Cambodia's Prince Group has denied allegations that founder Chen Zhi accumulated assets through operating an online fraud empire.
Prints Group resolutely reject the view that the group or Chairman Chen Zhi have engaged in any illegal activities, the Cambodian group announced on November 11.
This is Prince Group's first statement since the incident, emphasizing: "The recent allegations are baseless and appear to be aimed at justifying the illegal confiscation of assets worth billions of dollars."
Prince Group is considered one of the largest enterprises in Cambodia, operating in more than 30 countries with investments in real estate, financial services and consumer business since 2015.
This business empire is present throughout Cambodia, with a real estate investment worth 2 billion USD, including a large shopping mall, Prince International Plaza, in the capital Phnom Penh.
The group, head of founding Chen Zhi, said the allegations "has caused unnecessary harm to thousands of innocent employees, partners and the communities it serves."
A series of asset seizures in Europe, the US and Asia have targeted Cambodia's Prince Group - with founder Chen Zhi accused of running a transnational criminal organization.
In October, the US Department of Justice issued an indictment against Chen Zhi, accusing the Chinese-American Cambodian businessman of operating forced labor facilities in Cambodia, where workers were forced to commit online scams.
US investigators seized about $15 billion in Bitcoin from Chen Zhi, accusing this of being the proceeds from the largest criminal seizure in the history of the US Department of Justice.
He also froze business and real estate assets worth more than $130 million related to Chen Zhi, while Taiwan (China), Singapore and Hong Kong (China) all have launched private asset seizures, with a value of up to $ 350 million.
Prosecutors accused Prince Group of being a powerful doc tai force, operating a sophisticated online network specializing in emotional scams or investment scams, then laundering money collected through cryptocurrency.
Cyber fraud centers have sprung up across Southeast Asia, often hiding in regular office buildings or warehouses. From here, scammers target victims around the world. Many people volunteer to work at these fraud centers, but there are also many other victims who are victims of trafficking and detained in conditions such as prison.
Last month, the US Department of Justice called the Prince Group one of the largest transnational criminal organizations in Asia and said Chen Zhi was in hiding.
