The three major judicial systems in Asia - Singapore, Taiwan (China) and Hong Kong (China) have just expanded their investigation campaign and simultaneously seized more than 600 million USD in assets of scammer Chen Zhi - founder of Prince Holding Group of Cambodia.
Chen Zhi is currently being prosecuted by the US Department of Justice for operating an international online fraud network operating in the US, UK, Palau and many other countries and territories.
According to the indictment published on October 14, Chen Zhi was accused of plotting online fraud and money laundering, in which the UK and the US simultaneously imposed financial sanctions on him and his colleagues. Washington also announced that it has seized $14 billion in cryptocurrency, mainly Bitcoin - considered one of the largest digital asset seizures in history.
Prosecution agencies said Chen Zhi's network had defrauded more than 250 victims in the US, mainly through fake and online "fraudulent" investments. The United Nations estimates that cybercriminal organizations based in Cambodia, Laos, Myanmar and the Philippines are profiting tens of billions of dollars a year from similar cases.
On October 30, Singapore announced the opening of an investigation and seizure of 150 million SGD (114 million USD) of Chen Zhi's financial assets, along with a luxury yacht and hundreds of bottles of premium wine.
At the same time, the Taiwanese prosecutor (China) seized $150 million in assets of Chen and arrested 25 related suspects. The list of seized assets includes 26 supercars such as Ferrari, Bugatti, Porsche and 11 luxury apartments in Taipei, in a building believed to be the residence of famous singer Zhou Kiet Luan (Jay Chou).
In Hong Kong (China), the police also announced the seizure of 2.75 billion HKD ($353 million), mainly cash, stocks and investment funds, believed to be Chen Zhi's assets.
Previously, on October 14, British authorities seized a £12 million villa in north London and a £100 million office building - both owned by Chen Zhi.
According to the prosecution, Chen Zhi, a Chinese citizen, has naturalized as a Cambodian citizen and has become one of the most powerful figures in the country's business community. Chen Zhi was once awarded the title of "neak Oknha" - equivalent to the title of nobility of Cambodia.
Investigators say much of Chens huge fortune stems from online fraud. In a moment of showing off, he once said that his "pig butchering" network (fraudulent combination of virtual investment) can earn up to 30 million USD per day.
The Cambodian government has declined to comment, while Prince Holding Group has not responded to the press's request.
This cross-border search is considered the strongest blow to the networks of cybercriminals spreading in Southeast Asia.
