CaliToday (04/12/2025): In a massive blow to transnational organized crime, Thailand’s Anti-Money Laundering Office (AMLO) has frozen assets worth over 10 billion baht (approx. $315 million USD) linked to a sprawling cyber-fraud network operating out of Cambodia. The crackdown targets high-profile figures, including the elusive tycoon Chen Zhi, founder of the Prince Group, and his associate Kok An.
The Thai Dragnet: Land, Luxury, and Laundry
On December 2, AMLO executed a decisive order to freeze 289 separate assets connected to four major criminal cases involving cybercrime and fraud. According to The Nation, investigators uncovered a sophisticated money-laundering machine where illicit profits from Cambodian scam compounds were funneled into:
Prime Real Estate: High-value land and properties across Thailand.
Digital Assets: Conversion of fiat currency into cryptocurrency to obscure trails.
Luxury Goods: Brand-name merchandise, jewelry, and cash caches.
Specifically targeting Chen Zhi, AMLO ordered the confiscation of 102 items valued at approximately 373 million baht.
The Two Faces of Chen Zhi
The case highlights the stark contrast between Chen Zhi’s public persona and the allegations against him.
The Public Image: The website of Prince Group describes the 37-year-old founder as a "respected entrepreneur and renowned philanthropist." It lauds his "vision and leadership" for steering Prince Group into a leading Cambodian conglomerate that strictly "adheres to international standards."
The Allegations: Investigators paint a darker picture. Chen Zhi is accused of being the "mastermind behind a massive cyber-fraud empire... a criminal organization built on human suffering."
This "empire" is alleged to be the engine behind industrial-scale scams, often referred to as "Pig Butchering" (Sha Zhu Pan), where victims worldwide are psychologically manipulated into investing in fake crypto platforms.
A Global Manhunt: The U.S. and Singapore Join the Fray
Thailand is not acting alone. The net is closing in on the syndicate from multiple jurisdictions, revealing the sheer scale of the operation.
The United States Connection: In October, the U.S. Department of Justice (DOJ) indicted Chen Zhi for allegedly operating "fraud compounds" in Cambodia. These compounds are often likened to digital sweatshops, where trafficked workers are forced to scam victims under threat of violence.
Record-Breaking Seizure: The U.S. Treasury has reportedly seized a staggering $14 billion USD worth of Bitcoin believed to be linked to Chen Zhi. If confirmed, this stands as the largest cryptocurrency seizure in history, dwarfing previous records.
The Singapore Action: Singaporean authorities have also tightened the screws. In late October, the city-state seized assets worth $150 million SGD, issuing prohibition orders on the transfer of luxury properties and yachts linked to the tycoon.
The Impact
This coordinated international asset forfeiture signals a shift in how governments are handling Southeast Asia's scam crisis. By targeting the financial arteries real estate in Bangkok, banks in Singapore, and crypto wallets in the US authorities aim to dismantle the economic incentive behind these multi-billion dollar fraud empires.