Federal prosecutors in Brooklyn, New York, have unsealed an indictment charging Chen Zhi, also known as Vincent, 37, a UK and Cambodian national and founder of Prince Holding Group, with wire fraud conspiracy and money laundering conspiracy.Â
The charges stem from his alleged operation of forced-labor scam compounds in Cambodia, where trafficked individuals were coerced into running cryptocurrency “pig butchering” scams targeting victims worldwide, including in the United States.
Alongside the indictment, the Department of Justice filed a civil forfeiture complaint for approximately 127,271 Bitcoin, worth an estimated $15 billion, stored in unhosted wallets under Chen’s control. This represents the largest cryptocurrency forfeiture in U.S. history. The defendant remains at large.
Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche called the case “one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud.”
FBI Director Kash Patel praised the operation as “one of the largest financial fraud takedowns in history,” targeting a sprawling criminal network that affected millions of victims globally.
According to the indictment, since 2015, Chen has overseen Prince Group, a multinational conglomerate with dozens of entities in over 30 countries. While appearing to focus on real estate, finance, and consumer services, Prince Group allegedly operated forced-labor compounds in Cambodia where trafficked workers ran large-scale crypto investment scams.
Victims were misled through social media and messaging apps to transfer cryptocurrency, which was then laundered using sophisticated techniques, including “spraying” and “funneling” across multiple wallets.
The defendant and his co-conspirators reportedly used political influence and bribes to shield their operations, laundering proceeds through both crypto and traditional banking systems. Funds were allegedly used for luxury travel, yachts, private jets, artwork, and other extravagant purchases.
If convicted, Chen faces up to 40 years in prison. The case highlights the intersection of human trafficking, cybercrime, and cryptocurrency fraud, signaling intensified U.S. enforcement against complex global crypto schemes.