HONG KONG — Hong Kong authorities mentioned on Tuesday that they had frozen property value HK$2.75 billion ($354 million) linked to a prison syndicate that native media reviews recognized because the Prince Group run by sanctioned Chinese language-Cambodian tycoon Chen Zhi.
Britain and the USA in October sanctioned the Southeast Asia-based multinational community, which is accused of working large-scale on-line “rip-off centres” that used trafficked staff to defraud victims all over the world.
Chen, 38, was indicted by a U.S. court docket on fees of wire fraud conspiracy and cash laundering conspiracy.
Reuters was not capable of attain Chen or a consultant for remark.
The Hong Kong police mentioned the asset freeze concerned a syndicate suspected of involvement in worldwide cross-border telecommunications fraud and cash laundering actions based mostly on intelligence and knowledge gathered from a number of sources.
“The frozen property, together with money, shares, and funds held by people and company entities, are believed to be crime proceeds linked to the involved syndicate,” the police mentioned in a press release late on Tuesday with out specifying names.
The Hong Kong Monetary Intelligence and Investigation Bureau was persevering with with investigations, however no arrests had but been made, the assertion added.
No less than 18 Hong Kong corporations had been blacklisted by the U.S. in reference to the Prince Group. These included two listed corporations, Khoon Group and Geotech Holdings.
Earlier on Tuesday, Taiwanese prosecutors mentioned that they had detained 25 folks and seized T$4.5 billion ($147.09 million) in property tied to the Prince Group – together with 26 high-end automobiles, properties and financial institution accounts tied to the community and to Chen – in relation to cash laundering and compelled labour offences.
Singapore authorities additionally just lately seized over S$150 million in property linked to the Prince Group, together with six properties in addition to financial institution accounts, securities accounts and money, native media reported.
The U.S. Treasury Division mentioned this was its largest motion ever in Southeast Asia, concentrating on 146 folks throughout the Prince Group. Britain’s sanctions focused six entities and 6 people, together with Chen.
