The international crackdown on Cambodia-based Prince Group has intensified, with one of its top executives arrested in Japan and facing investigations in multiple countries.
In June, Hu Xiaowei, described by U.S. authorities as Prince Group founder Chen Zhi’s “second-in-command,” was arrested in Japan, while the United States imposed new sanctions against him and related entities. Singapore has also launched a money laundering investigation into Hu and other individuals linked to the group.
According to reports, Japan’s Tokyo Metropolitan Police Department arrested the 44-year-old Hu in Osaka over allegations that he submitted false residency registration documents. Investigators suspect he used inaccurate address information in an attempt to obtain permanent residency in Japan. Hu reportedly holds passports from Cyprus, St Kitts and Nevis, as well as Hong Kong identity documents.
Following the arrest, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions targeting nine individuals and 26 entities linked to Prince Group. The U.S. identified Hu as a key figure responsible for managing the group’s overseas assets and alleged that he used multiple aliases to conceal his identity.
Other sanctioned individuals include Chen Bo, Qiu Wei Ren, Brendon Luo and Dai An. U.S. authorities accuse Prince Group of operating large-scale “pig butchering” crypto scams through fraud compounds in Southeast Asia, involving fake investment platforms, money laundering, human trafficking and forced labor.
Singapore has also expanded its investigation. In March, the Singapore Police Force announced the arrests of three Singaporean men — Chen Yaojie, Tang Wan Bao and Yang Xin Fa — over suspected money laundering offences linked to Prince Group. Tang and Yang were previously included in the U.S. sanctions list.
Singapore police have also issued an arrest warrant for Karen Chen Xiuling, who is believed to be in Cambodia. She is accused of having close links with Chen Zhi and involvement in establishing and operating several companies connected to him in Singapore and Taiwan. She is also wanted in Taiwan over similar allegations.
Authorities in Singapore have frozen and seized assets linked to the investigation, including bank accounts, securities, properties and luxury assets. The total value of assets under seizure or prohibition orders has exceeded S$600 million.
Prince Group, founded by Chen Zhi, was previously presented as a major Cambodian business conglomerate. However, U.S. authorities allege that the group operated a global criminal network involving online scams and cryptocurrency fraud, causing billions of dollars in losses worldwide.
The latest arrests and sanctions mark a major escalation in international efforts to dismantle the alleged $15 billion fraud network.
