Hong Kong police freeze $353 million in assets of Chinese businessman Chen Zhi

Other assets belonging to Chinese-Cambodian businessman Chen Zhi were reportedly seized following a investigation into gambling fraudmoney laundering and “pig butchery” scams.

According to Hong Kong police have frozen HKD2.75 billion ($353 million) in assets, including cash, stocks and funds, after investigations linked previously sanctioned Chinese-Cambodian businessman Chen Zhi to a network of entities in the country, according to the South China Morning Post. This latest round of allegations also triggered regulatory action and the resignations of a number of auditors and directors of his companies.

Chen Zhi’s Hong Kong companies, sanctioned by the United States, rocked by resignations and frozen assets

Police freeze HK$2.75 billion in assets linked to tycoon amid probes into allegations of telecoms fraud, money laundering and ‘pig butchery’https://t.co/0V6mHMd56E pic.twitter.com/izOkdEph8y

— Bien Perez (@BienPerez) January 4, 2026

The assets are believed to be derived from criminal activities carried out within his alleged fraud and money laundering network. This comes after an international partnership of intelligence agencies united to bring down Chen in October 2025, before authorities in Hong Kong and Singapore seized him. a first wave of assets from November.

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

Companies distance themselves as investigations continue

Since then, companies associated with Chen have distanced themselves, with Geotech Holdings emphasizing in mid-October that Chen played no role in the group. However, Geotech’s auditor, Grand Thornton, resigned on November 21, citing US sanctions against Chen, while the company’s director, Lok Kar-kin, resigned on October 27.

Similarly, Khoon Group also said that no directors were involved, while noting a number of resignations effective from November 4, including that of its chief executive officer. RSM Hong Kong did not seek to return as an auditor of Khoon Group, again citing sanctions against Chen.

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

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