BVI Laundering Trail Leads to £100M London Property Freeze in Prince Group Sanctions

In a sweeping crackdown on transnational financial crime, the UK government has:

• Sanctioned Cambodian conglomerate Prince Group and its chairman Chen Zhi.
• Frozen 19 London properties worth over £100 million.

The sanctions are part of a coordinated effort with U.S. authorities, targeting what officials describe as one of the largest cyber-fraud and human trafficking networks in Southeast Asia[1][2][3].

• 127,271 Bitcoin, worth approximately $15 billion.

The BVI Connection: Laundering Through Offshore Shells

• Investigations revealed that shell companies registered in the British Virgin Islands (BVI) were used to funnel illicit funds into the UK property market.
• This practice has long been a concern for regulators, and in June 2025, the BVI was added to the Financial Action Task Force’s (FATF) grey list for increased monitoring[6].

The Scam: “Pig Butchering” and Crypto Fraud:

• At the heart of the case are “pig butchering” scams, fraudulent investment schemes where victims are emotionally manipulated into investing large sums in fake cryptocurrency platforms.
• These scams often begin with a simple “wrong number” text, evolving into elaborate online relationships that culminate in financial ruin for the victim[4].
• Investigators revealed that many of the perpetrators were themselves victims of human trafficking, forced to work in scam compounds across Cambodia, Myanmar, and Laos. These compounds were operated by Prince Group affiliates and disguised as casinos or tech parks[2].

Sanctions and Asset Freezes:

The UK’s Foreign, Commonwealth & Development Office (FCDO) froze assets linked to Chen Zhi, including:

• A £12 million mansion on Avenue Road, North London
• A £100 million office building in the City of London
• 17 luxury flats across South London[3]

UK Foreign Secretary Yvette Cooper stated:

• “The masterminds behind these horrific scam centres are ruining the lives of vulnerable people and buying up London homes to store their money.”[3]

International Cooperation and Record Seizures:

• The U.S. Department of Justice simultaneously unsealed an indictment against Chen Zhi, charging him with wire fraud and money laundering conspiracy.
• Authorities seized 127,271 Bitcoin, worth approximately $15 billion, marking the most significant forfeiture action in DOJ history[5].
• The sanctions also targeted Prince Group affiliates such as Jin Bei Group, Golden Fortune Resorts, and Byex Exchange, all implicated in laundering scam proceeds through crypto wallets, gambling platforms, and shell companies[2].

Chen Zhi: Tycoon Turned Fugitive.

• Chen Zhi, also known as Vincent, remains at large.
• He holds Cambodian, British, Cypriot, and Vanuatu citizenships and has previously served as an advisor to Cambodian Prime Minister Hun Manet.
• His conglomerate, Prince Group, operates across 30 countries, with interests in real estate, banking, aviation, and retail[7].

Published: 18 October 2025 | Author: Comsure Compliance News Desk
References

[1] The Associated Press | MSN https://www.msn.com/en-us/news/world/cambodia-urges-fair-process-as-us-and-uk-pursue-prince-groups-chen-zhi-in-global-scam-case/ar-AA1Owuuy

[2] Yogonet https://www.yogonet.com/international/news/2025/10/15/115816-sanctions-hit-cambodias-prince-group-over-casinolinked-crypto-laundering-and-trafficking

[3] www.ft.com https://www.ft.com/content/38460669-0efc-49fa-9638-8c6e52f7904c

[4] Al Jazeera | MSN https://www.msn.com/en-us/money/markets/us-uk-sanction-huge-southeast-asian-crypto-scam-network/ar-AA1Ov5RR

[5] www.justice.gov https://www.justice.gov/opa/pr/chairman-prince-group-indicted-operating-cambodian-forced-labor-scam-compounds-engaged

[6] www.royalgazette.com https://www.royalgazette.com/international-business/business/article/20251017/global-online-scam-network-sanctioned/

[7] www.channelnewsasia.com https://www.channelnewsasia.com/asia/prince-holding-group-chen-zhi-us-crypto-scam-what-we-know-5405601