The term “pig butchering” (known in Chinese as “Sha Zu Pan,” meaning “slaughtering the pig”) refers to a sophisticated scam tactic. Fraudsters invest time in “fattening up” their victims—building trust and emotional connections over months—before “slaughtering” them by seizing their assets through fake investment schemes or illegal cryptocurrency and gambling platforms.
A Multinational Criminal Empire
An indictment filed in a Brooklyn federal court charges Chen Zhi, 38, with conspiracy to commit money laundering and wire fraud. The Chinese mastermind, also known as “Vincent,” remains at large and faces up to 40 years in prison if convicted.
Court documents reveal Chen Zhi as the founder and chairman of Prince Holding Group, a multinational conglomerate headquartered in Cambodia. Prosecutors state the group has secretly grown into “one of Asia’s largest transnational criminal organizations,” operating in over 30 countries with 10 scam facilities in Cambodia.
The U.S. Department of the Treasury has officially designated Prince Group as a transnational criminal organization, imposing sanctions on Chen Zhi and over 100 associated individuals and entities for their roles in illicit activities.
 Prince Group Criminal Organization
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Joseph Nocella, U.S. Attorney for the Eastern District of New York, emphasized, “Chen Zhi orchestrated one of history’s largest investment fraud schemes, fueling an illegal industry that has reached epidemic proportions.”
“Prince Group’s scams have caused billions in losses and immeasurable suffering to victims worldwide, including in New York. These operations were carried out by individuals trafficked to Cambodia and forced to work against their will,” Nocella added.
The “Pig Butchering” Scam Mechanism
According to the U.S. Attorney’s Office, Prince Group operated multiple scam centers in Cambodia, where trafficked victims were forced to work under duress. These individuals were compelled to execute cryptocurrency fraud schemes.
The scam targets users on social media and messaging apps. Initially, fraudsters establish intimate relationships with victims over months, gaining their trust. Once trust is secured, victims are lured into transferring cryptocurrency to wallets controlled by the scammers, under false promises of lucrative investments. In reality, the funds are stolen to benefit the criminal organization.
 Documents detail the completion of two specialized facilities equipped with 1,250 mobile phones, controlling 76,000 accounts on a popular social media platform.
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The U.S. Department of Justice reports that hundreds of trafficking victims were forced to work in these scam centers, often under threats of violence if they failed to meet quotas.
Chen Zhi and his network of senior executives within Prince Group are also accused of leveraging political influence in multiple countries to shield their criminal enterprise. Prosecutors allege the group bribed government officials to evade law enforcement actions targeting their operations.
– 15:32 15/10/2025
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