Author: Aki Wu on Blockchain

Chen Zhi (alias Vincent) is a 37-year-old businessman born in China. He is the founder and chairman of Prince Holding Group, a large enterprise in Cambodia, and one of the most influential tycoons in the country. Reports indicate that Chen Zhi holds dual citizenship in the UK and Cambodia, and has served as an advisor to two Cambodian prime ministers, Hun Sen and Hun Manet. He has also been awarded the honorary title of "Duke" by the government, making him a prominent figure in both political and business circles. Recently, the US and UK governments imposed joint sanctions on Chen Zhi and his Prince Group. The US Department of Justice has charged him with telecommunications fraud and money laundering, seizing over $15 billion worth of Bitcoin, calling it "one of the largest financial fraud cases in history." This article will reveal how Chen Zhi became the "Godfather" of Cambodia's underworld, based on public reports and US-UK judicial documents, as well as the intricate web of money and power transactions behind him.

From Internet Cafe Owner to Real Estate Tycoon

Chen Zhi was born in December 1987 in Fujian, China. In his early years, he was involved in small businesses in China. According to the website of the companies he invested in, he showed business acumen at a young age, assisting in the family business and founding an internet cafe. Around 2011, Chen Zhi began to focus on Southeast Asia, deciding to move to Cambodia in search of opportunities and immersing himself in the local booming real estate industry.

After moving to Cambodia, Chen Zhi seized the wave of economic openness and Chinese investment influx, rapidly expanding his entrepreneurial footprint. In 2015, he founded Prince Holding Group and quickly built it into one of Cambodia's largest corporate groups within a few years. After its establishment, Prince Group focused on real estate development, with significant projects spread across various Cambodian cities, from the capital Phnom Penh to the coastal Sihanoukville. For instance, the group's real estate development transformed Sihanoukville from a quiet seaside town into a bustling city filled with casinos, earning Chen Zhi a fortune worth hundreds of millions of dollars. Following his success in real estate, he further ventured into finance, establishing microfinance institutions to provide banking services, and in 2018, he obtained a formal banking license to establish Prince Bank. In just a few years, Chen Zhi transformed from an obscure Chinese youth into a billionaire business magnate in Cambodia.

Today, the Prince Holding Group, controlled by Chen Zhi, has diversified operations covering real estate, financial services, consumer products, and more. Major companies under the group include Prince Real Estate Group, Prince International Real Estate Group, and Prince Bank. Its footprint extends not only throughout Cambodia but also claims to have expanded operations to over 30 countries and regions. According to Lianhe Zaobao, the total investment of Prince Group in Cambodian real estate has reached $2 billion, with notable projects including the Prince Plaza shopping center in Phnom Penh and other landmark properties. Chen Zhi himself is also prominently involved in charitable activities through the group's charity organization, the "Prince Foundation," with the official website describing him as "a respected entrepreneur and well-known philanthropist." However, behind this seemingly glamorous business empire lies a shocking dark side.

The Prince Group's Illusion of Grandeur and the "Pig Butchering" Scam

On the surface, the Prince Group's business landscape covers traditional industries such as real estate and banking, but investigations by US law enforcement agencies reveal that it also operates a massive transnational fraud network. This scam is referred to as "Pig Butchering." The indictment documents from the US Department of Justice detail the operational model of the Prince Group's fraud empire. Chen Zhi is accused of orchestrating the establishment of at least 10 large-scale scam parks across Cambodia, where immigrant workers from various countries are imprisoned and forced to engage in fraudulent activities, causing significant losses globally, especially to US citizens through investment scams like "Pig Butchering." This has led to the US government's prosecution and sanctions, with the UK Foreign, Commonwealth & Development Office (FCDO) announcing sanctions against Chen Zhi, the Prince Group, and their accomplices, freezing their high-value properties in London (including a £12 million mansion on Avenue Road, a £100 million office building on Fenchurch Street, and multiple apartments).

These parks function as closed "high-tech scam factories," equipped with "phone farms" containing hundreds of phones and computers, controlling tens of thousands of fake social media accounts for global fraud. Inside these scam factories, the trafficked workers live like prisoners: they are held captive within the parks and face threats of violence or torture if they refuse to participate in the scams. US Assistant Attorney General John Eisenberg described this criminal empire as "built on human suffering," with investigations confirming its involvement in human trafficking, forcing workers to be confined in prison-like camps to engage in fraud.

