,newsnation) – The Department of Justice (DOJ) says it has seized the largest amount of money ever seized in an action targeting an alleged Colombian scammer.
The department says it took $15 billion worth of bitcoins from an operation run by Chen Zi, 37, who they say is also run by Vincent. Zee has not been detained.
Ze runs the Prince Group organization in Colombia, and department alleges The company operated in 30 countries as a real estate and financial company and as a dark crime syndicate.
The Prince Group allegedly forced countless employees to electronically contact unwitting victims with the promise that their net worth would increase if they handed over Bitcoin. The victims never received payment, and the DOJ says the money was then laundered.
As per the announcement, it recovered 127,271 Bitcoins.
“By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at our disposal to protect victims, recover stolen assets, and bring to justice those who exploit vulnerable people for profit,” Attorney General Pam Bondy said in a statement.
The Justice Department estimates that at least 250 Americans were victims. In addition to the charges, the department announced that the US and UK have imposed sanctions on Prince Group.
Zee has been charged with wire fraud and money laundering and faces up to 40 years in prison.
What is pig slaughter?
Pig slaughter is a scam where someone is contacted electronically and asked to return money, usually cryptocurrencies, with a promise to repay in full or more. Sometimes scammers say the money is going to an urgent need, like life-saving surgery.
Victims are called “pigs” because the scammers will “fat” them with emotional pleas and even allow a real bond to form before asking for money.
Sometimes they will ask for and receive money from the same victim multiple times.
It is prevalent in the world of online dating. Shreya Dutta told NewsNation that she lost $500,000 He talked to someone on the dating app Hinge.
“I thought it was definitely the beginning of a very deep romantic relationship,” Dutta said. “Now, you have to understand that scammers are very sophisticated. I have not been scammed by an individual. I have been scammed by an organization. So they have the perfect script to hack you psychologically and they have the technology to make it very credible.”
