BROOKLYN, NY – Chen Zhi, also known as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group), is facing federal charges for orchestrating a sprawling criminal enterprise built on forced labor and a breathtakingly audacious cryptocurrency fraud. An indictment unsealed today alleges that Zhi directed the operation of scam compounds across Cambodia where individuals were held against their will and forced to participate in “pig butchering” scams, defrauding victims in the United States and globally of billions of dollars.
The United States Attorney’s Office for the Eastern District of New York and the Department’s National Security Division didn’t stop at an indictment. They simultaneously filed a civil forfeiture complaint targeting approximately 127,271 bitcoin – currently valued at a staggering $15 billion – allegedly derived from the fraud and money laundering schemes. These funds, dubbed the “Defendant Cryptocurrency,” are already in U.S. government custody, marking the largest forfeiture action in the history of the Department of Justice.
The announcement came jointly from a powerhouse of federal law enforcement: United States Attorney General Pamela Bondi; United States Attorney Joseph Nocella, Jr. for the Eastern District of New York; Assistant Attorney General John A. Eisenberg of the Justice Department’s National Security Division; Christopher G. Raia, Assistant Director in Charge of the FBI’s New York Field Office; Frank A Tarentino III, Special Agent in Charge of DEA New York; and William Ferrari, Deputy Assistant Director of the U.S. Department of State’s Diplomatic Security Service.
“Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” Bondi stated. “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.” The Attorney General specifically praised the work of FBI Director Patel and her team.
“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” Nocella emphasized. “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 Eisenberg painted a grim picture of the operation: “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.” Zhi remains at large, but with a $15 billion target on his assets, his days of freedom are likely numbered. The investigation is ongoing.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Human Trafficking|Cybercrime|Organized Crime
- Source: Official Source ↗
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