UK Freezes Assets of Chinese Scam Syndicate's Finance Chief

British authorities have frozen the assets of Thet Li, a 39-year-old alleged finance chief for the Chinese Prince Group, a syndicate accused of orchestrating a global romance and investment scam valued at £46 billion. The frozen assets include a £9 million London penthouse and approximately £10 million worth of watches and jewelry.

Li purchased the four-bedroom penthouse overlooking Buckingham Palace for £8.9 million in 2022. British officials have placed a freezing order on the property's Land Registry record to prevent its sale or transfer. Authorities are also seeking to seize Li's collection of luxury watches, jewelry, and £92,570 in cash.

Li was sanctioned by the UK and the United States in March and May for his alleged role as a "key lieutenant" within the Prince Group. The UK accuses him of managing the syndicate's international financial operations. According to the U.S. Treasury, Li served as the "de facto illicit" chief financial officer for the group, responsible for "bulk cash smuggling and managing dirty money."

Prince Group is accused of operating from numerous sites across the Far East, employing over 100,000 trafficked individuals, according to the United Nations. The syndicate's alleged methods include "pig-butchering" scams, where victims are lured into believing they have a romantic or social relationship before being defrauded of money or investments.

Li, who was born in Beijing, reportedly acquired citizenships in Cyprus, Cambodia, Saint Lucia, and Saint Kitts and Nevis. He is believed to have operated scam centers from casinos and compounds, using the proceeds for private jets, luxury goods, and art. Allegations suggest he laundered money through the Isle of Man, where two properties reportedly owned by him were raided by police last year. He was also a former owner of a now-dissolved artificial intelligence company based in Southampton.

This action follows previous measures against other Prince Group figures. Chen Zhi, the 38-year-old chairman of Prince Group, faces freezing orders on a £100 million City of London office and a £12 million mansion in St John's Wood, north London. Zhi was extradited to China from Cambodia in January. His alleged second-in-command, Wu An Ming, 44, had his £3.5 million purchase of Udney Park playing fields in Teddington frozen, along with a £53 million townhouse allegedly owned by his wife. Wu is believed to have been arrested in Japan in June.

The Prince Group is allegedly linked to "£8 Park," a scam compound described as the largest in Cambodia. The Cambodian government has initiated its own crackdown on scam operations, reportedly raiding 2,500 sites, closing hundreds of scam centers, and freeing tens of thousands of foreign nationals.

Foreign Office minister Stephen Doughty stated that the sanctions send a clear message that Britain will not tolerate victims of these scams or the human rights abuses associated with them. He emphasized the ongoing international effort to tackle illicit finance. Last year, Prince Group issued a statement denying all allegations of unlawful activity and calling the claims baseless, asserting their commitment to integrity and responsible investment.