Hong Kong Freezes HK$2.75b in Assets Linked to Prince Group SCAM Syndicate

HONG KONG – Authorities in Hong Kong have frozen assets worth HK$2.75 billion (S$463 million) linked to a criminal syndicate identified by local media as the Prince Group, led by sanctioned Chinese-Cambodian tycoon Chen Zhi. The network has been accused by the United States and Britain of running large-scale online scam operations that exploited trafficked workers across South-east Asia.

Prince Group SCAM

Police said the frozen assets, including cash, stocks, and corporate funds, are believed to be proceeds of international fraud and money laundering. The Financial Intelligence and Investigation Bureau is continuing its probe, though no arrests have been made.

The Prince Group and its affiliates were previously sanctioned by the US and UK, with assets also seized in Singapore and Taiwan. The US described it as its largest-ever anti-fraud action in the region, targeting 146 individuals and multiple entities connected to Chen.

BusinessNews