A luxurious London mansion worth £12 million has been targeted in a series of sanctions aimed at individuals suspected of orchestrating illegal scam operations. These joint UK-US sanctions have been imposed on assets associated with a network of illicit centers in south-east Asia, reportedly used to deceive victims into parting with significant amounts of money.
As part of the crackdown, assets such as a grand mansion located on Avenue Road in North London, owned by a company allegedly exploiting forced labor for fraudulent activities, have been frozen. The mansion boasts 10 bedrooms, a cinema, gym, pool, wine room, and a driveway car lift. Additionally, a £100 million office building in the City of London and 17 flats across the capital valued between £950,000 to £1.5 million each have also been affected by the sanctions.
According to the Foreign Office, the targeted network, known as The Prince Group, engages in torturing trafficked workers and swindling victims worldwide out of their money. The network’s leader, Chen Zhi, and his associates have purportedly set up businesses in the British Virgin Islands and made investments in the London property market. The sanctions are designed to freeze these assets and businesses immediately, preventing Chen and his network from accessing the UK’s financial system.
Yvette Cooper expressed concern over the impact of these fraudulent activities on vulnerable individuals, stating that the perpetrators are not only harming lives but also using London properties as a means to conceal their illicit gains. The Foreign Secretary emphasized the collaborative effort with US allies to combat the transnational threat posed by this network, with a focus on safeguarding human rights, protecting British citizens, and combating money laundering.
Lord Hanson, the Fraud Minister, condemned the exploitation of vulnerable individuals by fraudsters who manipulate and devastate lives for personal gain. He reiterated the government’s commitment to holding offenders accountable and preventing the circulation of illicit funds in the UK. Through initiatives like the expanded Fraud Strategy and the upcoming Global Fraud Summit, efforts will be intensified to disrupt corrupt networks and shield the public from criminal exploitation.