Prince Group denies allegations of scam empire and forced labour after global US$15 billion asset seizure

Authorities across the United States, Europe and Asia have launched sweeping actions against Cambodia’s Prince Holding Group, alleging the company was the centre of a vast online scam and forced labour network.

The United States Justice Department said in October that it had seized approximately US$15 billion in Bitcoin, describing it as criminal proceeds linked to the group. The move marked the largest asset forfeiture in the department’s history.

On Tuesday, 11 November 2025, Prince Group’s founder Chen Zhi publicly rejected the allegations, stating that both he and the conglomerate had “categorically rejected” the claims.

“The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars,” said the company in a statement. “We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated.”

The Prince Group’s response came amid an international wave of enforcement actions.

Britain froze assets worth over US$130 million, while Taiwan, Singapore and Hong Kong carried out separate seizures each reportedly valued as high as US$350 million.

Allegations of a transnational scam operation

According to the US Justice Department’s indictment, Chen Zhi presided over forced labour compounds in Cambodia where trafficked individuals were made to conduct internet-based scams targeting victims worldwide.

Prosecutors described the operation as a “transnational criminal organisation” that generated billions of dollars through romance scams, investment fraud and cryptocurrency laundering.

The Justice Department further alleged that Chen, who holds dual British-Cambodian nationality, remains “at large.”

Prince Group’s business footprint

Founded in 2015, Prince Holding Group is one of Cambodia’s largest private conglomerates, with a presence in over 30 countries and interests spanning real estate, financial services and consumer goods.

In Cambodia, the company is known for major real estate projects such as Prince International Plaza in Phnom Penh and claims to have invested over US$2 billion in domestic property developments.

The conglomerate stated that the ongoing allegations have “caused undue harm to thousands of innocent employees, partners and communities”, emphasising its role as a legitimate business entity.

The case has drawn attention to the growing cyber-scam industry in Southeast Asia, where criminal networks have exploited regional infrastructure to operate large-scale online fraud schemes.

Investigators say many scam operations are run from office parks and warehouses, where some workers are coerced or trafficked, while others join voluntarily.

Authorities in several countries, including Thailand, Myanmar and the Philippines, have conducted raids on suspected scam compounds in recent years.