Federal prosecutors on Tuesday unsealed an indictment against Chen Zhi, the founder and chairman of Prince Group, alleging he led a forced-labor scam that used imprisoned workers to lure victims into phony crypto funds and other cybercrimes. The operation has been described as one of Asia’s largest transnational criminal schemes, with activities spanning more than 30 countries.
The scheme, often referred to as a pig-butchering scam, typically begins with conversations on social media, followed by months of messaging from so‑called romantic partners who steer victims toward fraudulent investment vehicles. In many cases the scammers are aided by “phone farms”— automated call centers that support the fraud while victims are kept compliant or isolated.
Prosecutors said the conspirators built infrastructure to reach as many victims as possible, including the construction of the Golden Fortune compound and the procurement of millions of mobile numbers and account credentials to bolster their operations. The indictment details how such compounds were designed to maximize profits while placing workers under control at various sites managed by Zhi and top executives.
According to the charges, Chen Zhi is the founder and chairman of Prince Group, a Cambodian conglomerate that prosecutors allege operated as a major transnational criminal organization. While the court documents say his whereabouts are unknown, investigators say the group maintained a web of legitimate-seeming entities across several countries to conceal illegal activities.
Authorities say they seized bitcoin valued at $15 billion in connection with the case. Blockchain analysts have suggested that some funds may have originated from hacks or other crypto-crimes, and questions remain about how investigators obtained cryptographic keys used to seize the assets. The case underscores how pig-butchering scams have persisted, exploiting victims’ trust and frequently using sophisticated digital infrastructure to siphon savings.