To launder illegal proceeds, the group also conducts large-scale money laundering operations through affiliated companies, such as using its online gambling platform and cryptocurrency mining business to circulate illicit funds. Ironically, this also set the stage for the subsequent seizure of $15 billion worth of Bitcoin by the US, which was deemed illegal proceeds. They also established shell companies in offshore financial centers like the British Virgin Islands to invest dirty money in overseas real estate, obscuring the flow of funds. The US Department of Justice pointed out that Chen Zhi was well aware of the adage that "money can make the devil push the mill," and thus, along with his accomplices, ensured that the fraud industry remained undisturbed through political influence and bribery, providing benefits to corrupt officials in exchange for protection. All of this has transformed the Prince Group into what the US government calls "one of the largest transnational criminal organizations in Asia."

Political Connections in Cambodia: The Duke Honorary Title and "Prince" Status

In Cambodia, Chen Zhi is not only a business giant but also deeply integrated into the power circles. After naturalizing as a Cambodian citizen, he leveraged his wealth and connections to gain recognition and favor from the government. For example, in 2017, he was appointed as an advisor to the Ministry of Interior by royal decree, equivalent to a high-ranking government official. Shortly thereafter, it was reported that he became a personal advisor to then-Prime Minister Hun Sen, providing direct consultation to the highest leadership. Even after Hun Sen stepped down in 2023 and his son Hun Manet took over as Prime Minister, Chen Zhi reportedly retained his advisory position, demonstrating his continuous influence across the old and new regimes. In the business world, he also received symbolic honors— in July 2020, Chen Zhi was awarded the honorary title of "Duke" by the government for his contributions to Cambodia's economic development, with the medal personally presented by Prime Minister Hun Sen.

This honorary title holds a very high status in Cambodia, being one of the highest civilian honors awarded by the Cambodian royal family to civilians who have made significant donations and social contributions, formally conferred by royal decree. From then on, Chen Zhi was referred to by this prestigious title in official occasions, further solidifying his prominent position in Cambodian society. He was no longer just an ordinary businessman from afar but the esteemed Duke Chen Zhi of Cambodia. Therefore, in terms of both status and political-business networks, Chen Zhi can be regarded as a "guest of honor" in Cambodia's power arena— highly valued by the elite, moving in and out of high-society banquets as if it were routine. At this point, Chen Zhi was at the height of his power, holding immense wealth, backed by government authority, and enhanced by the halo of charity and academia, making him a household name in Cambodia.

Chen Zhi awarded the title of "Lord" and photographed with then-Prime Minister Hun Sen (far right)

However, following the sudden storm of sanctions from the US and UK, this "honeymoon" relationship between politics and business is facing a test. The Cambodian government has adopted a relatively cautious attitude after the incident was exposed, with the Ministry of Interior spokesperson emphasizing that the Prince Group has "always complied with the law" in its operations in Cambodia and that its treatment is no different from that of other large investment enterprises. Regarding Chen Zhi's acquisition of Cambodian citizenship, officials stated that it was the result of a legal process. At the same time, the authorities expressed their intention to cooperate with other countries based on evidence in formal requests, stating that they "will not shelter lawbreakers." However, it is noteworthy that, as of now, the Cambodian government has not brought any charges or initiated investigations regarding Chen Zhi or the Prince Group's illegal activities within its borders. Some analysts believe this reflects the deep network of relationships Chen Zhi established in Cambodia, which still exerts influence, leading to a cautious local attitude towards the case. Chen Zhi is deeply embedded in Cambodia's elite class and is well protected, highlighting the country's role as a hotbed for online scams. However, as international pressure mounts, Chen Zhi's once safe haven status in Cambodia may become increasingly difficult to maintain.

Reference Articles:

https://e.vnexpress.net/news/business/companies/who-is-cambodian-tycoon-chen-zhi-accused-of-running-a-cybercrime-empire-in-southeast-asia-4952568.html?utmsource=chatgpt.com_

https://www.zaobao.com.sg/finance/singapore/story20251017-7680724?utmmedium=Social&utmsource=Twitter#Echobox=1760705782-3

https://www.japantimes.co.jp/news/2025/10/16/asia-pacific/crime-legal/cambodia-prince-us-uk-sanctions/?utmsource=chatgpt.com_

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