An indictment was unsealed in Brooklyn federal court charging Chen Zhi, also known as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group), with wire fraud conspiracy and money laundering conspiracy. According to the U.S. Attorney’s Office for the Eastern District of New York, Chen Zhi directed Prince Group’s operation of forced-labor scam compounds in Cambodia. These compounds allegedly held individuals against their will and forced them to carry out cryptocurrency investment fraud schemes known as “pig butchering” scams, resulting in billions of dollars stolen from victims worldwide.
The Department of Justice also filed a civil forfeiture complaint seeking approximately 127,271 bitcoin, currently valued at about $15 billion. The funds are alleged to be proceeds from the fraudulent activities and were previously stored in unhosted cryptocurrency wallets controlled by Chen Zhi. The DOJ described this as the largest forfeiture action in its history.
Attorney General Pamela Bondi stated, “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud. 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. We are grateful for the hard work of Director Patel and the men and women of the FBI.”
United States Attorney Joseph Nocella, Jr., commented: “As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions. 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 John A. Eisenberg said: “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. This indictment and historic forfeiture, the largest in Department history, reflect our commitment to using every tool at our disposal to ensure such crimes do not pay.”
FBI Assistant Director Christopher G. Raia stated: “Chen Zhi, the chairman of Prince Group, a transnational criminal organization, allegedly orchestrated an international cryptocurrency investment fraud scheme and labor trafficking network to steal billions of dollars from thousands of victims. Zhi allegedly victimized countless individuals: forcing thousands to serve as trapped accomplices and targeting countless others for their wallets. By leveraging his co-conspirators and political influence, this alleged operation plagued all corners of the globe and evaded law enforcement detection for years. Today’s indictment and historical forfeiture action demonstrates the FBI’s relentless determination to eradicate all unlawful revenue streams fueling criminal activity no matter where they are in the world.”
DEA New York Special Agent Frank A Tarentino III added: “Once again, we see the tremendous success of DEA’s Trident Initiative... This investigation exposes a staggering level of fraud... It also highlights how transnational criminal organizations continue to evolve... Money laundering isn’t a victimless crime... The DEA remains committed to tracing every dollar...”
DSS Deputy Assistant Director William Ferrari remarked: “This case is a powerful example of DSS global footprint... Every day DSS ...are conducting investigations just like this... disrupting transnational criminal networks…”
According to court documents since 2015 Chen Zhi has led Prince Group—a conglomerate with business entities across more than 30 countries—while secretly building it into what authorities describe as one Asia's largest transnational criminal organizations focused on real estate development but engaged heavily in fraudulent schemes.
Authorities allege that Prince Group used messaging apps or social media platforms for contacting potential victims globally—including within Brooklyn—to convince them through false promises about cryptocurrency investments before stealing their funds.
The group reportedly trafficked hundreds into Cambodian compounds surrounded by high walls where they were forced under threat or violence into perpetrating these scams; records maintained by Chen included details about profits per room along with documentation depicting so-called "phone farms"—automated call centers running millions numbers—and images showing violent enforcement methods.
Investigators say Chen Zhi used political connections abroad alongside bribes paid out by top executives both shielding operations from law enforcement disruption while laundering proceeds via professional networks or legitimate-seeming businesses such as online gambling or crypto mining enterprises.
Sophisticated techniques such as repeatedly splitting (“spraying”) then reconsolidating (“funneling”) cryptocurrencies were employed for obscuring origins before moving funds through exchanges or converting them into traditional currencies held by banks; some proceeds funded luxury goods purchases including watches yachts jets homes collectibles—even rare artwork like Picasso paintings bought at auction houses.
If convicted Chen faces up 40 years imprisonment; he remains at large.
The FBI New York Joint Asian Criminal Enterprise Task Force led investigations with help from other agencies including Treasury—which designated Prince Group as a transnational criminal organization while imposing sanctions—and British authorities who also announced sanctions related entities today.
For information regarding this case or if believing oneself victimized by similar schemes members public may contact FBI Internet Crime Complaint Center (IC3) at https://www.ic3.gov or learn more about crypto-investment fraud at https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud.
