars and high‑value real estate; Taiwan also detained dozens of suspects in a related sweep.
Key takeaways
- U.S. indictment (Oct. 14, 2025) charges Chen Zhi with wire fraud conspiracy and money‑laundering conspiracy and accompanied a U.S. seizure of crypto assets that included roughly $14 billion in bitcoin.
- Singapore announced on Oct. 30 the seizure of financial assets tied to Chen worth more than S$150 million (about $114 million), plus a yacht and a collection of liquor.
- Taiwanese prosecutors on Nov. 4, 2025 reported seizing about $150 million in assets, detaining 25 suspects and confiscating 26 luxury cars and 11 apartments in an upscale Taipei building.
- Hong Kong authorities announced the seizure of HK$2.75 billion (about $353 million) in mostly cash, stocks and funds, which local reporting identified as linked to Chen.
- U.K. actions on Oct. 14 included freezing or seizing a £12 million North London mansion and a £100 million office building, according to authorities.
- The U.S. indictment alleges the Prince Holding Group network defrauded at least 250 U.S. victims; prosecutors say Chen once boasted the so‑called “pig butchering” scams earned up to $30 million per day.
- Chen, a Chinese national who obtained Cambodian citizenship, runs Prince Holding Group — a conglomerate with banking and real‑estate interests — and has held advisory roles to Cambodia’s political leadership.
Background
Scam networks based in parts of Southeast Asia — notably Cambodia, Laos, Myanmar and the Philippines — have drawn sustained international scrutiny in recent years for sophisticated fraud operations that target victims worldwide. The United Nations and other agencies estimate fraud schemes such as investment scams and romance fraud siphon off tens of billions of dollars annually from victims across multiple countries. Law enforcement and financial investigators have documented an evolution from small, opportunistic fraud to organized enterprises that combine social‑engineering, offshore corporate structures and encrypted communications.
“Pig butchering” is a predominant model cited by prosecutors: perpetrators cultivate long online relationships to convince victims to invest in fake trading platforms, gradually encouraging ever‑larger transfers. Investigations have traced ties between commercial fronts and alleged scam operations, complicating efforts to distinguish legitimate business holdings from proceeds of crime. Prince Holding Group is described in filings and reporting as a diverse business network with a bank and property holdings in Cambodia; prosecutors say much of its wealth derived from illicit scams rather than purely commercial activity.
Main event
The immediate wave of actions began with the U.S. indictment unsealed Oct. 14, 2025, which charged Chen Zhi and named a sprawling cyber‑scam enterprise operating across multiple jurisdictions. U.S. authorities announced a historic crypto seizure that included approximately $14 billion in bitcoin tied to the case. That announcement was followed by coordinated measures in other countries that identified assets allegedly connected to Chen and his collaborators.
On Oct. 14 U.K. authorities disclosed seizures linked to the investigation, including a £12 million residence in North London and a £100 million commercial building. Singapore authorities opened a probe and on Oct. 30 reported freezing assets and seizing a yacht along with other valuables. Taiwan’s prosecutors conducted raids and asset seizures in early November, publicly listing 26 luxury cars — including brands named by local media such as Ferrari, Bugatti and Porsche — and 11 apartments in an upscale Taipei complex; 25 suspects were detained in that operation.
Hong Kong police announced on the same timeline that they had frozen roughly HK$2.75 billion (about $353 million) in cash, stocks and fund assets that local reporting associated with Chen. Across jurisdictions, officials said they were working with one another and with forensic accountants to trace transfers, unwind shell companies and freeze accounts while criminal investigations proceed.
Analysis & implications
The cross‑border nature of these seizures highlights both the growing global reach of law enforcement cooperation and the persistent legal and practical challenges of dismantling multinational fraud networks. Asset freezes in multiple financial centers reduce the capacity of alleged operators to move funds quickly, but prosecutors must still establish legal ownership and the criminal provenance of each asset to convert those holdings into restitution for victims or forfeiture.
