Archive · 5 Nov 2025
Hong Kong Freezes $354 Million in Assets Linked to Tycoon Accused of Forced Labor
Imagine a rich businessman named Chen Zhi, who owns a big company called Prince Holding Group.
The police in Hong Kong believe that some of his company's money came from bad things, like tricking people and making them work in terrible places like forced labor camps.
So, the police in Hong Kong have frozen a lot of his money, about $354 million, so he can't use it.
Other countries like Taiwan and Singapore have also frozen his money.
In America, prosecutors have officially accused him of running these bad operations, which they say are part of a huge criminal network in Asia.
These operations apparently tricked people into losing their money through online scams, sometimes by forcing workers to do the scamming.
Hong Kong authorities have frozen assets worth $354 million linked to Chen Zhi and his Prince Holding Group.
US prosecutors accuse Chen Zhi of running forced labor compounds and one of Asia's largest transnational criminal organizations.
The frozen assets are believed to be proceeds of alleged crimes including telecommunications fraud and money laundering.
Similar asset freezes and seizures have been carried out in Taiwan ($145 million) and Singapore (over $115 million).
US and UK authorities previously unveiled sanctions and a US indictment charging Chen Zhi with fraud and money laundering.
- Who
- Hong Kong authorities, US prosecutors, Chen Zhi and his Prince Holding Group, Taiwanese and Singaporean investigators
- What
- Hong Kong froze $354 million in assets linked to a Cambodian tycoon accused of running forced labor camps and transnational criminal networks.
- When
- Tuesday (Hong Kong announcement), last month (US indictment, US/UK sanctions), last week (Singapore seizures)
- Where
- Hong Kong, Cambodia, Taiwan, Singapore, US, UK
- Why
- To curb alleged criminal activities including forced labor, telecommunications fraud, and money laundering.
Accusations Against Chen Zhi
Official Actions
Nature of Business Operations
Accusations Against Chen Zhi
US prosecutors and UK authorities allege Chen Zhi directed operations of forced labor compounds in Cambodia, where thousands were held against their will and forced into 'pig butchering' scams.
Official Actions
Hong Kong police stated they acted after a probe into a 'syndicate suspected of involvement in international cross-border telecommunications fraud and money laundering'.
Role of Prince Holding Group
Accusations Against Chen Zhi
US prosecutors accuse Chen Zhi's Prince Holding Group of serving as a front for 'one of Asia’s largest transnational criminal organisations'.
Official Actions
Hong Kong police identified Prince Holding Group as the target of their law enforcement measures, freezing assets believed to be proceeds of crime.
- Frozen Assets in Hong Kong
- $354 million (HK$2.75 billion)
- Accused Tycoon
- Chen Zhi
- Accused Conglomerate
- Prince Holding Group
- Alleged Crimes
- Operating forced labor compounds, transnational criminal network, telecommunications fraud, money laundering, 'pig butchering' scams
- Frozen Assets in Taiwan
- $145 million
- Frozen Assets in Singapore
- Over $115 million
- US Indictment
- Fraud and money laundering involving approx. $15 billion in Bitcoin