Hong Kong authorities have frozen assets worth HK$2.75 billion (US$354 million) tied to an international criminal syndicate that local media identified as the Prince Group, run by sanctioned Chinese-Cambodian businessman Chen Zhi.
Police said the syndicate was suspected of being involved in large-scale telecommunications fraud and money laundering, based on intelligence gathered from multiple sources.
“The frozen assets — including cash, stocks, and funds held by individuals and companies — are believed to be proceeds of crime,” Hong Kong police said in a statement, adding that no arrests have yet been made as investigations continue.
The move follows US and UK sanctions announced in October against the Prince Group, accused of running online scam centres across Southeast Asia that exploited trafficked workers.
Chen, 38, has been indicted by a US court for wire fraud and money laundering conspiracy.
Authorities across the region have joined efforts to dismantle the network. Taiwanese prosecutors recently detained 25 suspects and seized assets worth T$4.5 billion (US$147 million), while Singapore froze over S$150 million (US$115 million) linked to the group.
The US Treasury Department described its action as the largest crackdown in Southeast Asia to date, targeting 146 individuals within the Prince Group, while Britain sanctioned six people and six entities, including Chen himself. — Reuters
