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Hong Kong Freezes Over $350 Million Linked to Cambodian Crime Syndicate

Published: Nov. 5, 2025 4:46 p.m. GMT+8

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Prince Real Estate Group. Photo: Beijing Daily

Hong Kong police said Tuesday that they have frozen HK$2.75 billion ($354 million) in assets tied to a cross-border syndicate allegedly involved in telecom fraud and money laundering.

The move is the latest in a series of international enforcement actions targeting Cambodia’s Prince Group and its head, Chen Zhi. When asked by Caixin if the targeted syndicate was the Prince Group, Hong Kong police did not deny it. Local media outlet HK01 reported that the group was indeed the Prince Group.

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Hong Kong police froze HK$2.75 billion ($354 million) in assets linked to a syndicate allegedly involved in telecom fraud and money laundering, reportedly the Prince Group.
The syndicate, led by Chen Zhi, is accused of international scams using trafficked labor, with estimated daily proceeds of over $30 million; authorities in the U.S., U.K., and Singapore have also seized assets and issued sanctions.
Hong Kong regulators suspended and restricted licenses of firms tied to Chen, as investigations and international cooperation continue.

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Who’s Who

Prince Group: Prince Group, headed by Chen Zhi, is a Cambodian syndicate accused of telecom fraud and money laundering, particularly through "pig-butchering" scams using trafficked labor. Hong Kong police have frozen HK$2.75 billion in assets linked to the group, following international sanctions by the U.S. and UK, and actions by Singaporean police. The group allegedly operates globally, with Hong Kong as a key hub.

Mighty Divine Investment Management Ltd.: Mighty Divine Investment Management Ltd. (财神投资管理有限公司) is a firm linked to Chen Zhi and the Prince Group. The Hong Kong Securities and Futures Commission has suspended its asset management license as part of an investigation into a cross-border syndicate allegedly involved in telecom fraud and money laundering.

Mighty Divine Securities Ltd.: Mighty Divine Securities Ltd. (财神证券有限公司) had its securities trading license suspended by the Hong Kong Securities and Futures Commission. This action was part of a larger crackdown on firms linked to Chen Zhi and the Prince Group, a syndicate allegedly involved in telecom fraud and money laundering.

Mighty Divine Insurance Brokers Ltd.: Mighty Divine Insurance Brokers Ltd., known in Chinese as 财神保险经纪有限公司, has had restrictions placed on its license by Hong Kong's Insurance Authority. This action effectively freezes its business operations and is part of a broader crackdown on firms linked to Chen and the Prince Group.

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What Happened When

2025：: Hong Kong’s financial regulators took action against firms linked to Chen Zhi. The Securities and Futures Commission suspended the asset management license of Mighty Divine Investment Management Ltd. and the securities trading license of Mighty Divine Securities Ltd. The Insurance Authority placed restrictions on the license of Mighty Divine Insurance Brokers Ltd., effectively freezing its business.

As of 2025：: The investigation by Hong Kong police is ongoing.

October 2025：: The U.S. and the U.K. jointly sanctioned the Prince Group and its affiliates. The U.S. Department of Justice charged Chen Zhi with wire fraud and money laundering, seizing about $15 billion in Bitcoin.

October 30, 2025：: Singaporean police took action against Chen Zhi and his associates, seizing assets worth more than S$150 million ($115 million), including six properties, financial assets, a yacht and 11 cars.

November 4, 2025：: Hong Kong police announced they froze HK$2.75 billion ($354 million) in assets tied to a cross-border syndicate allegedly involved in telecom fraud and money laundering, believed to be the Prince Group.

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