At just 37 years old, Chen Zhi has been labeled as the orchestrator of a vast cyber-fraud network, described as a “criminal enterprise built on human suffering.” Despite his youthful demeanor, complete with a wispy goatee and baby-faced features, he has amassed significant wealth in a remarkably short span of time.
Recently, the U.S. Department of Justice charged him with running scam operations in Cambodia, allegedly swindling billions in cryptocurrency from victims across the globe. In a related move, the U.S. Treasury Department reported the seizure of approximately $14 billion worth of bitcoin linked to Chen Zhi, marking it as the largest cryptocurrency seizure to date.
Chen Zhi is the head of the Cambodian Prince Group, a firm that presents him as a “respected entrepreneur and renowned philanthropist,” claiming that his leadership has transformed the group into a top business entity in Cambodia adhering to international standards. Requests for comments from the Prince Group have yet to be acknowledged by the BBC.
Chen’s backstory is equally compelling. Originally from Fujian province in southeastern China, he initially attempted to launch an internet gaming company that saw limited success before moving to Cambodia around 2010. He entered the real estate sector, coinciding with a booming property market fueled by significant Chinese investments as well as governmental expropriation of land. The cityscape of Phnom Penh underwent a dramatic transformation, with a shift from French colonial buildings to modern high-rises.
His trajectory accelerated in 2014 when he became a Cambodian citizen, allowing him to purchase land under his name—a move that entailed a minimum investment of $250,000. His financial origins, however, remain murky; he claimed to have received $2 million from an unnamed uncle for his inaugural property venture but provided no verifiable evidence.
By 2015, Chen founded Prince Group, focusing on property development. A few years later, he established Prince Bank, acquired a Cypriot passport, and ventured into airline operations. His enterprise’s expansion culminated with ambitions for a $16 billion “eco-city” project named “Bay of Lights.”
His influence grew rapidly, highlighted by receiving the prestigious title “Neak Oknha” from Cambodia’s king, which requires substantial donations to the government. He was also named an official adviser to high-ranking Cambodian officials, enhancing his prominence within influential circles. Although promoted as a philanthropist supporting education and responses to the Covid pandemic, he maintained a low profile, seldom making public appearances.
Despite his rising prominence, Chen Zhi’s luck began to wane in 2019 when the property market bubble in Sihanoukville burst, leading to a crackdown on online gambling initiated by the Cambodian government due to violent crime linked to Chinese syndicates. Even amidst this downturn, his business interests grew, with acquisitions in the UK—such as a £12 million mansion and a £95 million office block—as well as properties in the U.S., private jets, and luxury yachts.
Allegations surrounding Chen Zhi have recently intensified, accusing him of being involved in online fraud, human trafficking, and money laundering. Both the U.S. and UK have imposed sanctions on 128 companies and 17 individuals associated with him, asserting that Chen’s empire profits from a range of international crimes, including sextortion and the exploitation of vulnerable for online scams.
In parallel, Chinese authorities have been investigating the Prince Group, with several court cases lodged against the company for its alleged participation in fraudulent activities. American and British investigations revealed a complex network of shell companies and cryptocurrency wallets designed to obscure the origins of the money.
Local communities near Chen’s operations reported incidents of violence against individuals attempting to escape these scam compounds, evidently depicting a grim scenario of coercion and exploitation. Investigators question how Chen Zhi amassed such extensive assets without raising suspicions among financial institutions.
In the wake of the recent sanctions, businesses are distancing themselves from the Prince Group, while the Cambodian Central Bank has sought to reassure depositors regarding their funds in Prince Bank. Authorities in other nations are also initiating inquiries, with some assets being frozen.
As of now, Chen Zhi has seemingly disappeared from public view following the allegations, leaving behind a complicated legacy intertwined with both the rapid economic growth in Cambodia and the dark underbelly of cybercrime.
