UK Freezes Prince Group Finance Chief’s London Penthouse
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Written by
Simonas Brazionis - Updated 2026-10-18 14:34:51
UK authorities have frozen a London penthouse valued at £8.9 million belonging to Thet Li, identified as the alleged finance chief of Prince Group. The property, located near St James's Park with views of Buckingham Palace, was purchased by Li in 2022.
A freezing order has been placed on its Land Registry record following an investigation by the Foreign Office. This action is part of a broader effort targeting assets linked to Prince Group, which authorities accuse of operating extensive online fraud and forced labor schemes.
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Sanctions and Allegations Against Thet Li
Li, 39, was sanctioned by the U.S. Treasury in October 2025 among 146 targets associated with Prince Group. The U.S. Treasury described Li as a “de facto illicit finance CFO” involved in “bulk cash smuggling and managing dirty money.”
The UK also sanctioned Li in March under its global human rights regime, citing his connections to Chen Zhi and Prince Group. UK authorities allege that Prince Group operates Cambodian scam centers where workers are subjected to forced labor and cruel treatment. Furthermore, UK authorities accuse Li of being a “key lieutenant” responsible for managing the group's international financial network.
Prince Group's Alleged Criminal Network
Prince Group is described by UK authorities as a front for “industrial scale” online fraud, including romance and investment scams known as pig butchering. United Nations estimates suggest that over 100,000 trafficked individuals are forced to work in these operations.
Other London assets linked to Prince Group have also been frozen, including a £12 million mansion in St John's Wood and a £100 million office building in the City of London associated with Prince Group chairman Chen Zhi. Chen was arrested in Cambodia and subsequently extradited to China. Assets connected to Wu An Ming, alleged to be Chen's second-in-command, have also been frozen, including a £30 million Holland Park mansion and a £53 million Belgravia townhouse. Wu was reportedly arrested in Japan in June.
International Enforcement Actions and Denials
In October of the previous year, police raided two Isle of Man homes reportedly owned by Li in a joint operation with the FBI. Prince Group allegedly obtained gaming licenses on the island, which were then used to launder criminal proceeds.
The U.S. has sought the forfeiture of approximately $14 billion in Bitcoin linked to the group, and a Washington-based Scam Center Strike Force has reported $580 million in crypto seizures and freezes. The UK has also sanctioned the crypto marketplace Xinbi as part of its efforts against Southeast Asian scam centers, with Interpol labeling the scam compound network a global threat.
Prince Group issued a statement last year, denying any unlawful activity by the organization or its chairman, Chen Zhi. UK authorities are scheduled to apply to a court on Monday to extend the seizure of Li's watches and jewelry, valued at £10.6 million, as well as £92,570 in cash.
