Hong Kong authorities have seized assets worth approximately $352 million linked to a transnational criminal enterprise known as the Prince Group, as global efforts intensify to dismantle a vast scam network accused of using trafficked labor.
The seizure, announced on Tuesday, targets cash, shares, and funds held by individuals and entities believed to be connected to the group’s illicit activities. Local media identify the group as the Prince Group, reportedly run by Chinese-Cambodian businessman Chen Zhi, 38.
The Prince Group, based in Southeast Asia, stands accused of operating large-scale “scammer centers” that exploit human trafficking victims to defraud people worldwide. Mr. Chen Zhi himself faces charges in a U.S. court for conspiracy to commit wire fraud and money laundering.
Hong Kong police confirmed the assets were seized as part of an investigation into cross-border telecom fraud and money laundering. Their actions were based on intelligence gathered from multiple sources.
No arrests have been made in connection with the Hong Kong operation so far. Investigations by Hong Kong’s financial intelligence and investigation agencies are ongoing.
The Hong Kong action follows recent sanctions imposed by the United States and the United Kingdom in October against this sprawling Southeast Asian network. The U.S. Treasury Department described its sanctions as the largest operation of its kind in Southeast Asia, targeting 146 individuals within the Prince Group network.
The U.S. has also blacklisted at least 18 Hong Kong-based companies for their alleged ties to the Prince Group. These include two publicly listed firms, Khoon Group and Geotech Holdings.
In a separate development, Taiwanese prosecutors on Tuesday detained 25 suspects and confiscated assets valued at approximately $140 million. Taiwanese authorities seized 26 luxury vehicles, real estate, and bank accounts in connection with alleged money laundering and forced labor linked to the Prince Group.
Singaporean authorities have also recently moved against the organization, seizing over $111 million in assets. Singapore’s seizures included six properties, various bank and securities accounts, and cash.