Chen Zhi: From Humble Beginnings to Cambodia's Crypto Fraud Mastermind

A 37-year-old Chinese-born businessman named Chen Zhi once stood at the pinnacle of power in Cambodia, commanding a sprawling business empire worth billions. Yet his meteoric rise from internet cafe owner to kingpin of what US authorities describe as “one of the largest financial frauds in history” now serves as a cautionary tale about how wealth and political connections can mask criminality—until international law enforcement arrives.

The Making of an Entrepreneur: Chen Zhi’s Cambodian Dream

Born in Fujian, China in December 1987, Chen Zhi began his career with modest ventures. He assisted in family businesses and operated an internet cafe, demonstrating early entrepreneurial instincts in his hometown. However, the real transformation came around 2011 when Chen Zhi made a calculated decision to leave China and relocate to Cambodia, sensing untapped economic opportunities in Southeast Asia.

The timing proved fortuitous. As Cambodia’s economy opened to foreign investment and Chinese capital poured into the region, Chen Zhi positioned himself at the center of the real estate boom. Within just four years of arriving, he founded Prince Holding Group in 2015, a move that would reshape his fortunes entirely. What began as a real estate venture rapidly evolved into something far more ambitious and far more sinister than the surface suggested.

Building a Conglomerate: Prince Group’s Meteoric Expansion

Prince Holding Group’s expansion was nothing short of remarkable. The company’s real estate operations transformed entire regions—most notably Sihanoukville, which Chen Zhi’s developments helped convert from a quiet coastal town into a bustling casino hub. According to reports, Prince Group’s total real estate investments in Cambodia reached approximately $2 billion, with flagship projects like Prince Plaza Shopping Center in Phnom Penh becoming iconic landmarks.

Chen Zhi’s appetite for growth extended beyond real estate. In 2018, he obtained a full banking license and established Prince Bank, marking his entry into financial services. The group’s portfolio soon diversified to encompass consumer products, commercial ventures, and operations spanning over 30 countries and regions. On the surface, Prince Group appeared to be a legitimate multinational conglomerate, and Chen Zhi cultivated an image as a philanthropist through the Prince Foundation, seemingly dedicated to Cambodia’s development.

The Hidden Empire: Inside the Fraud Factory

Behind the gleaming skyscrapers and respectable business facade lay a criminal operation of staggering scale. US Department of Justice investigations uncovered that Prince Group operated at least 10 large-scale fraud operations across Cambodia, specifically focusing on “pig-killing schemes”—elaborate investment cons that defrauded victims globally, with Americans among the hardest hit.

These operations functioned as what authorities describe as “closed fraud factories.” Within industrial parks across Cambodia, the group maintained “phone farms” equipped with hundreds of thousands of devices and computers, operating tens of thousands of fake social media accounts simultaneously. Trafficked workers—forcibly detained in prison-like conditions—were coerced into perpetrating the frauds under threat of violence and torture. The scale of human suffering was documented by US Assistant Attorney General John Eisenberg, who emphasized that this criminal enterprise was “built on human suffering” itself.

To conceal the illicit proceeds, Chen Zhi orchestrated elaborate money laundering schemes. The group channeled funds through affiliated cryptocurrency mining operations and online gambling platforms, further obscuring the criminal origins of the wealth. Shell companies established in offshore financial centers like the British Virgin Islands served as repositories for laundered money, which was then reinvested in overseas real estate to legitimize the proceeds.

Buying Political Power: How Chen Zhi Became the Duke

Chen Zhi’s ascent within Cambodia’s power structure was as calculated as his business expansion. After acquiring Cambodian citizenship, he leveraged his accumulated wealth to cultivate relationships with the country’s highest echelons. In 2017, he received appointment as an advisor to the Ministry of Interior via royal decree, a title equivalent to that of a senior government official. His influence deepened considerably when he became a personal advisor to Prime Minister Hun Sen, one of Cambodia’s most powerful figures.

This political integration bore tangible rewards. In July 2020, Chen Zhi received what many considered the crown jewel of civilian honors—the title of “Duke,” bestowed by royal decree for alleged contributions to Cambodia’s economic development. The honor, personally awarded by Prime Minister Hun Sen, elevated Chen Zhi’s status beyond that of a mere businessman. He had transformed into a member of Cambodia’s elite, regularly attending high-level government functions and wielding influence that extended into the corridors of power.

Even after Hun Sen stepped down in 2023 and his son Hun Manet assumed the premiership, Chen Zhi reportedly retained his advisory position, demonstrating the durability of his political network. His dual British and Cambodian citizenship, combined with his wealth and connections, had created an almost untouchable status—a “safe haven” that seemed impervious to external pressure.

The Reckoning: US and UK Sanctions Shake Cambodia

The bubble burst with dramatic suddenness when US and UK governments simultaneously announced sanctions against Chen Zhi and Prince Group. The US Department of Justice indicted him on charges of wire fraud and money laundering, confiscating over $15 billion in Bitcoin—one of the largest cryptocurrency seizures in history. Simultaneously, the UK’s Foreign and Commonwealth Office froze valuable British assets, including a £12 million mansion on Avenue Road in London and a £100 million office building on Fenchurch Street, along with several residential properties.

The Cambodian government, caught between protecting one of its most influential businessmen and maintaining international relations, adopted a carefully ambiguous stance. Ministry of Interior officials stressed that Prince Group had “always complied with the law” and would cooperate with international requests based on evidence. However, notably, Cambodia has not filed charges against Chen Zhi or launched domestic investigations into his activities—a silence that many analysts interpret as reflecting his continued influence within the country’s power structures.

From Dynasty to Decline: Chen Zhi’s Uncertain Future

Chen Zhi’s story illustrates a fundamental truth about power in developing economies: wealth and political connections can purchase legitimacy, but they cannot indefinitely shield individuals from international legal systems. The scale of his criminal operation—involving human trafficking, international fraud, and money laundering across continents—ultimately proved too large to contain within Cambodia’s borders.

With international investigation ongoing and billions in assets frozen, Chen Zhi faces the prospect of a precipitous fall from grace. His “safe haven” status has been compromised by external pressure, and while the Cambodian government maintains diplomatic caution, the days of his unchallenged dominion appear to be ending. What remains to be seen is whether Cambodia’s political elite will ultimately shield him or whether the weight of international sanctions will eventually penetrate the protective barriers his connections have erected.