Archive · 4 Nov 2025
Cambodian Tycoon Chen Zhi Accused of Leading Global Scam Network
Imagine a businessman named Chen Zhi who built a big company called Prince Group.
He seemed very successful, donating to charities and making big investments, even giving watches to world leaders like President Biden.
But US and UK authorities say this was all a show.
They claim Chen Zhi actually ran a huge scam operation with many people involved.
They say his company used forced labor in scam compounds and laundered a lot of stolen money.
He also allegedly used his connections with powerful people to avoid getting caught.
Authorities have now put sanctions on him and his companies, and seized billions of dollars worth of Bitcoin and other assets.
Chen Zhi is now considered a fugitive, and police are investigating in several countries.
Chen Zhi, founder of Prince Holding Group, and 146 associates were sanctioned by US and UK authorities for alleged involvement in a global scam syndicate.
The conglomerate is accused of operating scam compounds with forced labor, laundering billions of dollars, and using political influence to avoid detection.
Investigations have uncovered the network's reach across Cambodia, Singapore, London, and other international financial centers.
US authorities revealed the seizure of $15 billion in Bitcoin allegedly tied to Chen Zhi's network.
Authorities in Singapore have seized approximately S$150 million in assets as part of parallel investigations.
- Who
- Chen Zhi, founder of Prince Holding Group, and 146 associated individuals and entities.
- What
- US and UK authorities sanctioned Chen Zhi and his conglomerate, accusing them of operating a vast transnational scam syndicate involved in forced labor and money laundering.
- When
- Mid-October (sanctions announced); Chen Zhi began investing in Cambodia in 2011.
- Where
- Network spanned Cambodia (Phnom Penh, coastal cities), Singapore, London, Palau, Hong Kong, and Taiwan.
- Why
- Authorities accuse Chen Zhi's group of running scam compounds using forced labor, laundering billions in stolen funds, and leveraging political protection to evade scrutiny.
Accusations by US and UK Authorities
Cambodian Government Stance
Nature of Prince Group's Operations
Accusations by US and UK Authorities
Prince Group operated scam compounds using forced labor, laundered billions in stolen funds, and leveraged political protection to evade scrutiny.
Cambodian Government Stance
Cambodia's central bank rejected the notion that the country is a 'scam center'.
Role of Political Connections
Accusations by US and UK Authorities
Chen Zhi's ties to Cambodia's ruling elite, including being an adviser to the Prime Minister, helped shield him from scrutiny.
Cambodian Government Stance
The article mentions Chen Zhi was an adviser to the Prime Minister, but does not provide a specific counter-stance from the Cambodian government on this point.
- Alleged Leader
- Chen Zhi
- Company/Group
- Prince Holding Group
- Sanctioning Authorities
- US Treasury Department and UK authorities
- Alleged Activities
- Operating scam compounds, forced labor, money laundering, political influence peddling
- Allegedly Seized Bitcoin Value
- $15 billion
- Singaporean Assets Seized
- S$150 million
- Ream City Project (later Bay of Lights) Value
- $16 billion