🔗 Share this article Who Are the Alleged Leader and the So-Called Crime Network, Targeted by the US and UK of Massive Fraudulent Schemes? The UK and US have enforced measures on a global syndicate operating from Southeast Asia, accused of orchestrating large-scale internet fraud schemes that are believed to using trafficked workers to swindle people around the world. This industry has expanded in the past few years, particularly in certain areas in Myanmar and Cambodia where hundreds of thousands have been duped by fraudulent employment offers and then forced to commit online fraud, including fake relationship schemes, often under the threat of torture. The United States Treasury stated it had implemented what it called the most significant measure to date in Southeast Asia, focusing on 146 people connected to the so-called organization, which the UK also sanctioned. Those targeted include the leader of the Prince group, Chen Zhi, as well as more than a dozen individuals connected to his business operations throughout Southeast Asia and Pacific regions. Understanding the Prince Group and the Identity of Chen Zhi? Based on authoritative sources, Chen Zhi, 38, also known as “Vincent”, is the leader and establisher of the so-called conglomerate (Prince Group), a multinational business conglomerate based in Cambodia which, as per its online presence, is focused on “property investment, financial services and consumer services”. On October 14, American officials stated that the accused, who remains at large, had been charged with wire fraud conspiracy and money laundering conspiracy for overseeing Prince Group’s operation of fraud centers using coerced labor across the country. His swift rise to riches has won him significant political influence, comprising reported advisory roles to the nation's leader. Chen, a native of China from 1987, is thought to have bought citizenship in Vanuatu and Cyprus, and is also a Cambodian national. Why have the Group Been Penalized? The Department of Justice claimed individuals had been forcibly detained in the scam compounds connected to the group and made to participate in a variety of fraudulent schemes that stole massive sums from targets in the US and worldwide. As part of the probe into Chen, the US and UK have confiscated $15 billion (£11.3bn) in bitcoin and frozen London assets. The seized assets are believed to comprise a £12 million residence on Avenue Road, one of the costliest locations in London, a £95 million commercial building on a key financial avenue in the heart of the City of London’s financial district, and multiple apartments in downtown London. “Now the Federal Bureau of Investigation and allies carried out one of the biggest crackdowns on fraud in history,” said the bureau's head the official in a announcement about the actions. Who else Are Implicated? Based on the US assistant attorney general, the accused was the supposed “chief architect behind a vast digital scam network functioning under the Prince Group umbrella”. He was added to a US sanctions list this October alongside over a dozen additional persons suspected of being involved in his business empire. More than 100 corporate bodies – based in multiple Asian jurisdictions among others – were also placed on a blacklist because of suspected connections to the leader. Impact of the Sanctions Do? A representative from Cambodia's government told media outlets that the authorities would work together with other countries in the legal proceeding against the individual. “We are not protecting individuals that break regulations,” the official said. “However, this does not imply that we blame the group or its leader of engaging in illegal acts similar to the allegations issued by the United States or UK.” Despite the historic set of penalties, experts say the fraud sector is still massive, with the UN estimating in recent years that about 100,000 people were being compelled to execute internet fraud in the nation, as well as at least one hundred twenty thousand in the neighboring country and many thousands in Thailand, Laos and the Philippines. Considering the prevalence of the industry in multiple Southeast Asian nations, some fear any apprehensions will leave a vacuum for additional global syndicates to swoop in.