By James Pomfret
HONG Kong authorities have frozen assets worth HK$2.75 billion ($354 million) linked to a criminal syndicate that local media reports identified as the Prince Group, run by sanctioned Chinese-Cambodian tycoon Chen Zhi.
Last month, the UK and the U.S. sanctioned the Southeast Asia-based multinational network, which is accused of operating large-scale online “scam centres” that used trafficked workers to defraud victims around the world.
Chen, 38, was indicted by a U.S. court on charges of wire fraud conspiracy and money laundering conspiracy.
Reuters was not able to reach Chen or a representative for comment.
The Hong Kong police said the asset freeze involved a syndicate suspected of involvement in international cross-border telecommunications fraud and money laundering activities based on intelligence and information gathered from multiple sources.
“The frozen assets, including cash, stocks, and funds held by individuals and corporate entities, are believed to be crime proceeds linked to the concerned syndicate,” the police said in a statement late on Tuesday without specifying names.
The Hong Kong Financial Intelligence and Investigation Bureau was continuing with investigations, but no arrests had yet been made, the statement added.
At least 18 Hong Kong companies were blacklisted by the U.S. in connection with the Prince Group. These included two listed companies, Khoon Group and Geotech Holdings.
Earlier on Tuesday, Taiwanese prosecutors said they had detained 25 people and seized T$4.5 billion ($147.09 million) in assets tied to the Prince Group – including 26 high-end cars, properties and bank accounts tied to the network and to Chen – in relation to money laundering and forced labour offences.
Singapore authorities also recently seized over S$150 million in assets linked to the Prince Group, including six properties as well as bank accounts, securities accounts and cash, local media reported.
The U.S. Treasury Department said this was its largest action ever in Southeast Asia, targeting 146 people within the Prince Group. Britain’s sanctions targeted six entities and six individuals, including Chen.
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