US $15 Billion Crackdown on Cambodian Scams
Vincent Chen Zhi, founding chairman of Cambodian conglomerate, Prince Holding Group
In an article for Asia Sentinel, Toh Han Shih discusses a US Department of Justice case involving an online scam allegedly operated by a Cambodian conglomerate, Prince Holding Group, and its founding chairman, Vincent Chen Zhi. The case constitutes a growing recognition of the nature of the cybercrime threat from Cambodia, which costs Americans up to $10 billion annually and produces hundreds of thousands of human trafficking victims across the world, particularly in the US, China, and the EU.
More assets are expected to be seized in the wake of the largest forfeiture action in the history of the US Department of Justice, involving a “pig butchering” online scam allegedly operated by a Cambodian conglomerate, Prince Holding Group, and its founding chairman, Vincent Chen Zhi.
US prosecutors allege Chen and his co-conspirators bribed officials of various countries, including Chinese spies and police officials. So far, US authorities have seized US$15 billion of bitcoin in the case, which is linked to multiple jurisdictions, including Singapore, Hong Kong, and Taiwan.
The case constitutes a growing recognition of the nature of the cybercrime threat from Cambodia, which is reckoned to cost Americans up to US$10 billion annually and produces hundreds of thousands of human trafficking victims who are lured to compounds where they are forced into “pig butchering” scams against people across the world, particularly in the US, China, and the EU. Law enforcement officials term it the fastest-growing form of financial crime.
