A luxurious London mansion valued at £12 million is one of the properties affected by recent sanctions aimed at individuals suspected of orchestrating illegal scam operations. The UK and US jointly imposed sanctions on assets associated with a network of centers in south-east Asia that allegedly defrauded victims of significant amounts of money.
In the crackdown, assets like a grand mansion on Avenue Road in North London, owned by a company using forced labor for fraudulent activities, have been frozen. This property 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, situated near the ‘Walkie Talkie’ skyscraper, and 17 flats across London, each valued between £950,000 to £1.5 million, have also been impacted.
According to the Foreign Office, the network known as The Prince Group, which runs the scam centers, reportedly subjects trafficked workers to torture and deceives victims worldwide to extract money from them. The network’s leader, Chen Zhi, and his associates have allegedly established businesses in the British Virgin Islands and invested in the London property market. The sanctions are designed to immediately freeze these assets and businesses, preventing Chen and his network from accessing the UK financial system.
Yvette Cooper expressed concern over the impact of these scam centers on vulnerable individuals and the use of London properties for illicit financial activities. The Foreign Secretary emphasized the collaborative efforts with the US to combat the transnational threat posed by this network, safeguard human rights, protect British citizens, and combat money laundering in the UK.
Lord Hanson, the Fraud Minister, condemned the exploitation of vulnerable individuals by fraudsters, highlighting the devastating consequences of their actions. The sanctions reflect the government’s commitment to combatting financial crimes, holding perpetrators accountable, and preventing illicit funds from entering the UK. Plans for an enhanced Fraud Strategy and a forthcoming Global Fraud Summit aim to further disrupt corrupt networks and shield the public from criminal activities.
