Southeast Asian countries have begun taking decisive action against a company suspected of using abandoned casinos for large-scale fraud.
Authorities in Taiwan, Hong Kong, and Singapore reported major asset seizures totaling approximately $616 million linked to Prince Holding Group and its owner, Chen Zhi.
According to a joint report by the governments of the United States and the United Kingdom, Prince Group—a major conglomerate operating in Cambodia—is accused of building casinos and private complexes that have been turned into hubs for large-scale fraudulent schemes.
Investigations suggest that the group may have defrauded victims worldwide of billions of dollars. There is also evidence that these schemes are carried out by foreign nationals who are trafficked and forced to work under the threat of torture.
Chen, born in China and a Cambodian national, has been charged by the U.S. Department of Justice with conspiracy to commit wire fraud and conspiracy to commit money laundering in connection with Prince Group’s alleged operation of “forced-labor complexes” across Cambodia.
Joint actions by the United Kingdom and the United States have targeted 146 individuals connected to the group’s activities across Southeast Asia and the Pacific region.
In addition, the countries seized 127,271 bitcoins worth approximately $15 billion and froze assets linked to Prince Group, including several properties in London.
“Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets,” said UK Foreign Secretary Yvette Cooper when the sanctions were announced.
Widespread Seizures
More than 100 companies registered across Southeast Asian countries, including Singapore, Hong Kong, and Taiwan, have been added to the U.S. Department of Treasury’s sanctions list due to alleged ties to Chen.
Following this, all three countries took their own actions.
In Taiwan, a joint operation by multiple authorities led to 47 simultaneous raids in the capital, Taipei, resulting in the seizure of assets worth $145.7 million, including apartments and luxury cars.
In Hong Kong, the police froze cash, stocks, and funds belonging to individuals and organizations linked to Prince Group. Meanwhile, authorities in Singapore, according to Reuters, seized $115.9 million in six raids.
Indonesia Mobilizes APEC
In Asia, leaders continue to discuss the threats posed by the illegal gambling market.
Indonesian President Prabowo Subianto called on members of the Asia-Pacific Economic Cooperation (APEC) to take immediate and coordinated transnational action to counter the growth of illicit gambling.
During his speech at the APEC Economic Leaders’ Meeting (AELM) in South Korea, he stated that illegal gambling is weakening Indonesia’s economy.
He noted that the country loses approximately $8 billion annually solely due to online gambling, emphasizing the need for APEC countries to pool their technological resources to combat illegal operators.
Subianto’s warnings are supported by the 2024 UN report, which highlights that Southeast Asia has become a hub for cybercrime.
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