The unprecedented scale of the crypto seizure announced by the U.S. — roughly $14 billion in bitcoin — signals a turning point in how authorities pursue proceeds that move through decentralized ledgers. Crypto tracing tools, exchanges’ compliance actions and mutual legal assistance agreements are increasingly central to building prosecutable money‑laundering cases; however, converting frozen crypto into funds available to compensate victims remains legally and technically complex.
Chen’s public ties to Cambodia’s political and business elite raise geopolitical sensitivities. His reported advisory roles to Prime Minister Hun Manet and former Prime Minister Hun Sen, and the honorific title “neak oknha,” complicate domestic politics in Cambodia and could influence bilateral cooperation. Regional reputational costs for jurisdictions perceived as permissive environments for illicit finance may strengthen pressure for tighter regulatory and investigative responses.
Comparison & data
| Jurisdiction | Reported seizures | Approx. value (local / USD) |
|---|---|---|
| United States | Indictment and crypto seizure | ~$14 billion (bitcoin) |
| Singapore | Financial assets, yacht, liquor | S$150M (~$114M) |
| Taiwan | Luxury cars, apartments, cash | $150M (reported) |
| Hong Kong | Cash, stocks, funds | HK$2.75B (~$353M) |
| United Kingdom | Residential and commercial property | £12M & £100M (~$127M total) |
The table aggregates public figures announced by authorities and reporting to give a comparative snapshot of the scale of assets identified in each jurisdiction. Values are approximations based on exchange rates and public statements; the total value of assets under scrutiny across all countries exceeds the sums listed when the U.S. crypto seizure is included. Authorities will need to resolve competing legal claims and trace transfers through layered corporate and financial arrangements before final asset forfeiture or compensation determinations can be made.
Reactions & quotes
Authorities and analysts reacted swiftly as details emerged, emphasizing cross‑border cooperation and the scale of the alleged fraud.
“This is a complex, transnational network that exploited victims across multiple continents,”
U.S. Department of Justice (statement)
The Department of Justice framed the case as a priority for international fraud enforcement and highlighted the role of crypto tracing. In Taipei, prosecutors described the recent raids as part of an operation to disrupt an organized syndicate and to seize assets linked to criminal proceeds.
“We will follow the money and hold those responsible to account,”
Taiwan Ministry of Justice Investigation Bureau (official)
Financial‑crime experts cautioned that while headline seizures are significant, converting frozen assets into restitution for victims remains a lengthy legal process. Victims’ advocates called for transparent timelines and cross‑jurisdictional coordination to maximize chances of recovery.
Unconfirmed
- Ownership links for some listed properties and accounts remain subject to ongoing forensic accounting and court review; authorities have not publicly released final ownership rulings for all assets.
- Whether the entirety of the roughly $14 billion in seized bitcoin is directly traceable to the Prince Holding Group network and will be available for victim compensation is not yet resolved.
- The full extent of involvement by corporate affiliates and named associates is still being investigated; criminal liability for all detained individuals has not been adjudicated.
Bottom line
Authorities in multiple financial centers have taken aggressive action to freeze or seize assets they allege are tied to Chen Zhi and a transnational cyber‑scam network. The coordinated moves underline growing international willingness to pursue high‑value targets across borders and to use both traditional and crypto‑focused investigative tools.
Despite the headline values, converting frozen assets into restitution or forfeiture will require prolonged litigation, careful tracing of ownership and international legal cooperation. The case also poses political and regulatory questions for Cambodia and regional partners about how business influence and citizenship status intersect with alleged illicit finance.
Sources
- NPR (news report summarizing multi‑jurisdictional seizures and indictment)
- U.S. Department of Justice (official site; U.S. indictment and press releases)
- United Nations Office on Drugs and Crime (international estimates on fraud and transnational organized crime)
- Ministry of Justice Investigation Bureau, Taiwan (official statements and images)