Prince Group - US accused founder massive crypto scam, forced labour camps
US DoJ said (Oct 14) Chen charged in New York with fraud and money laundering.
exploited forced labour to dupe investors, using proceeds to purchase yachts, jets
US$14b bitcoin seized, FBI calling it "one of largest financial fraud in history".
Chen's businesses sanctioned by US, UK as "transnational criminal organisation".
WHO IS CHEN ZHI AND PRINCE GROUP?
Chen Zhi, 37, founding chairman of Cambodian Prince Holding Group
key business: Prince Real Estate, Prince Huan Yu Real Estate, Prince Bank
WHAT ARE THE ALLEGATIONS AGAINST HIM?
US prosecutors say Prince Group one of largest transnational criminal organisations.
fraud schemes, known as "pig butchering" scams, cheated victims of billions
Group built 10 compounds in Cambodia where migrant workers held against their will Trafficked workers confined in prison-like compounds, forced to do online scams
Chen bragged “pig butchering” scam pulling in US$30 million a day.
If convicted, Chen faces a maximum penalty of 40 years in prison.
Both Chen and the company have previously denied allegations of criminality.
My Comments:
Do not swim with these sharks.
