The US government has seized over $14bn (£10.5bn) in bitcoin and charged the founder of a Cambodian business empire with allegedly masterminding a massive cryptocurrency scam.
UK and Cambodian national Chen Zhi was charged on Tuesday in New York for allegedly engaging in a wire-fraud conspiracy and running a money laundering scheme.
Mr Chen's businesses were sanctioned by the US and the UK as part of a joint operation. The UK government says it has frozen assets owned by his network, including 19 properties in London - one of which is worth nearly £100m ($133m).
The BBC has contacted the Prince Holding Group for comment. An email sent to its general inquiries address was returned undelivered.
US prosecutors say it is one the biggest financial takedowns in history and the largest ever seizure of bitcoin, with approximately 127,271 bitcoin being held by US government.
Mr Chen, who remains at large, is accused of being the mastermind behind a sprawling cyber-fraud empire operating under his multi-national company, the Prince Group, said the US Department of Justice (DOJ).
The Cambodia-based group's website says its businesses include property development, and financial and consumer services. But the DOJ alleges that it runs one of Asia's largest transnational criminal organisations.
Unwitting victims were contacted online and convinced to transfer cryptocurrency based on false promises that the funds would be invested and generate profits, the DOJ said.
Prosecutors alleged that the company, under Mr Chen's direction, built and operated at least ten scam compounds throughout Cambodia, according to court documents seen by the BBC.
Mr Chen was accused of managing the compounds and tracked profits from the scams, said prosecutors. His accomplices allegedly procured millions of mobile phone numbers and set up phone farms to conduct call centre scams, according to the court documents.
Assistant Attorney General for National Security John A Eisenberg described the Prince Group as a criminal enterprise built on human suffering. It also trafficked workers, who were confined in prison-like compounds and forced to carry out scams online, targeting thousands of victims worldwide, he said.
The foreign office said Mr Chen and the Prince Group built casinos and compounds used as scam centres and laundered the proceeds. The Prince Group has been sanctioned in the US and labelled as a criminal organisation.
UK and Cambodian national Chen Zhi was charged on Tuesday in New York for allegedly engaging in a wire-fraud conspiracy and running a money laundering scheme.
Mr Chen's businesses were sanctioned by the US and the UK as part of a joint operation. The UK government says it has frozen assets owned by his network, including 19 properties in London - one of which is worth nearly £100m ($133m).
The BBC has contacted the Prince Holding Group for comment. An email sent to its general inquiries address was returned undelivered.
US prosecutors say it is one the biggest financial takedowns in history and the largest ever seizure of bitcoin, with approximately 127,271 bitcoin being held by US government.
Mr Chen, who remains at large, is accused of being the mastermind behind a sprawling cyber-fraud empire operating under his multi-national company, the Prince Group, said the US Department of Justice (DOJ).
The Cambodia-based group's website says its businesses include property development, and financial and consumer services. But the DOJ alleges that it runs one of Asia's largest transnational criminal organisations.
Unwitting victims were contacted online and convinced to transfer cryptocurrency based on false promises that the funds would be invested and generate profits, the DOJ said.
Prosecutors alleged that the company, under Mr Chen's direction, built and operated at least ten scam compounds throughout Cambodia, according to court documents seen by the BBC.
Mr Chen was accused of managing the compounds and tracked profits from the scams, said prosecutors. His accomplices allegedly procured millions of mobile phone numbers and set up phone farms to conduct call centre scams, according to the court documents.
Assistant Attorney General for National Security John A Eisenberg described the Prince Group as a criminal enterprise built on human suffering. It also trafficked workers, who were confined in prison-like compounds and forced to carry out scams online, targeting thousands of victims worldwide, he said.
The foreign office said Mr Chen and the Prince Group built casinos and compounds used as scam centres and laundered the proceeds. The Prince Group has been sanctioned in the US and labelled as a criminal organisation.
