Who Are Chen Zhi and the So-Called Crime Network, Targeted by the United States and United Kingdom of Massive Fraudulent Schemes?
The United Kingdom and United States have enforced measures on a multinational network operating from south-east Asia, accused of running large-scale internet fraud schemes that are suspected of using victims of human trafficking to defraud individuals around the world.
This criminal enterprise has expanded in the past few years, especially in certain areas in Cambodia and Myanmar where countless individuals have been duped by fraudulent employment offers and then coerced to commit online fraud, such as fake relationship schemes, often under the threat of physical harm.
The United States Treasury stated it had taken what it described as the largest action ever in south-east Asia, focusing on 146 people associated with the so-called organization, which the United Kingdom also sanctioned.
Those sanctioned comprise the head of the Prince group, Chen Zhi, as well as more than a dozen individuals linked with his business operations across south-east Asia and the Pacific.
Understanding the Prince Group and Who is Chen Zhi?
Based on authoritative sources, the individual in question, 38, also known as “Vincent”, is the founder and chairman of the so-called conglomerate (Prince Group), a global corporate entity based in Cambodia which, as per its online presence, is centered around “real estate development, banking operations and retail offerings”.
On October 14, American officials stated that the accused, who remains at large, had been charged with conspiracy to commit fraud and conspiracy to launder money for directing the group's activities of fraud centers using coerced labor throughout the country.
His swift rise to riches has gained him substantial clout, comprising alleged consulting positions to Cambodia’s prime minister. Chen, born in China in 1987, is believed to have bought citizenship in Vanuatu and Cyprus, and is also a citizen of Cambodia.
Reasons Behind They Been Penalized?
The US justice department alleged people had been forcibly detained in the fraudulent operation centers linked with the group and made to engage in a range of fraudulent schemes that defrauded massive sums from victims in the United States and globally.
As part of the probe into Chen, the United States and UK have seized $15bn (£11.3bn) in bitcoin and frozen properties in London.
The frozen properties are believed to comprise a £12m residence on a prestigious street, one of the costliest locations in London, a £95m commercial building on a key financial avenue in the heart of the City of London’s financial district, and several flats in central London.
“Now the Federal Bureau of Investigation and partners executed one of the largest financial fraud takedowns in recorded time,” said FBI director the official in a statement about the actions.
Who else Is Involved?
Based on the senior justice official, Chen was the supposed “chief architect behind a vast cyber-fraud empire operating under the group's banner”. He was added to a US sanctions list this October together with more than a dozen other individuals believed to be participating in his commercial network.
Over a hundred business entities – registered in multiple Asian jurisdictions among others – were also placed on a sanctions list because of suspected connections to the leader.
Impact of the Measures Do?
A representative from Cambodia's government told news agencies that the authorities would cooperate with other countries in the case against the individual.
“We do not protecting individuals that break regulations,” the official said. “However, this does not imply that we blame Prince Group or Chen Zhi of committing crimes like the claims made by the United States or UK.”
In spite of the unprecedented tranche of sanctions, experts say the scam industry is still massive, with the United Nations estimating in recent years that about a hundred thousand individuals were being forced to carry out internet fraud in Cambodia, as well as at least 120,000 in the neighboring country and many thousands in other Southeast Asian states.
Given the widespread nature of the enterprise in several Southeast Asian nations, some fear any apprehensions will leave a vacuum for additional global syndicates to take over.
