Prosecutors seize yachts, luxury cars from man accused of running Cambodia cyberscams

"BANGKOK Prosecutors in Taiwan, Hong Kong and Singapore seized hundreds of millions of dollars in assets belonging to a Cambodian businessman whom the U.S. accuses of heading a global scam syndicate. It's the latest in a string of investigations and asset seizures that began when American prosecutors charged Chen Zhi, the founder of Cambodia's Prince Holding Group, with running a large-scale cyber-scam network whose operations span countries including the U.S., the U.K. and Palau."

"U.S. authorities charged Chen with wire fraud conspiracy and money laundering conspiracy in an indictment revealed Oct. 14, alongside a massive seizure of crypto assets that included some $14 billion in bitcoin. The U.S. and U.K. government also announced joint sanctions against Chen and his collaborators, as well as his company. Networks of scammers based in Cambodia, Laos, Myanmar and the Philippines have provoked increasing concern in recent years, with the U.N. estimating that they take in tens of billions of dollars every year."

"Singapore launched an investigation on Oct. 30 after announcing the seizure of financial assets belonging to Chen worth more than $150 million Singaporean dollars ($114 million), as well as a yacht and shelves of liquor. On Tuesday, Taiwanese prosecutors seized assets from Chen Zhi worth $150 million while detaining 25 suspects. That included 26 luxury cars including a Ferrari, Bugatti and a Porsche, as well as 11 apartments in an upscale building in Taipei, prosecutors said."

Prosecutors in Taiwan, Hong Kong and Singapore seized hundreds of millions of dollars in assets belonging to Cambodian businessman Chen Zhi, accused of heading a global scam syndicate. U.S. authorities charged Chen with wire-fraud and money-laundering conspiracies and revealed an Oct. 14 indictment alongside a seizure of crypto assets that included roughly $14 billion in bitcoin. The U.S. and U.K. imposed joint sanctions on Chen, his collaborators and his company. Authorities allege Prince Holding Group ran a large-scale cyber-scam network spanning multiple countries and scammed U.S. victims. Singapore and Taiwan reported seizures including luxury cars, apartments, a yacht and cash.

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