Tokyo police arrest Prince Group executive tied to $15 billion crypto fraud

Tokyo’s Metropolitan Police Department arrested 44-year-old Hu Xiaowei, a Cypriot national also known as Hu Shi, on June 14. While the formal charge involves submitting fraudulent residency documentation in Tokyo’s Chuo Ward, investigators are scrutinizing his broader role within the Prince Group. Authorities suspect Hu is the individual identified as “Chen Xiaoer” in U.S. sanctions imposed in October 2025, which targeted 146 entities accused of orchestrating massive online investment fraud.

Police tracked Hu’s movements across Japan after identifying him through security footage at luxury hotels in Osaka. Corporate records reveal that a Tokyo-based trading firm led by Hu saw its capital surge from ¥8 million to ¥50 million between April 2023 and March 2026. Investigators have also apprehended two Chinese nationals suspected of assisting with the allegedly false residency filings, seizing electronic devices that may shed light on the organization's domestic operations.

This arrest follows a series of international enforcement actions against the conglomerate. In January 2026, Cambodian authorities revoked the citizenship of Prince Group founder Chen Zhi and deported him to China. U.S. prosecutors have sought the forfeiture of 127,000 Bitcoin linked to the group, valued at approximately $15 billion. The investigation into Hu’s activities in Japan remains ongoing as authorities work to determine the extent of the group’s footprint within the country.