Southeast Asian countries have begun taking decisive action against a company suspected of using abandoned casinos for large-scale fraud.<\/p>\n\n\n\n
Authorities in Taiwan, Hong Kong, and Singapore reported major asset seizures totaling approximately $616 million linked to Prince Holding Group <\/strong>and its owner, Chen Zhi.<\/strong><\/p>\n\n\n\n According to a joint report by the governments of the United States and the United Kingdom, Prince Group\u2014a major conglomerate operating in Cambodia\u2014is accused of building casinos and private complexes that have been turned into hubs for large-scale fraudulent schemes.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Chen, born in China and a Cambodian national, has been charged by the U.S. Department of Justice <\/strong>with conspiracy to commit wire fraud and conspiracy to commit money laundering in connection with Prince Group\u2019s alleged operation of \u201cforced-labor complexes\u201d across Cambodia.<\/p>\n\n\n\n Joint actions by the United Kingdom and the United States have targeted 146 individuals connected to the group\u2019s activities across Southeast Asia and the Pacific region.<\/p>\n\n\n\n In addition, the countries seized 127,271 bitcoins worth approximately $15 billion and froze assets linked to Prince Group, including several properties in London.<\/p>\n\n\n\n \u201cTogether with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network \u2013 upholding human rights, protecting British nationals and keeping dirty money off our streets,\u201d said UK Foreign Secretary Yvette Cooper<\/strong> when the sanctions were announced.<\/p>\n\n\n\n