Hong Kong Police (China) have frozen 2.75 billion Hong Kong dollars (353 million USD) of assets, including cash, stocks and funds, believed to be illicit income from the transnational telecommunications fraud network and money laundering of fraud boss Chen Zhi.
As of January 2, Chen Zhi is still a controlling shareholder of 2 listed companies in Hong Kong (China) subject to sanctions, Geotech Holdings and Khoon Group.
In mid-October 2025, Geotech Holdings announced that there would be no "significant adverse impacts" on business operations, and noted that Chen Zhi has no role in the group.
However, auditing giant Grant Thornton has given up his role as an auditor for Geotech since November 21, 2025. Since October 27, last year, Mr. Lok Kar-kin has resigned as CEO of Geotech.
Similarly, since November 4, 2025, Khoon Group has also recorded a series of resignations and new appointments, including both the chairman and CEO. RSM Hong Kong also did not seek to retake auditing for Khoon Group, including mentioning sanctions imposed on shareholder Chen Zhi.
The US Treasury Department appointed Cambodian-Chinese businessman Chen Zhi and Prince Corporation as transnational criminal organizations in mid-October 2025, accusing this group of operating a criminal empire through online investment fraud cases such as "pig killings", human trafficking, torture, money laundering and illegal online gambling.
