An indictment unsealed in federal court in Brooklyn charges Chen Zhi, also known as “Vincent,” founder and chairman of Prince Holding Group (Prince Group), with wire fraud conspiracy and money laundering conspiracy. Authorities allege that Prince Group operated forced-labor scam compounds across Cambodia where individuals were held against their will to carry out cryptocurrency investment fraud schemes, commonly referred to as “pig butchering” scams. These operations reportedly stole billions of dollars from victims worldwide, including in the United States. Chen Zhi is currently at large.
Alongside the indictment, a civil forfeiture complaint was filed against approximately 127,271 bitcoin—currently valued at about $15 billion—that are believed to be proceeds and instrumentalities of the alleged fraud and money laundering schemes. The U.S. government now holds these funds, marking what officials describe as the largest forfeiture action in Department of Justice history.
United States Attorney General Pamela Bondi stated: “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud. By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets, and bring to justice those who exploit the vulnerable for profit. We are grateful for the hard work of Director Patel and the men and women of the FBI.”
“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” said United States Attorney Joseph Nocella, Jr., Eastern District of New York. “Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will. This historic indictment and forfeiture complaint send a strong message to fraudsters everywhere that we will pursue you no matter where you are, no matter who you are, and no matter your insidious methods, and we will never stop fighting for victims.”
Assistant Attorney General John A. Eisenberg added: “As alleged, the defendant was the mastermind behind a sprawling cyber-fraud empire operating under the Prince Group umbrella, a criminal enterprise built on human suffering. Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide, including many here in the United States. This indictment and historic forfeiture, the largest in Department history, reflect our commitment to using every tool at our disposal to ensure such crimes do not pay.”
FBI Assistant Director Christopher G. Raia commented: “Chen Zhi…allegedly orchestrated an international cryptocurrency investment fraud scheme and labor trafficking network to steal billions…Zhi allegedly victimized countless individuals: forcing thousands to serve as trapped accomplices and targeting countless others for their wallets…Today’s indictment and historical forfeiture action demonstrates the FBI’s relentless determination to eradicate all unlawful revenue streams fueling criminal activity no matter where they are in the world.”
DEA New York Special Agent Frank A Tarentino III noted: “Once again…the tremendous success of DEA’s Trident Initiative…to target and dismantle sophisticated criminal networks…This investigation exposes a staggering level of fraud…and criminal greed that allowed billions…in illicit funds to flow through global financial systems…Money laundering isn’t a victimless crime; it fuels drug trade,…funds violence,…undermines rule of law….The DEA remains committed…to bringing those who abuse our financial networks to justice.”
DSS Deputy Assistant Director William Ferrari stated: “This case is a powerful example of DSS global footprint…collaborat[ing] seamlessly with both U.S. and international law enforcement on complex,…fraud schemes….DSS…[is] conducting investigations just like this,…disrupting transnational criminal networks…”
According to authorities’ allegations since about 2015 Chen Zhi led Prince Group—a conglomerate with dozens of business entities spanning over 30 countries—which publicly focused on real estate development but covertly became one of Asia’s largest transnational criminal organizations. Under his direction scam compounds generated substantial profits by perpetrating fraudulent cryptocurrency investment schemes.
Scammers allegedly contacted victims via messaging or social media apps promising high returns if they invested cryptocurrency into certain accounts; instead these funds were stolen then laundered through various means—including Prince Group’s own businesses such as online gambling or crypto mining—and sometimes converted into traditional currency or stored in bank accounts.
Victims included people from around the world; local networks reportedly helped facilitate fraudulent transfers—including one group based in Brooklyn which laundered millions from more than 250 U.S.-based victims.
Authorities claim hundreds were trafficked into Cambodian compounds surrounded by high walls where they worked under threat or actual violence executing online scams; records maintained by Chen Zhi tracked profits by room while diagrams described automated call centers (“phone farms”) used for mass outreach.
Prosecutors say Chen Zhi personally managed these camps—including decisions regarding violent discipline—and used political influence along with bribes paid abroad for protection from law enforcement disruption.
Proceeds were used for luxury items ranging from watches and yachts to private jets or rare artwork like Picasso paintings bought via New York auction houses.
The investigation involved multiple agencies including FBI New York Joint Asian Criminal Enterprise Task Force with support from other U.S., UK authorities—as well as assistance from DOJ Office of International Affairs.
Parallel actions saw Prince Group designated as a transnational criminal organization by Treasury Department—with sanctions imposed against Chen Zhi plus associates—and similar sanctions announced by UK officials.
According to data cited from the FBI Internet Crime Complaint Center, reported losses due to cryptocurrency investment fraud exceeded $5.8 billion during 2024 alone.
Anyone with information related to this case is urged to contact authorities or file reports via IC3.gov.
If convicted on current charges Chen Zhi faces up to 40 years imprisonment; he remains presumed innocent until proven guilty.
