US prosecutors said it was one the biggest financial takedowns in history and the largest ever seizure of bitcoin, with approximately 127,271 bitcoin being held by US government.
Mr Chen, who remains at large, is accused of being the mastermind behind a “sprawling cyber-fraud empire” operating under his multi-national company, the Prince Group, said the US Department of Justice (DOJ).
The Cambodia-based group’s website says its businesses include property development, and financial and consumer services. But the DOJ alleges that it runs one of Asia’s largest transnational criminal organisations.
Unwitting victims were contacted online and convinced to transfer cryptocurrency based on false promises that the funds would be invested and generate profits, the DOJ said.
Prosecutors alleged that the company, under Mr Chen’s direction, built and operated at least ten scam compounds throughout Cambodia, according to court documents seen by the BBC.
Mr Chen was accused of managing the compounds that were specially designed to reach as many victims as possible, said prosecutors.
His accomplices allegedly procured millions of mobile phone numbers and set up “phone farms” to conduct call centre scams, according to the court documents, dated 8 October.
Two of these facilities had 1,250 mobile phones that controlled around 76,000 social media accounts for scams, the documents said.
Prosecutors said Prince Group documents included tips on building rapport with victims, advising workers not to use profile photos of women who were “too beautiful” so that the accounts would look more genuine.
