Hong Kong freezes US$354 million in assets linked to Chen Zhi’s Prince Group

Authorities in Hong Kong have frozen assets worth more than HK$2.75 billion (US$354 million) connected to an international crime syndicate that local media identified as the Prince Group, a conglomerate headed by Chen Zhi, the Chinese-Cambodian tycoon recently sanctioned by the United States and the United Kingdom.

The Hong Kong Police Force announced late on Tuesday (November 4) that the operation targeted a syndicate suspected of orchestrating cross-border telecom fraud and large-scale money laundering. The move followed intelligence shared among international partners and domestic agencies.

According to the police statement, the frozen assets include cash, securities, and funds held by both individuals and companies believed to have benefited from the illicit network. The authorities did not disclose specific names but confirmed that investigations by the Financial Intelligence and Investigation Bureau are ongoing. No arrests have yet been made.

The crackdown comes after the US and UK imposed coordinated sanctions in October on the Prince Group and its affiliates for running transnational “scam centres” across Southeast Asia. These operations allegedly relied on trafficked workers forced to defraud victims worldwide.

Chen Zhi, 38, has been indicted in the United States on charges of conspiracy to commit wire fraud and money laundering. Reuters was unable to reach Chen or his representatives for comment.

Washington’s sanctions list named 146 individuals associated with the network, while London targeted six companies and six individuals, including Chen himself.

At least 18 Hong Kong-based firms were also blacklisted by the US Treasury, including Khoon Group and Geotech Holdings, both listed companies.

The Hong Kong action follows coordinated enforcement across Asia. On Tuesday, Taiwanese prosecutors announced the seizure of NT$4.5 billion (US$147 million) in luxury assets linked to the same network, including high-end cars, properties, and bank accounts. Singaporean authorities have likewise confiscated over S$150 million (US$110 million) in related assets, such as six properties, cash, and securities holdings.

The US Treasury Department described the sweeping sanctions as its largest-ever operation in Southeast Asia against a criminal financial network, marking a rare example of regional cooperation against transnational organised crime.

Reuters