UK authorities have frozen a £8.9 million London penthouse belonging to Thet Li, identified as the alleged finance chief of Prince Group. The property, located on the 13th floor overlooking Buckingham Palace, was purchased by Li in 2022 and subsequently placed under a freezing order following an investigation by the Foreign Office. This action is part of a broader enforcement effort targeting assets linked to Prince Group, which UK officials describe as a front for industrial-scale online fraud and human trafficking operations based in Cambodia.
In addition to the penthouse, authorities are seeking court approval to continue the seizure of Li’s watches and jewelry valued at £10.6 million, along with £92,570 in cash. The U.S. Treasury sanctioned Li in October 2025, labeling him a "de facto illicit finance CFO" involved in managing dirty money, while the UK imposed sanctions in March under its global human rights regime. These measures coincide with U.S. efforts to forfeit approximately $14 billion in Bitcoin tied to the group. Prince Group has denied any wrongdoing, stating it categorically rejects allegations that it or its chairman, Chen Zhi, engaged in unlawful activity.
The freezing of high-value London real estate and luxury goods associated with Thet Li demonstrates the increasing effectiveness of cross-border asset tracing in dismantling transnational criminal networks. By linking specific individuals like Li to the operational infrastructure of Prince Group, regulators are moving beyond broad sanctions to targeted confiscation of proceeds derived from scam centers and forced labor. This approach highlights the vulnerability of illicit wealth when exposed through coordinated international investigations involving the UK Foreign Office, the FBI, and the U.S. Treasury.
However, the scale of the alleged financial network, evidenced by the $14 billion Bitcoin forfeiture request and multiple frozen properties exceeding £100 million, suggests that individual seizures may only scratch the surface of the organization's liquidity. The continued legal battles over these assets will test the durability of evidence linking personal holdings to corporate criminality, particularly given Prince Group's denial of wrongdoing. Future regulatory actions will likely focus on closing loopholes in offshore jurisdictions, such as the Isle Man gaming licenses mentioned in reports, which allegedly facilitated the laundering of these proceeds.
