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One form of fraud involves luring victims into “virtual” romantic relationships and then convincing them to invest large sums of money in fake cryptocurrency platforms. Photo: NewsNation . |
The US Justice Department also said it had charged the founder of a Cambodian conglomerate with “pig butchering,” a form of fraud largely fueled by Chinese organized crime groups that exploit instability and poor governance in Myanmar, Cambodia, and Laos.
It is also the largest asset forfeiture action in DOJ history. The indictment against Chen Zhi, also known as Vincent, was unsealed in federal court in Brooklyn, New York.
According to the indictment, Zhi is identified in court records as the founder and chairman of Prince Holding Group, a multinational business conglomerate based in Cambodia.
Under his direction, prosecutors say the syndicate quickly grew into one of Asia's largest transnational crime organizations. Zhi remains at large.
Prince Group, which does business in more than 30 countries, operated “forced labor rackets throughout Cambodia,” the U.S. Attorney’s Office revealed in a press release.
“The Prince Group’s investment frauds have caused billions of dollars in losses and untold suffering to victims around the world , including in New York. Some have been trafficked and forced to work against their will,” said attorney Joseph Nocella.
The practice of “pig butchering” has only emerged in the last five years. It is a type of scam that involves building a close relationship with the victim. Scammers often start by sending messages to potential targets they do not know and gradually start a conversation.
After successfully establishing trust, the scammer will present the victim with an attractive investment opportunity, often involving cryptocurrency. The victim will be persuaded to deposit money through a fake platform that looks identical to a legitimate asset management service. From there, the scammer will attempt to launder the money.
According to Wired , the operation requires a large workforce. Many are forced to work in the scam centers. Experts estimate that people from more than 60 countries have been kidnapped and trafficked to scam farms in Southeast Asia.
Source: https://znews.vn/my-tich-thu-15-ty-usd-bitcoin-tu-tap-doan-lua-dao-campuchia-post1593911.html
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