UK authorities have frozen a London penthouse worth £8.9 million that belongs to Thet Li, the alleged finance chief of Cambodia-based Prince Group, according to reporting cited by Decrypt. The property overlooks Buckingham Palace, and the action is part of a wider investigation into assets allegedly connected with the group’s international financial network.
Penthouse and personal assets targeted
Li, 39, bought the 13th-floor apartment near St James’s Park for £8.9 million in 2022, The Times reported. Authorities placed a freezing order on the property’s Land Registry record after an investigation by the UK Foreign Office.
The order prevents the property from being dealt with while authorities pursue the case. On Monday, UK officials were due to ask a court to extend the seizure of Li’s watches and jewelry, valued at £10.6 million, as well as £92,570 in cash.
The UK describes Li as a key lieutenant of Prince Group leader Chen Zhi and says he managed the group’s international financial network. The U.S. Treasury sanctioned Li in October 2025, identifying him as a “de facto illicit finance CFO” and alleging involvement in bulk cash smuggling and the management of illicit funds.
The UK sanctioned Li in March under its global human rights regime. It cited alleged links to Chen and Prince Group, which UK authorities say operates Cambodian scam centers where workers face forced labor and cruel treatment.
Wider Prince Group property network
The freezing order on Li’s penthouse is part of a broader set of actions involving properties allegedly connected with Prince Group figures. According to The Times, authorities have also frozen a £12 million mansion in St John’s Wood and a £100 million office building in the City of London linked to Chen Zhi. Chen was arrested in Cambodia and extradited to China.
Assets associated with Wu An Ming, described as Chen’s alleged second in command, have also been frozen. They include a £30 million mansion in Holland Park and a £53 million Belgravia townhouse registered to a woman alleged to be Wu’s wife. Wu was reportedly arrested in Japan in June.
Police raided two homes on the Isle of Man apparently owned by Li last October in an operation involving the FBI. The Times reported that Prince Group had obtained gaming licenses on the island that were allegedly used to launder proceeds from criminal activity.
UK authorities characterize Prince Group as a front for industrial-scale online fraud, including romance and investment scams commonly known as “pig butchering.” The Times cited United Nations estimates that more than 100,000 trafficked workers are forced to work in scam operations linked to the network. Interpol has described the wider scam-compound system in Southeast Asia as a global threat.
Prince Group said last year that it “categorically rejects the notion that it or its chairman, Chen Zhi, has engaged in any unlawful activity.”
Crypto connection and market picture
The U.S. government has sought forfeiture of about $14 billion in Bitcoin allegedly tied to Prince Group. A Washington-based Scam Center Strike Force has separately reported $580 million in cryptocurrency seizures and freezes. The UK has also sanctioned crypto marketplace Xinbi as part of its action against Southeast Asian scam centers.
Moneyiar market data at 10:04 a.m. on October 13, 2026, showed Bitcoin at $83531.573738103, up 0.11% over 24 hours but down 2.8% over seven days. Ondo was $0.470099724, down 7.61% in 24 hours and 5.59% over seven days, while Sei stood at $0.063288745, down 8.75% and 14.24%, respectively. Billions Network was $0.0139971939, down 0.59% over 24 hours and up 10.04% over seven days, based on Moneyiar data recorded at 1:39 a.m. on September 21, 2026.
