UK and US Unite to Disrupt Major Online Fraud Network

The UK and US governments have united to take decisive action against a major online fraud network operating in Southeast Asia. This network is notorious for harnessing scam centres that deceive victims globally and exploit trafficked individuals. The sanctions were announced on October 14, targeting individuals and entities involved in these criminal activities.

Details of the Online Fraud Network

At the center of this crackdown is Chen Zhi, the leader of the Prince Group, a multi-billion-pound conglomerate. This group is implicated in running scam centres and laundering their profits. The operations involve sophisticated scams, including fake romantic relationship schemes that lead victims to invest money in fraudulent cryptocurrency ventures.

Locations and Properties Targeted

Among the properties affected by the sanctions is a lavish £12 million mansion located on Avenue Road in North London. This residence, alongside several other assets, has been frozen to prevent Zhi and his network from using the UK financial system. Key properties include:

• A £100 million office building on Fenchurch Street in London.
• Seventeen luxury flats on New Oxford Street and in Nine Elms, South London.

Fraud Tactics and Trafficking Issues

The fraud network primarily targets foreign nationals, luring them through fake job advertisements to disused casinos and specially designed compounds. Once there, victims are forced to engage in online fraud under the threat of violence. The scams often involve establishing false online relationships to deceive victims into making large investments in non-existent schemes.

Key Players in the Network

Several entities associated with Chen Zhi are also under scrutiny:

• The Prince Group: Involved in constructing casinos and scam centres across Cambodia.
• Jin Bei Group: A leisure and entertainment business with links to the Prince Group.
• Golden Fortune Resorts World Ltd: Known for running a large scam compound near Phnom Penh.
• Byex Exchange: A cryptocurrency platform connected to the fraudulent activities.

International Cooperation and Future Actions

The sanctions are part of a coordinated effort between the UK and US, aiming for maximum disruption of the fraud network. This initiative follows comprehensive investigations led by the Foreign, Commonwealth & Development Office (FCDO) and the US Office of Foreign Assets Control (OFAC).

Fraud Minister Lord Hanson emphasized the commitment to protect vulnerabilities by uprooting these corrupt networks. He noted that the ongoing efforts will include a new, expansive fraud strategy, aimed at enhancing safeguards for the public.

The City of London’s Action Fraud team continues to work diligently to shield British nationals from scams. For more information on protecting against fraud, visit the UK government’s Stop! Think Fraud campaign page.