U.S. Charges Two Over Alleged Laundering of $43 Million From Investment Scams
Summary
U.S. prosecutors charged Zhuoying Chen and Haojie Zhang over an alleged network that laundered at least $43 million from cyber investment scams through more than 140 bank accounts and about 45 shell companies.
Key points
- Prosecutors allege Chen and Zhang managed a Queens and Brooklyn laundering network from 2020 to 2022.
- The indictment alleges the network moved at least $43 million in scam proceeds to bank accounts in China through more than 140 accounts and roughly 45 shell companies.
- The underlying scams allegedly used social media or messaging contacts, fake investment opportunities, and fabricated profits to persuade victims to invest more.
- The defendants face a maximum sentence of 20 years if found guilty of conspiracy to commit money laundering.
- The article cites the FBI's 2025 Internet Crime Report, which says investment fraud caused reported losses of $8.6 billion last year.
Article Details
- Event Type
- U.S. criminal charges alleging money laundering of proceeds from cyber investment fraud.
- Impact
- Prosecutors allege Zhuoying Chen and Haojie Zhang managed a network that moved at least $43 million in scam proceeds to bank accounts in China through more than 140 bank accounts and roughly 45 shell companies. The underlying scams allegedly used social media or messaging contacts and fake investment profits to defraud victims.
People
Andrew Tysen DuvaAssistant Attorney General of the Justice Department’s Criminal Division; commented on the allegations and the alleged laundering of fraud proceeds.John A. CondonExecutive Associate Director of U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI); commented on the allegations against Chen and Zhang.
Threat Actors
Daren LiThe article reports that Li was sentenced in absentia in connection with a cryptocurrency investment fraud scheme and was directly involved in receiving victim funds.Haojie ZhangU.S. prosecutors allege Zhang managed a network that laundered proceeds from cyber investment fraud between 2020 and 2022.Prince GroupThe article describes Prince Group as a criminal organization that targeted Americans through cryptocurrency investment scams.Zhuoying ChenU.S. prosecutors allege Chen managed a network that laundered proceeds from cyber investment fraud between 2020 and 2022.
Countries
Chinaprosecutors charged Zhuoying Chen and Haojie Zhang with running a money-laundering network that moved at least $43 million from cyber investment fraud scams into bank accounts in China.United StatesU.S. prosecutors charged Zhuoying Chen and Haojie Zhang with running a money-laundering network that moved at least $43 million from cyber investment fraud scams into bank accounts in China.