Authorities in the UK have seized London properties, including a lavish £9 million penthouse, as part of a crackdown on a cryptocurrency scam operation. These assets were linked to a network of fraudulent centers in southeast Asia that the Foreign Office revealed were used to deceive victims into losing significant amounts of money.
The scam scheme involved enticing individuals into fake romantic relationships to carry out the fraud. Many of the perpetrators, who are often trafficked foreign nationals, were initially promised legitimate jobs but ended up trapped in specialized scam facilities, where they were coerced into engaging in online fraud under threats of violence.
Last year, the UK, in collaboration with the US, imposed sanctions on the Prince Group and its Chairman Chen Zhi for their involvement in a vast network of scam centers. This move led to a series of investigations, arrests, and the freezing of assets totaling over £1 billion in value across the region.
Among the frozen assets is a £9 million property belonging to Thet Li, a key associate of Chen Zhi responsible for managing the Prince Group’s international financial operations. Another property seized is a £8.5 million 6-bedroom mansion adjacent to Hampstead Heath, owned by Wang Xiaoyan, the wife of Zhu Zhongbiao, a director linked to multiple companies associated with the scam centers and the Prince Group.
Chen Zhi, through his company, is alleged to have established casinos and facilities used for fraudulent activities, including money laundering. Thet Li and Hu Xiaowei, a known collaborator of Chen Zhi, have been included in the UK sanctions list for their roles in managing the financial networks of the Prince Group.
Additionally, the UK sanctions target two businesses connected to #8 Park, a major scam complex in Cambodia tied to the Prince Group. These measures are aimed at Xinbi, a Chinese-language online marketplace facilitating cryptocurrency services for scam centers, and Legend Innovation Co, the operator of #8 Park.
The crackdown on illicit activities also resulted in the freezing of assets such as a £100 million office building in the City of London, two high-value mansions, and a helicopter. Stephen Doughty, Minister of State for Europe, North America, and Overseas Territories, emphasized the UK’s commitment to combating financial crimes and human rights abuses associated with scam operations.
Following the UK’s actions, Cambodia initiated its largest-ever campaign against scam activities, leading to the closure of hundreds of scam centers and the release of numerous trafficked individuals. Local authorities estimated that around 2,500 sites were raided in this operation.
