The High Court of Hong Kong has issued a Mareva injunction freezing HK$8.938 billion (approximately US$1.14 billion) in assets belonging to Prince Group founder Chen Zhi and three other individuals. Justice Russell Coleman granted the order on May 12, effective until August 3, when the court will decide whether to extend the freeze.
Founder's Personal Assets Frozen Along With Spouse's Bitcoin
According to court documents, Chen Zhi personally has HK$6.427 billion in assets frozen, including a US$48 million bank transfer, shares in multiple companies, and real estate properties. His spouse, Zhou Yun, has HK$2.019 billion in assets frozen, which includes Bitcoin holdings. Two other defendants, Hu Xiaowei (HK$400 million) and Li Tian (HK$172 million), also had assets frozen, covering bank deposits, properties, and stocks.
Cambodia-Based Scam Syndicate Victimized Victims Globally
Prince Group operated large-scale fraud centers in Sihanoukville, Cambodia, engaging in cross-border telecom fraud, cryptocurrency investment scams, and human trafficking. Victims span mainland China, Taiwan, Malaysia, and other Southeast Asian countries. The group laundered illicit proceeds through shell companies and cryptocurrencies. The Hong Kong court accepted applications from multiple victims who alleged the group lured them into fake crypto investment platforms and romance scams. After reviewing evidence, the judge found sufficient grounds to issue the injunction to prevent asset dissipation before trial.
U.S. Previously Seized 127,000 Bitcoin; International Crackdown Intensifies
This is not the first large-scale asset freeze targeting Prince Group. The U.S. Department of Justice had previously investigated Chen Zhi and seized 127,000 Bitcoin linked to the group, then valued at approximately US$15 billion. U.S. authorities accused the group of using crypto for money laundering. Chen Zhi's representatives have denied allegations, claiming the founder was framed, and sought return of the Bitcoin in New York court. With Hong Kong joining the freeze, international judicial cooperation against the group is escalating.
Court to Review Injunction in August; Asset Recovery Faces Challenges
The case returns to Hong Kong High Court on August 3 for a hearing on whether to extend the provisional injunction. If extended, assets will remain frozen until the full trial concludes. Legal experts note that because Prince Group's assets are spread across multiple jurisdictions—including Hong Kong, Cambodia, the U.S., and Singapore—future asset recovery and cross-border judicial cooperation will be key challenges. As of now, neither Chen Zhi nor Prince Group's legal representatives have publicly commented on the Hong Kong court's order.