Coinidol.com reports on one of the largest forfeiture actions in the Department of Justice’s history.
U.S. law enforcement, in coordination with British authorities, announced a victory against a transnational criminal organization operating sophisticated “pig butchering” scams, resulting in the seizure of nearly $15 billion in Bitcoin and the unsealing of an indictment against a joint U.K.-Cambodian businessman.
The purchase of extravagant assets
The indictment, unsealed in a federal court in Brooklyn, New York, charges Chen Zhu, Chairman of Prince Holding Group, and unnamed co-conspirators with wire fraud and money laundering.
Prosecutors allege that Chen’s operations involved exploiting forced labor at cyber scam centers primarily located in Cambodia. Individuals held against their will were allegedly compelled to engage in fraudulent investment schemes—commonly known as “pig butchering” scams—which ultimately stole billions of dollars from unsuspecting investors worldwide.
The scale of the alleged criminal enterprise is staggering. The ill-gotten gains were purportedly used to purchase extravagant assets, including yachts, jets, and even a Picasso painting, demonstrating the high level of sophistication and the sheer volume of funds laundered through the digital asset ecosystem. The seized Bitcoin, currently in U.S. government custody, underscores the critical role that cryptocurrencies play in modern transnational crime, offering both a mechanism for rapid transfer and a challenge for tracing.
Connection with heinous crimes like human trafficking
In addition to the indictment and asset seizure, U.S. and U.K. authorities have imposed sanctions and frozen assets of Chen’s company, labeling it a transnational criminal organization. Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche stated that the action “represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud.”
The combination of the sanctions and the unsealed indictment sends a clear and forceful signal to organized crime groups and the corrupt elites who support them in Southeast Asia and beyond: criminal activities enabled by digital assets will be met with severe international prosecution and asset forfeiture. Chen Zhu remains at large, facing up to 40 years in prison if apprehended and convicted.
Source: https://coinidol.com/charge-tycoon-in-crypto-fraud/
