Singapore has joined the ranks of a major international crackdown targeting Chen Zhi, the founder and chairman of Cambodia-based conglomerate Prince Holding Group (also known as Prince Group).
The United States and Britain targeted Mr. Chen this month with coordinated sanctions against 146 entities and individuals associated with the Prince Group, including Mr. Chen and key associates. This is believed to be the largest action of its kind against a cybercrime network ever.
The US Department of Justice has indicted him on charges of operating a fraudulent facility in Cambodia and stealing billions of dollars in cryptocurrencies from victims around the world. The US Treasury has reportedly seized more than $15 billion in assets, including Bitcoin, £100 million worth of London real estate, and holdings in Palau, making it the largest crypto seizure in history.
He is now equally popular with law enforcement agencies in Singapore, and there are reports that the Singapore Police Force is investigating him. On the move Played against Cambodian Prince Group. On October 31, Singapore Police revealed that they had launched a raid on Chen Zhi and his accomplices on October 30 and had seized assets worth more than $115 million (approximately RMB 800 million).
As part of the crackdown, Singapore Police have issued restraining orders against a total of six properties and various financial assets registered in the names of Cheng Zhi and his accomplices. These assets include bank accounts, brokerage accounts and cash, with an estimated total value of more than S$165 million. Police also seized a yacht, 11 vehicles and numerous alcohol bottles.
Mr. Chen acquires Cambodian nationality and renounces Chinese nationality.
The company’s website describes Chen Gyi as a “respected entrepreneur and prominent philanthropist” whose “vision and leadership have transformed Prince Group into Cambodia’s leading business group in compliance with international standards.”
He grew up in southeastern China’s Fujian province and started a small internet gaming company without much success. I then moved to Cambodia around the end of 2010 or 2011 and secured a job in the real estate sector.
According to BBC News, this was also a time when Chinese people were flocking to Cambodia for a variety of reasons, including the construction of new casinos and flashy luxury hotels and apartment blocks.
Things get strange considering the position he held in Cambodia. Not only did he become a citizen of other countries such as Vanuatu and Cyprus, but he also built thriving businesses associated with Prince’s real estate division, including a five-star hotel in Sihanoukville. In 2020, Chen was also awarded the title of Neak Okna, the highest title bestowed by the King of Cambodia, which requires a donation of at least $500,000 to the government.
Despite all this, Mr. Chen remained a shadowy figure, keeping a low profile and speaking little in public. “Everyone I’ve talked to who’s worked directly with him or roomed with him has described him as a very polite, very calm, very thoughtful person,” says journalist Jack Adamovich Davis, who investigated Chen Zhi for three years. “I think he was wise to not be the flashy guy that people write about in the tabloid stuff. Even those who no longer want to associate with him are still impressed by his quiet charisma and dignity.”
Mr. Chen has been grounded since news of the sanctions was announced last week.
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