British authorities have frozen a luxury London penthouse valued at approximately $12 million, along with additional assets belonging to Thet Li, an alleged financial operator for the Cambodia-based Prince Group. The move broadens an international crackdown on a suspected criminal network accused of orchestrating large-scale online scams and laundering illicit proceeds through global financial markets.

Li, 39, is alleged to have managed Prince Group's international financial network and served as a key associate of chairman Chen Zhi. The case is linked to a major U.S. cryptocurrency enforcement action involving approximately 127,271 Bitcoin, valued at more than $14 billion when authorities announced the seizure in October 2025. The property freeze underscores growing efforts by British and American authorities to trace suspected criminal proceeds invested in luxury real estate, cryptocurrency, and other high-value assets.

London Property Freeze Targets Alleged Financial Operator

Li reportedly purchased the penthouse in London's Victoria district for £8.9 million in 2022. The apartment offers views of St. James's Park and Buckingham Palace.

British authorities have also targeted Li under sanctions measures connected to the Prince Group investigation — designations that generally bar individuals from owning, moving, or selling assets within the sanctioning country's jurisdiction. Investigators allege that he helped oversee the organization's international financial operations, including the movement of illicit funds.

The wider investigation has examined properties and businesses allegedly used to conceal criminal proceeds. Authorities have previously targeted other assets linked to Prince Group executives, including luxury residences and commercial real estate across London.

Prince Group has rejected allegations of wrongdoing, disputing claims that its chairman and associated businesses participated in unlawful activities.

Bitcoin Seizure Intensifies Global Crackdown

The case drew international attention in October 2025, when U.S. prosecutors charged Chen Zhi with wire fraud conspiracy and money laundering conspiracy. The U.S. Department of Justice also filed a civil forfeiture action covering approximately 127,271 Bitcoin, a legal mechanism through which the government seeks ownership of assets it alleges are connected to criminal activity.

Prosecutors allege that Prince Group operated scam compounds in Cambodia where trafficked workers were forced to conduct online fraud. The schemes reportedly included cryptocurrency investment scams and so-called pig-butchering operations, in which perpetrators build trust with victims before persuading them to transfer money into fraudulent investments.

The alleged operation illustrates how cryptocurrency fraud can intersect with traditional financial systems. Investigators have focused on tracing funds across digital wallets, corporate structures, and property investments. For financial regulators, freezing assets can prevent suspected proceeds from being transferred while investigations continue. However, asset freezes and criminal allegations do not establish guilt, and any eventual forfeiture remains subject to applicable legal proceedings.

The investigation reflects an expanding international effort to disrupt financial networks suspected of profiting from online fraud and to identify assets that could potentially support recovery efforts for victims. With probes continuing in both jurisdictions, developments worth watching include whether further linked assets are identified and how the U.S. forfeiture claim advances through the courts.