UK Freezes $12M Penthouse of Alleged Prince Group Finance Chief

UK authorities have frozen the £8.9 million London penthouse of Thet Li, the alleged finance chief of Prince Group, according to Decrypt. Authorities are scheduled to ask a court on Monday to continue the seizure of Li's watches and jewelry, valued at £10.6 million, along with £92,570 in cash.

Sanctions and Allegations

The U.S. Treasury sanctioned Li in October 2025 among 146 Prince Group targets, describing him as a de facto illicit finance chief involved in bulk cash smuggling and managing dirty money. The UK subsequently sanctioned him in March under its global human rights regime, citing his links to Chen Zhi and Prince Group, whose Cambodian scam centers are alleged to subject workers to forced labor and cruel treatment.

According to reports cited by Decrypt, UK authorities describe Prince Group as a front for industrial-scale online fraud, including romance and investment scams known as pig butchering. United Nations estimates indicate more than 100,000 trafficked workers are forced to work in its operations.

Additional Asset Freezes

Freezing orders also cover a £12 million mansion in St John's Wood and a £100 million office building in the City of London tied to Prince Group chairman Chen Zhi, who was arrested in Cambodia and extradited to China. Assets linked to Chen's alleged second in command, Wu An Ming, including a £30 million Holland Park mansion and a £53 million Belgravia townhouse, have also been frozen following Wu's reported arrest in Japan in June.

Police raided two Isle of Man homes apparently owned by Li last October in a joint operation with the FBI, after Prince Group reportedly obtained gaming licenses on the island used to launder crime proceeds. The U.S. has separately sought forfeiture of about $14 billion in Bitcoin tied to Prince Group, which denies any wrongdoing.

Key facts

• UK authorities froze Thet Li's £8.9 million London penthouse near St James's Park.
• Authorities will ask a court on Monday to continue the seizure of £10.6 million in watches and jewelry and £92,570 in cash.
• The U.S. sanctioned Li in October 2025 and has sought forfeiture of about $14 billion in Bitcoin tied to Prince Group.
• Prince Group stated last year that it categorically rejects the notion that it or its chairman has engaged in any unlawful activity.