Hong Kong police freezes $353M in assets from Chinese businessmen Chen Zhi

More assets belonging to Chinese-Cambodian businessman Chen Zhi have reportedly been seized in the wake of an investigation into gambling fraud, money laundering and ‘pig butchering’ scams.

According to the South China Morning Post, Hong Kong Police has frozen HKD 2.75 billion ($353 million) in assets, including cash, stocks and funds, after investigations linked the previously sanctioned Chinese-Cambodian businessman Chen Zhi to a network of entities in the country. This latest round of allegations has also triggered regulatory measures and the resignation of a number of auditors and directors from his firms.

US-sanctioned Chen Zhi’s Hong Kong firms rocked by resignations and frozen assets

Police freeze HK$2.75 billion in assets tied to tycoon amid investigations into alleged telecoms fraud, money laundering and “pig butchering” scamshttps://t.co/0V6mHMd56E pic.twitter.com/izOkdEph8y

— Bien Perez (@BienPerez) January 4, 2026

The assets are believed to have been generated from criminal activities throughout his alleged fraud and money‑laundering network. This comes after an international partnership of intelligence agencies united to take Chen down in October 2025, before Hong Kong and Singaporean authorities seized a first wave of assets back in November.

The allegations laid against Chen and the Prince Group by the US Department of the Treasury include running a criminal enterprise through online investment scams, such as “pig butchering”, human trafficking, torture, money laundering, and illegal online gambling.

Businesses distance themselves as investigations continue

Since then, businesses associated with Chen have distanced themselves, with Geotech Holdings highlighting in mid‑October that Chen had no role in the group. Geotech’s auditor Grand Thornton resigned in effect from November 21, however, citing US sanctions against Chen, while the company’s director, Lok Kar-kin resigned as of October 27.

Similarly, Khoon Group also stated that no directors were involved, while also seeing a number of resignations in effect from November 4, including its chairman and CEO. RSM Hong Kong did not seek to return as an auditor to Khoon Group, once again citing sanctions against Chen.

These resignations and moves suggest efforts from these companies to distance themselves from companies associated with Chen as the investigations continue, perhaps in an attempt to avoid closer scrutiny or reputational damage.

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