EDNY Indicts Chinese Businessman Tied to Global Fraud and Forced Labor Scams
The U.S. Department of Justice has unsealed an indictment charging Chen “Vincent” Zhi, the chairman of Cambodia-based Prince Group, with wire fraud and money-laundering conspiracy connected to one of the world’s largest forced-labor and crypto scam networks. The Eastern District of New York (EDNY) announced the indictment on October 14, 2025, unveiling a massive investigation that spans continents and billions in stolen funds.
According to prosecutors, Zhi and his associates operated an elaborate network of compounds across Southeast Asia where victims were trafficked and forced to conduct online investment scams, commonly known as “pig-butchering” schemes. These scams lured unsuspecting individuals into fake cryptocurrency and trading platforms, resulting in devastating financial losses. Investigators estimate that more than $15 billion in digital assets were laundered through the network using shell companies and offshore crypto platforms.
Global coordination and record crypto seizure
The EDNY’s announcement coincided with a global law enforcement operation involving agencies from the United States, United Kingdom, and several Southeast Asian countries. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) simultaneously imposed sanctions on Prince Group and several of its affiliates, effectively freezing their access to the international banking system. Officials confirmed the seizure of BTC wallets linked to the operation, representing one of the largest digital asset confiscations ever recorded.
“This operation showcases the power of international cooperation in dismantling complex transnational crime,” said Breon Peace, U.S. Attorney for the Eastern District of New York. “Zhi and his network exploited victims on a massive scale, using human trafficking and technology to fuel one of the largest online fraud ecosystems we have ever encountered.”
The investigation involved collaboration between the Federal Bureau of Investigation (FBI), Homeland Security Investigations (HSI), and international partners utilizing blockchain analytics to trace illicit crypto flows. Authorities believe the funds moved through dozens of platforms and wallets before being converted into real estate and luxury assets across Asia.
Human trafficking and financial exploitation
Officials say many of the individuals working in these scam compounds were victims of human trafficking, coerced into criminal activity under threat of violence or confinement. The indictment highlights the intersection of financial crime, technology, and human rights abuses, a growing area of concern for regulators and global law enforcement.
Prince Group, a sprawling conglomerate with interests in real estate, finance, and hospitality, has faced scrutiny in the past for opaque dealings and political connections across Cambodia and China. The company has not yet issued a statement regarding the indictment or the sanctions imposed.
Zhi remains at large, and a global arrest warrant has been issued. The EDNY emphasized that this case marks a pivotal moment in efforts to curb international crypto-related fraud and forced-labor operations. Analysts suggest the case could prompt greater scrutiny of financial institutions and digital asset platforms operating in Southeast Asia.
The indictment reinforces growing U.S. efforts to combat cross-border cybercrime and protect consumers from crypto investment fraud. With billions in illicit funds recovered and a prominent international figure facing charges, the EDNY’s case against Chen Zhi stands as a landmark moment in the global fight against digital financial exploitation.
