All articles tagged with #prince group
An FT feature traces how Chen Zhi’s Prince Group built a stake in Habanos, turning Cuban cigars like Cohiba into luxury status symbols and boosting revenue, before a 2025–26 wave of sanctions and an ensuing liquidation drive exposed alleged illicit activities, leaving his holdings in limbo and pushing retailers toward New World competitors as Cuba’s aging production and political barriers bite.
Sullivan & Cromwell disclosed that an April court filing in the Prince Group case contained AI-generated errors, including miscitations and misquotations, prompting an apology, admission that AI policies weren’t followed, and submission of a corrected filing; the matter involves US prosecutors’ actions against Chen Zhi and a near-$9 billion bitcoin seizure.
Chen Zhi, a young Chinese-born entrepreneur and head of Prince Group in Cambodia, is accused by the US of running a massive cyber-fraud empire linked to over $14 billion in stolen cryptocurrency, involving scams, human trafficking, and money laundering, leading to international sanctions and his disappearance from public view.
Singapore and Thailand are investigating a Cambodian real estate group linked to US and UK sanctions on its chairman, Chen Zhi, who is accused of running a large cyber fraud empire involving Bitcoin seizures and property freezes, with authorities reviewing financial ties and potential criminal charges.
The US and UK have sanctioned the Prince Group and its founder Chen Zhi for running large-scale online scam operations in Southeast Asia, involving forced labor and fraud, with assets seized including properties in London. Chen Zhi, a Chinese-born businessman with political influence, remains at large and faces charges related to wire fraud and money laundering.
Chen Zhi, chairman of Prince Group, has been indicted in Brooklyn for operating forced labor compounds in Cambodia involved in cryptocurrency fraud schemes that stole billions globally, with the US seizing approximately $15 billion in cryptocurrency linked to the crimes, marking the largest forfeiture in Department of Justice history.
Chen Zhi, chairman of Prince Group, has been indicted for operating forced-labor scam compounds in Cambodia involved in cryptocurrency fraud schemes, including 'pig butchering' scams that stole billions globally. The U.S. government has also seized approximately 127,271 bitcoin, worth around $15 billion, in connection with these schemes, marking the largest forfeiture in Department of Justice history. The case highlights extensive transnational criminal activity involving human trafficking, cyber fraud, and money laundering.