Asia-wide asset seizures target yachts, supercars and billions linked to alleged cyber‑scam kingpin

Prosecutors in Taiwan, Hong Kong and Singapore seize assets tied to alleged scam network

Prosecutors in Taiwan, Hong Kong and Singapore have moved to freeze and seize hundreds of millions in assets linked to a Cambodian businessman the U.S. says led a global cyber‑scam syndicate. U.S. authorities unveiled an indictment on Oct. 14 charging Chen Zhi, founder of Cambodia's Prince Holding Group, with conspiracy to commit wire fraud and conspiracy to launder money.

The U.S. announcement was accompanied by a large crypto seizure that was reported to include roughly $14 billion in bitcoin, and by coordinated sanctions from the U.S. and U.K. targeting Chen, his associates and his company.

Scope of alleged crimes and international concern

International agencies and prosecutors have raised alarms about scam rings operating from parts of Southeast Asia. The U.N. estimates networks originating in countries such as Cambodia, Laos, Myanmar and the Philippines steal tens of billions of dollars annually from victims worldwide through schemes ranging from fake investments to romance fraud.

The U.S. indictment alleges the Prince Holding Group network defrauded about 250 U.S. victims. Prosecutors contend much of Chen's wealth was generated through such schemes; the indictment quotes him boasting that the so‑called 'pig butchering' frauds were earning as much as $30 million a day.

Major seizures across jurisdictions

Recent enforcement actions paint a picture of assets spread across multiple countries:

• Singapore: Authorities opened a probe on Oct. 30 and froze financial assets linked to Chen worth more than S$150 million (about $114 million), and seized a yacht and large quantities of liquor.
• Taiwan: Prosecutors announced they had seized assets reported as NT$150 million while detaining 25 suspects. The seizures reportedly included 26 luxury cars (such as a Ferrari, a Bugatti and a Porsche) and 11 apartments in an upscale Taipei tower that local media say houses celebrity Jay Chou.
• Hong Kong: Police reported seizing about HK$2.75 billion (roughly $353 million) in cash, stocks and other funds linked to Chen.
• United Kingdom: Authorities on Oct. 14 announced the seizure of a £12 million North London mansion and a £100 million office building.

Background and response

Chen, a Chinese national who acquired Cambodian citizenship, rose to prominence in Cambodia through Prince Holding Group, which has interests in banking and real estate. He was awarded the honorific title 'neak oknha' and has been reported to serve as an adviser to both Prime Minister Hun Manet and former Prime Minister Hun Sen.

The Prince Holding Group did not immediately respond to requests for comment. Cambodia's Information Minister, Pheaktra Neth, told reporters he had no comment when asked about the matter. Investigations and legal actions are ongoing across multiple jurisdictions.

Note: All figures and descriptions are based on prosecutor statements and media reports; some currency conversions are approximate.