Hong Kong police freeze HK$2.75 billion in assets linked to accused scammer Chen Zhi
Force targets network of businessman behind Prince Group, which US authorities have designated a ‘transnational criminal organisation’
Hong Kong police have frozen HK$2.75 billion (US$352 million) in assets, including cash, stocks and funds, believed to be the proceeds of crime from a cross-jurisdictional telecoms fraud and money laundering network.
The measure targeted the network of Fujian-born Cambodian businessman Chen Zhi and his company, Prince Holding Group, both the subjects of sanctions by the United States and British authorities last month, a source said.
Hong Kong police said on Tuesday that officers had “proactively” targeted the group based on “intelligence and information gathering” and conducted a wealth investigation.
“After in-depth analysis of the fund flows of multiple companies and related bank accounts linked to the group, police found the group was suspected of committing money laundering offences,” a spokesman said.
The frozen assets were “believed to be criminal proceeds”, he added.
The force’s financial intelligence and investigation bureau is following up on the case. No arrests have been made so far.