US and UK put sanctions on alleged Cambodia cyber-scammers and seize $15bn in bitcoin | Organised crime

The US and UK have seized $15bn worth of Bitcoin (£11.3bn) and frozen properties in London of alleged leaders of fraud centers in Cambodia that duped victims and tortured trafficked workers around the world.

Two Chinese-born businessmen are among six people affected by travel bans and sanctions aimed at tackling the growing threat of organized crime gangs committing online fraud on an industrial scale globally.

US Department of Justice in question On Tuesday, it announced the seizure of approximately 127,271 Bitcoins worth $15 billion, the proceeds of fraud and money laundering. This was the largest act of forfeiture in the department’s history.

The frozen properties are thought to include a £12 million mansion in Avenue Road, one of London’s most expensive addresses, a £95 million office block on Fenchurch Street in the heart of the City of London’s financial district and several flats in central London.

Cambodia has become one of the main locations for scams targeting victims worldwide, with buildings full of workers creating fake investment opportunities (mostly in cryptocurrency) or fake romantic relationships in an attempt to steal as much money as possible. The process of “fattening” victims is often referred to as “hog slaughter.”

The people who commit the fraud also become victims of these schemes; they are often lured with the promise of well-paying jobs, only to find themselves enslaved in hellish conditions. People who escaped from fraud centers reported torture in special torture chambers, including beatings and electrocution. The death of a South Korean student who was tricked into one of the centers caused great outrage in his home country.

government of cambodia, Accused of complicity in fraud by Amnesty International and the torture of workers through inaction leaves foreign governments with few tools to combat organized crime leaders. However, during 18 months of investigations, the UK Foreign Office and the US Office of Foreign Assets Control identified numerous British assets belonging to the alleged ringleaders.

The alleged leaders include Chen Zhi, born in China in 1987, who is chairman of the Prince Group. Chen’s meteoric rise to wealth has given him significant political clout, including advisory roles to Cambodia’s prime minister. Chen is also thought to have obtained citizenship in Cyprus and Vanuatu.

But most of his wealth is spent in the UK or is held through companies in the British Virgin Islands, a British overseas territory. The London mansion, which Chen is thought to have purchased in 2019, has marble floors and walnut-paneled walls, seven bedrooms, plus three bedrooms for staff, a cinema, gym, swimming pool and an underground garage with a car lift, according to marketing materials.

The U.S. justice department said Chen and his associates used their earnings to buy watches, yachts, private jets, vacation homes, luxury collectibles and rare works of art, including a Picasso painting purchased from an auction house in New York City.

Prince Group, which also owns casinos, real estate projects and a commercial bank, is one of the companies affected by sanctions that will exclude them from the financial systems of the US, UK and many of their allies. Other businesses affected include: Jin Bei Group, which owns properties including a seven-storey hotel and casino in Cambodia’s tourist hub Sihanoukville; Golden Fortune Resorts World, which operates a fraud resort on the outskirts of Phnom Penh, the capital of Cambodia; and Byex Exchange, a cryptocurrency platform.

Workers at the Golden Fortune science and technology park are forced to commit cyber fraud behind 10-foot-high walls covered in barbed wire and face beatings if they try to escape. Radio Free Asia reports.

UK Foreign Secretary Yvette Cooper said: “The masterminds behind these horrific fraud centers are ruining the lives of vulnerable people and buying houses in London to hide their money.

“Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – defending human rights, protecting British citizens and keeping dirty money off our streets.”

UK sanctions were coordinated with US sanctions.