- Sanctions expose Chen’s rise as rooted in real estate expansion and political access.
- Investigators tie Prince Group to global fraud, trafficking, and large-scale laundering.
- Asset freezes hit Chen’s overseas holdings, signaling deeper cross-border scrutiny.
Chen Zhi, a Fujian-born Cambodian businessman, is now at the center of an international investigation that ties him to one of the largest financial fraud operations uncovered in recent years. The U.S. Department of Justice seized more than 120,000 bitcoin worth over $15 billion from accounts linked to him.
According to sources, the U.S. and the U.K. imposed joint sanctions that target the 37-year-old tycoon and his conglomerate, Prince Holding Group. This coordinated action has raised new questions about how Chen built his wealth, expanded his influence, and operated across borders with significant political backing in Cambodia.
Rapid Rise Inside Cambodia’s Economy and Politics
Chen moved to Cambodia in 2011 as regional investment flowed into the country. He shifted from small ventures in China to major developments in Phnom Penh and Sihanoukville. His real-estate projects reshaped coastal areas and generated large returns during Cambodia’s construction boom.
Moreover, he expanded quickly into financial services. He launched a microfinance business and formed Prince Bank in 2018 after securing a commercial banking license.
Additionally, the Prince Holding Group extended its footprint into more than 30 regions. The group invested roughly $2 billion in Cambodian real estate, including major sites such as Prince Plaza.
Chen also gained visibility through charity programs under the Prince Foundation, which strengthened his public image. Hence, he secured political influence and became an adviser to two prime ministers and received the Neak Oknha title in 2020 after government approval. The recognition positioned him as a top figure in Cambodia’s business elite.
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Investigations Reveal Large Criminal Network
International investigators now claim that Prince Holding Group financed extensive “pig-butchering” scams. They say the network operated at least ten scam compounds across Cambodia. These compounds held trafficked workers who used thousands of fake accounts to defraud victims globally.
U.S. officials linked the operation to human trafficking, forced labor, and money laundering. Moreover, they traced proceeds through online gambling channels, crypto mining sites, and shell firms across offshore jurisdictions, including the British Virgin Islands.
Consequently, the U.S. and U.K. froze assets tied to Chen. Authorities blocked properties worth more than £100 million in London, including an Avenue Road home valued at about £12 million. However, Cambodian officials adopted a cautious tone. They said they would review foreign requests but offered no domestic charges.
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Source: https://coinedition.com/chen-zhis-rise-and-fall-how-a-fujian-born-tycoon-became-the-center-of-a-15-billion-global-fraud-case/
