Thailand seizes more assets of Chinese tycoon Chen Zhi

Thailand is seizing an additional 115 million baht in assets linked to Chinese tycoon Chen Zhi, who is currently awaiting trial in China for financial crimes. The Anti-Money Laundering Office in Thailand announced on Thursday that they plan to confiscate 431 more assets, including cash, gold, land, and digital assets. Earlier this week, they had seized 345 million baht worth of other properties belonging to Chen and the Chinese-Cambodian tycoon's conglomerate, Prince Group.

The conglomerate, founded by Chen, had operations in over 30 countries, but was accused of being involved in various scams and frauds. The United States has sanctioned the conglomerate and is seeking Chen for his alleged involvement in international criminal organizations. Chen, 38, was extradited to China in January and has been accused of masterminding scam networks, committing fraud, and hiding criminal proceeds.

He faces charges including intentional injury, which under Chinese law can result in a minimum of 10 years in prison and potentially the death penalty. The total value of assets seized from Chen in Thailand now amounts to 460 million baht.