£100m London Mansion Seized from Crypto Scam Kingpin Chen Zhi

A British-Cambodian businessman, Chen Zhi, reputed as a global phone scam kingpin, has had a £100 million luxury office building in London seized alongside 18 other prime properties as part of an unprecedented crackdown on a colossal cryptocurrency fraud operation. The 37-year-old chairman of the Prince Holding Group was formally charged on Tuesday with wire fraud conspiracy and money laundering conspiracy in connection with one of the largest crypto scams ever uncovered.

U.S. and U.K. authorities cooperated in a sweeping operation that froze Chen’s vast business empire and assets, including 19 London properties such as a £12 million mansion near Primrose Hill and the remarkable £100 million office building at 10 Fenchurch Street, acquired through his companies. Prosecutors allege the scheme amassed more than £10.5 billion in bitcoin stolen from victims worldwide.

According to the U.S. Department of Justice, Chen orchestrated a sprawling cyber-fraud empire operating across more than 30 countries. His enterprises, which appeared legitimate under the Prince Group banner with interests in real estate, financial services, and consumer businesses, were in reality fronts for illegal operations including “phone farms” and forced-labor scam centers primarily based in Cambodia and Myanmar. Vulnerable individuals were trafficked and coerced to execute fraudulent “pig butchering” scams—elaborate confidence tricks involving fake romantic relationships and fraudulent crypto investments designed to extort money from unsuspecting victims globally.

Prosecutors revealed that at the height of these operations, daily illicit proceeds could reach £22 million. The vast stolen funds financed a lavish lifestyle for Chen and his associates, including luxury watches, yachts, private jets, multiple high-end properties, and even valuable art pieces like a Picasso purchased at a New York auction.

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The U.K. Foreign Office condemned the network for exploiting forced labor and modern slavery to perpetrate this global scam, emphasizing the seriousness of the charges and sanctions imposed. Chen and his associates now face exclusion from the U.K. financial system, and Chen, who remains at large, could be sentenced to up to 40 years in prison if convicted. This case marks a historic milestone in international law enforcement cooperation against large-scale cyberfraud and human rights abuses.

Authorities urge vigilance as investigations continue to dismantle the far-reaching criminal enterprise behind this record-breaking bitcoin seizure.