Police freeze $2.75bn assets linked to multinational scam syndicate and tycoon Chen Zhi: sources 

Police announced on Tuesday the freezing of approximately HK$2.75 billion belonging to a suspected multinational wire-fraud and money laundering syndicate. No arrests have been made so far.

Sources said the syndicate is linked to Vincent Chen Zhi, the alleged mastermind behind a Cambodian online fraud operation and founder of the Prince Group.

The investigation was initiated after officers gathered intelligence from multiple sources regarding the group’s activities. 

Following a detailed analysis of various companies associated with the syndicate and their corresponding bank account transactions, police confirmed suspected money laundering activities.

The frozen assets, valued at around HK$2.75 billion, include cash, stocks, and funds held by individuals and companies, all believed to represent criminal proceeds.

The police emphasized their commitment to combating fraud and money laundering through proactive measures, intelligence gathering, and enhanced cooperation with other law enforcement agencies, banking institutions, and relevant stakeholders.

According to reports, Chen faces accusations of operating wire fraud conspiracy, online casinos, human trafficking, slavery and labour abuse across Cambodia, Hong Kong, Singapore and other regions.

He is currently facing international sanctions from both the United Kingdom and the United States, with approximately 127,271 bitcoins (approximately HK$120 billion) frozen due to his alleged criminal activities.

Additionally, the Taipei District Prosecutors' Office stated on Tuesday (Nov 4) that it has seized assets worth over NT$4.5 billion and arrested 25 suspects.