Extra property belonging to Chinese language-Cambodian businessman Chen Zhi have reportedly been seized within the wake of an investigation into gambling fraud, cash laundering and ‘pig butchering’ scams.
According to the South China Morning Publish, Hong Kong Police has frozen HKD 2.75 billion ($353 million) in property, together with money, shares and funds, after investigations linked the beforehand sanctioned Chinese language-Cambodian businessman Chen Zhi to a community of entities within the nation. This newest spherical of allegations has additionally triggered regulatory measures and the resignation of plenty of auditors and administrators from his companies.
US-sanctioned Chen Zhi’s Hong Kong companies rocked by resignations and frozen property
Police freeze HK$2.75 billion in property tied to tycoon amid investigations into alleged telecoms fraud, cash laundering and “pig butchering” scamshttps://t.co/0V6mHMd56E pic.twitter.com/izOkdEph8y
— Bien Perez (@BienPerez) January 4, 2026
The property are believed to have been generated from legal actions all through his alleged fraud and cash‑laundering community. This comes after a global partnership of intelligence companies united to take Chen down in October 2025, earlier than Hong Kong and Singaporean authorities seized a first wave of assets back in November.
The allegations laid towards Chen and the Prince Group by the US Division of the Treasury embody operating a legal enterprise by way of on-line funding scams, equivalent to “pig butchering”, human trafficking, torture, cash laundering, and unlawful on-line playing.
Companies distance themselves as investigations proceed
Since then, companies related to Chen have distanced themselves, with Geotech Holdings highlighting in mid‑October that Chen had no function within the group. Geotech’s auditor Grand Thornton resigned in impact from November 21, nevertheless, citing US sanctions towards Chen, whereas the corporate’s director, Lok Kar-kin resigned as of October 27.
Equally, Khoon Group additionally acknowledged that no administrators have been concerned, whereas additionally seeing plenty of resignations in impact from November 4, together with its chairman and CEO. RSM Hong Kong didn’t search to return as an auditor to Khoon Group, as soon as once more citing sanctions towards Chen.
These resignations and strikes recommend efforts from these firms to distance themselves from firms related to Chen because the investigations proceed, maybe in an try and keep away from nearer scrutiny or reputational harm.
Featured picture: Prince Holding Group
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