Police Freeze $500 Million From Alleged Fraud Ring in HK, Taiwan

Police in Hong Kong and Taiwan have frozen more than half a billion dollars in assets linked to Cambodia’s Prince Group, after US and UK authorities last month accused the conglomerate of operating a global fraud and money laundering ring.

Hong Kong police froze HK$2.75 billion ($354 million) of assets including cash, stocks and funds belonging to the syndicate under investigation, which are believed to be crime proceeds, according to an emailed statement in response to a Bloomberg query on assets related to Prince Group and its Chairman Chen Zhi. No one has been arrested, the statement says.

“Following an ...