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in prosecutors taiwan, hong kong And Singapore The US has seized assets worth millions of dollars of a Cambodian businessman whom the US has accused of leading a global scam syndicate.
It is the latest in a series of investigations and asset seizures that began when US prosecutors accused Chen Ze, the founder of Cambodia’s Prince Holding Group, of running a massive cyber-scam network whose operations spanned across the US, Britain and several countries. Palau,
U.S. authorities charged Chain with wire fraud conspiracy and money laundering conspiracy in an indictment unsealed on October 14, as well as a massive seizure of crypto assets, including nearly $14 billion in Bitcoin. The US and UK governments also announced joint sanctions against Chen and his associates, as well as his company.
Networks of scammers based in Cambodia, Laos, Myanmar and the Philippines have caused increasing concern in recent years, with the United Nations estimating that they take tens of billions of dollars each year from victims around the world through schemes ranging from fake investments to romance-based scams.
According to the indictment, they allege that the Prince Holding Group criminal network defrauded 250 victims in the US.
Prince Holding Group did not immediately respond to a request for comment.
The growing list of asset freezes reveals a man with assets worth millions of dollars spread across multiple jurisdictions.
Singapore launched an investigation on October 30 after announcing the seizure of Chen’s financial assets worth more than S$150 million ($114 million), as well as a yacht and liquor stores.
On Tuesday, Taiwanese prosecutors seized $150 million in assets from Chen Zi while detaining 25 suspects. Prosecutors said it included 26 luxury cars, including a Ferrari, Bugatti and Porsche, as well as 11 apartments in an upscale building in Taipei. Taiwanese media identified it as the same building where celebrity and Mandarin pop superstar Jay Chou lives.
The same day Hong Kong police announced the seizure of assets worth 2.75 billion Hong Kong dollars ($353 million), composed mostly of cash, stocks and other funds, which local media identified as belonging to Chen Zi.
UK authorities announced on October 14 the seizure of a 12 million pound ($15.6 million) mansion and a 100 million pound ($130 million) office building in north London.
Chen is a Chinese citizen who obtained Cambodian citizenship and a position among the Cambodian elite. The Prince owns several businesses, runs a bank and invests in real estate in the country.
However, prosecutors say the bulk of his wealth came from scams. According to the US indictment, Chen once bragged that the so-called “pig slaughter” scam was earning $30 million a day.
Chen has served as an advisor to Prime Minister Hun Manet and his father, former Prime Minister that senAnd he was awarded the title of “Neek Oknha” – equivalent to an English lord. Cambodian government information minister Phektra Neth said she had no comment in response to AP’s questions.