The Rise and Fall of Chen Zhi: From Cambodian Tycoon to International Fugitive
For years, Chen Zhi lived a life of extraordinary luxury and influence. The 38-year-old Chinese billionaire accumulated properties around the world, from a London mansion to designer condominiums in Singapore. In Cambodia, he built an empire spanning real estate, banking, and even luxury watchmaking. But in October 2025, his world collapsed when US authorities designated him as the head of "one of the largest transnational criminal organisations in Asia", triggering sanctions that would ultimately lead to his arrest and extradition to China.
Background and Context
Chen's journey began in China's Fujian province in 1987, where he first established gaming centres in the capital city of Fuzhou. According to records from his since-removed Singapore family office website, he began investing in Cambodian real estate in 2011, timing his entry perfectly with a massive influx of Chinese investment into the country. He founded Prince Holding Group in 2015, which rapidly expanded into a conglomerate with interests across entertainment, finance, and retail sectors. The company's flagship project, the Bay of Lights development near Sihanoukville, represents a $16 billion investment spanning 934 hectares of coastal land.
Key Figures and Entities
Chen's political connections in Cambodia were formidable. He served as an adviser to former Prime Minister Hun Sen and his son, current Prime Minister Hun Manet. His influence extended to other senior officials, including former deputy premier Sar Kheng and former Lower House president Heng Samrin. In recognition of his financial contributions to the state, Chen was granted the honorary title of "oknha" – roughly equivalent to a lord. Prince Group's operations included Prince Bank, which held approximately 4.67 trillion riels ($1.49 billion) in deposits by the end of 2024, and through its Prince Foundation, established Prince Horology, a watchmaking school whose timepieces were gifted to world leaders including then-US President Joe Biden and former Canadian Prime Minister Justin Trudeau during a 2022 regional summit.
Legal and Financial Mechanisms
US prosecutors allege that Chen operated at least 10 scam compounds in Cambodia, where thousands of migrant workers were forced to conduct fraudulent activities under threat of violence. The operations specialised in "pig-butchering" scams – schemes where fraudsters spend weeks or months cultivating trust with victims through social media before persuading them to transfer funds for fake investment opportunities. According to court documents, Chen allegedly maintained detailed ledgers tracking these criminal operations across different buildings and floors, with one co-conspirator boasting that Prince Group earned over $30 million daily from these activities in 2018. The money laundering operation involved sophisticated cryptocurrency techniques, with funds separated across numerous digital wallets before being reconsolidated to obscure their origins. The US Treasury Department seized 127,271 bitcoin worth approximately $15 billion from accounts controlled by Chen, described as a "record" cryptocurrency confiscation.
International Implications and Policy Response
The response from international authorities was swift and coordinated. In October 2025, the US Treasury Department imposed sweeping sanctions on Chen and 146 associated individuals and entities, designating Prince Group as a transnational criminal organisation. Britain followed with parallel sanctions targeting Chen's UK assets, including his London properties. South Korea issued its first-ever sanctions against a foreign scam network in late November 2025. Taiwan, Hong Kong, Thailand, and Singapore also froze or seized assets, including a yacht, and made several arrests. The sanctions effectively cut Prince Group off from the global financial system, as most international banks refuse to process transactions involving US-sanctioned parties. In January 2026, Cambodia's central bank announced the liquidation of Prince Bank, barring it from accepting new deposits. The case has highlighted ongoing challenges in combating transnational cybercrime and the sophisticated methods used by criminal networks to launder proceeds through legitimate business structures.
Sources
This report draws on US Treasury Department sanctions announcements, court filings from US prosecutors, statements from Cambodia's Interior Ministry, and reporting by Bloomberg, The Times, and Radio Free Asia between 2020 and 2026. Additional information comes from official statements by Singapore's financial authorities and China's Ministry of Public Security.
