Global operation dismantles Chen Zhi–Prince Group empire tied to Cambodian scammers

In a matter of weeks, coordinated international operations have sent shockwaves through a transnational criminal network hiding behind the façade of a major Southeast Asian business empire.

The target is the dismantling of an empire built on human trafficking, scam operations and cyber fraud — led by Chen Zhi, chairman of the Prince Group in Cambodia, and the influential Bai family in Myanmar, both now facing the harshest sanctions and prosecutions to date.

The pressure campaign begins

On October 14, 2025, the campaign opened dramatically when Chen Zhi, a businessman and founder of the Cambodia-based Prince Group, was indicted by the United States Department of Justice (DOJ) on charges of conspiracy to commit wire fraud and conspiracy to commit money-laundering.

The United States and the United Kingdom announced sweeping sanctions against Chen Zhi, 146 associates and more than 100 companies, designating Prince Group a “transnational criminal organisation.”

Authorities allege Prince Group ran “scammer centres” in Cambodia where people were detained, abused and forced into labour to carry out frauds that pressured victims into investing in cryptocurrencies — a scheme commonly called “pig butchering.” These crimes have ruined thousands of lives and caused losses totalling billions of dollars.

Chen is also accused of bribing Cambodian officials with a US$3 million yacht (around THB 98 million) to protect facilities used by scam operations.

A landmark action against digital assets

On October 17, 2025, US authorities escalated the campaign by seizing more than 127,000 bitcoin (BTC) linked to Chen — an action the DOJ described as one of the largest digital asset forfeitures in its history, valued at up to US$15 billion.

The sanctions immediately affected financial institutions across Asia. On October 20, 2025, South Korean authorities revealed that Prince Group had concealed deposits in five South Korean banks’ Cambodian branches amounting to over 90 billion won (about THB 2 billion). Those banks — including KB Kookmin, Jeonbuk, Woori and Shinhan — had to freeze the Prince Group accounts in Cambodia under international sanctions.

In Cambodia, the Commercial Gambling Management Committee (CGMC) suspended the Silver Star casino licence in Bavet in mid-October after raids that led to the arrest of 23 foreigners identified as heads of scam centres.

Economic containment widens

Although Chen Zhi and associates have been charged and are being prosecuted in absentia in New York, legal and financial authorities worldwide have begun an aggressive asset chase.

On October 30, 2025 Singapore police announced seizures and asset restraint orders totalling over SG$150 million (about US$115 million) linked to Chen, covering six properties, a yacht, 11 cars and luxury liquor.

On November 2, 2025, Cambodia’s national police ordered the closure of four casinos owned by Jin Bei Group — an entity closely tied to Prince Group — amid suspicions of facilitating online fraud.

On November 5, 2025, Singapore’s Minister for National Development and MAS deputy chairman, Chee Hong Tat, told parliament that Chen Zhi and associates were under money-laundering investigation in Singapore. He also announced the revocation of tax privileges for two single-family offices connected to individuals in the Prince network.

Death sentences for a Myanmar crime clan

While global forces pursued the Cambodian network, another crackdown reached a decisive moment against a powerful scammer network in Myanmar.

On November 5, 2025, the Shenzhen Intermediate People’s Court in Guangdong province, China, sentenced five senior members of the “Bai mafia family” to death. The Bai family had run dozens of scam centres in the Kokang region of northern Myanmar.

Prosecutors say the Bai clan ran 41 scam operations in Kokang, involving losses of RMB 29 billion (about THB 132,000 million). Twenty-one Bai family members and associates were convicted of multiple crimes including fraud, intentional homicide and grievous assault; their actions led to six deaths and one suicide. Among those sentenced to death were Bai Suocheng, the gang leader, and his son Bai Yingcang.

Asset pursuit across Asia

International coordination has made clear there is nowhere to hide illicit proceeds linked to Prince Group.

On November 4, 2025, Taipei prosecutors raided 47 sites, arrested 25 suspects and seized assets alleged to be tied to Prince Group worth more than TWD 4.5 billion (roughly THB 5.4 billion). Seized assets included 18 properties (valued at around THB 4,010 million), 11 luxury condominium units in the Peace Palace development and 26 high-end cars such as Rolls-Royce, Ferrari and Lamborghini. Prosecutors say the network used shell companies across multiple countries to launder proceeds before buying these assets.

On the same day, Hong Kong authorities announced the freezing of assets totalling HK$2.75 billion (about THB 11,500 million) linked to the transnational criminal network — local media identified the target as Prince Group. Seized assets included cash, shares and investment funds. The United States also blacklisted at least 18 Hong Kong-linked companies connected to the network, including two publicly listed firms, Khoon Group and Geotech Holdings.

Meanwhile, South Korea’s National Tax Service has launched a tax investigation into Prince Group’s Seoul branch amid suspicions it used a real-estate advisory firm to raise investor funds and transfer money to Cambodia to conceal proceeds from online crime. The inquiry followed the repatriation of 64 South Koreans detained in Cambodia on charges of involvement in online scams.

Rapid, wide-ranging operation

From mid-October to early November 2025, the pace and scope of operations underline the commitment of the United States, United Kingdom, Singapore, South Korea, Taiwan, Hong Kong and China to protect citizens and financial systems.

These actions signal that the global dismantling of an organised criminal empire built on forced labour and fraud has begun. The campaign aims to sever the web of links between legitimate business fronts and complex cybercrime networks so they can no longer operate.