How a Fujian-born tycoon became the central figure in a $15 billion global fraud case

Chen Zhi, a Cambodian businessman born in Fujian Province, is currently at the center of an international investigation in connection with one of the largest financial frauds uncovered in recent years. The U.S. Department of Justice has seized more than 120,000 Bitcoins worth more than $15 billion from accounts associated with him.

The United States and Britain have imposed joint sanctions targeting the 37-year-old billionaire and his conglomerate Prince Holding Group, officials said. The concerted action raises new questions about how Mr. Chiang amassed wealth in Cambodia, expanded his influence and operated across borders with significant political support.

Cambodia’s rapid economic and political rise

Chen moved to Cambodia in 2011 amid an influx of regional investment into the country. He moved from small ventures in China to large-scale developments in Phnom Penh and Sihanoukville. His real estate projects reshaped the coastal region and generated large profits during Cambodia’s construction boom.

Additionally, he rapidly expanded into financial services. He founded Prince Bank in 2018 after starting a microfinance business and obtaining a commercial banking license.

Additionally, Prince Holding Group has expanded its footprint to more than 30 regions. The group has invested about $2 billion in real estate in Cambodia, including major sites such as Prince Plaza.

Chen also raised his profile and strengthened his public image through the Prince Foundation’s philanthropic programs. He thus secured political influence, became an advisor to two prime ministers, and received government recognition in 2020 to earn the title of Neak Oknya. This recognition established him as a top figure in Cambodia’s business elite.

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Investigation uncovers large-scale criminal network

International investigators are now claiming that Prince Holding Group financed a massive “pig butchering” scam. They said the network operated at least 10 fraudulent facilities across Cambodia. These facilities housed trafficked workers who used thousands of fake accounts to scam victims around the world.

U.S. officials have linked the operation to human trafficking, forced labor and money laundering. Additionally, they tracked the proceeds made through online gambling channels, cryptocurrency mining sites, and shell companies across offshore jurisdictions, including the British Virgin Islands.

As a result, the United States and Britain froze assets related to Mr. Chen. Authorities sealed off more than £100m worth of properties in London, including an Avenue Road home worth around £12m. However, Cambodian officials took a cautious approach. They said they would consider foreign requests but did not offer domestic rates.

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