London has taken action against properties, including a penthouse worth £9 million, as part of a crackdown on a crypto scam operation.
The UK has imposed sanctions on assets connected to a network of facilities in south-east Asia that the Foreign Office identified as being involved in deceiving individuals out of significant amounts of money.
The tactics employed included enticing people into fabricated romantic relationships to carry out fraudulent activities. The perpetrators of these schemes are often foreign nationals who were promised legitimate employment opportunities but ended up trapped in designated scam locations, compelled to engage in online fraud under duress.
Last year, the UK, in collaboration with the US, declared sanctions against the Prince Group and its Chairman Chen Zhi, responsible for a vast network of scam centers. This led to a series of investigations, arrests, and the freezing and confiscation of assets exceeding £1 billion across the region.
Among the frozen properties is a £9 million penthouse owned by Thet Li, a key associate of Chen Zhi overseeing the Prince Group’s global financial operations, including those in Taiwan. Another affected property is a six-bedroom mansion near Hampstead Heath, valued at around £8.5 million, belonging to Wang Xiaoyan, the spouse of Zhu Zhongbiao, a director of multiple firms associated with scam centers and the Prince Group.
Chen, through the Prince Group, allegedly constructed casinos and facilities utilized as scam centers, using them to launder illicit proceeds. Chen faced sanctions in October.
Thet Li and Hu Xiaowei, a close collaborator of Chen’s reportedly involved in the group’s financial network under multiple aliases, have been included in the UK sanctions list.
The measures also target two enterprises linked to #8 Park, identified as the largest scam center in Cambodia associated with the Prince Group, according to the Foreign Office.
These entities include the Chinese-language online marketplace Xinbi for providing cryptocurrency services to scam centers like #8 Park, and Legend Innovation Co, operating #8 Park. Past actions resulted in the freezing of assets such as a £100 million office complex in the City of London, two high-value mansions, and a helicopter.
Stephen Doughty, Minister of State for Europe, North America, and Overseas Territories, emphasized the importance of combating money laundering and human rights violations associated with scam activities. He highlighted ongoing efforts to address illicit financial practices on a global scale.
Following the UK’s actions, Cambodia initiated its most extensive crackdown on scam operations, resulting in raids on approximately 2,500 sites, closure of numerous scam centers, and the release of thousands of foreign nationals.
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