An executive suspected of playing a major role in a massive Asian criminal enterprise purchased at least 29 high-end properties in Dubai, while his wife secured five luxury apartments in London, according to real estate records.
Zhu Zhongbiao was among those targeted in sweeping sanctions announced by U.S. and U.K. authorities on October 14. American officials allege Zhu is connected to an extensive fraud and money laundering network known as the “Prince Group Transnational Crime Organization,” which they say has generated billions through illicit operations.
British authorities stated that Zhu “is or has been involved in the operation of scam centres in Cambodia, including through the Jin Bei group of companies.” Corporate registries list Zhu as chairman and owner of Jin Bei Group Co Ltd and its numerous subsidiaries. U.S. officials claim the group operates casinos that have hosted compounds where fraudulent activities occur.
The compounds have been described as “among the most notorious” within the Prince Group network, engaging in scams, extortion, and forced labor. Zhu is also wanted by Chinese authorities on money laundering charges.
The criminal industry in Southeast Asia has grown significantly, utilizing sophisticated methods including fake romantic relationships to defraud victims on a large scale. Authorities note that those carrying out the scams are often trafficked individuals, forced to conduct online fraud under threat of violence.
The Prince Group’s chairman, Chen Zhi, is alleged by U.S. and U.K. authorities to be the network’s leader. A U.S. indictment accuses him of running “forced-labor scam compounds” where workers were compelled to execute fraud schemes at high volumes. Chen’s current location remains unknown, though records show he held citizenship in multiple countries including China, Cambodia, and several others.
British authorities reported freezing 19 London properties belonging to Chen and his associates, including a mansion worth $16 million and an office building valued at $133 million.
Zhu obtained Cambodian citizenship in 2017, changing his name to “Zhu Jack,” and later acquired Cypriot citizenship in 2018 along with his spouse Wang Xiaoyan. However, Cypriot authorities reportedly announced plans to revoke their passports following an investigation.
Dubai property records reveal Zhu purchased at least 29 properties in the emirate, primarily between 2019 and 2022. His holdings include two entire floors of a luxury condo complex in Dubai Creek Harbour, with a combined purchase value of at least $7.9 million. He also acquired multiple units in prime office buildings near the Dubai Marina and overlooking the Burj Khalifa.
Most purchases occurred after Zhu became chairman of Jin Bei Group in 2018. Leasing data indicates at least 27 of his properties were generating rental income through 2024.
Meanwhile, Zhu’s wife Wang Xiaoyan holds controlling interest in a U.K. company that purchased five luxury London properties between 2021 and 2022, collectively worth at least $6 million. These include apartments in Canary Wharf and units near the former Battersea Power Station. Wang has not been sanctioned by either U.S. or U.K. authorities.
According to U.S. estimates, Americans lost $10 billion to Southeast Asia-based scam operations in 2024. The Department of Justice has seized approximately $15 billion worth of Bitcoin cryptocurrency in what it called its “largest ever forfeiture action” related to alleged profits from these schemes.
The Prince Group reportedly controls shell companies across multiple jurisdictions including the British Virgin Islands, Cayman Islands, and others. The network extends globally while maintaining its core operations in Cambodia, where authorities allege illicit revenues become entangled with the legitimate economy.
Zhu now faces both sanctions and legal charges as authorities follow the organization’s worldwide financial trail. With his extensive property holdings and multiple passports, questions remain about his ability to evade consequences.