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Prince Group's Chen Zhi accused of 'largest financial fraud,' including overseeing Cambodian scams

Published: 23 Oct. 2025, 20:15

The picture shows Chen Zhi, chairman of Prince Holding Group [SCREEN CAPTURE]

Chen Zhi, chairman of Cambodia’s Prince Holding Group, stands accused of orchestrating what U.S. prosecutors describe as the “largest financial fraud in history.”

The United States has frozen about $14 billion in Bitcoin and led sanctions across Britain, Hong Kong and Singapore against him and his network.

Chen once served as an adviser to two Cambodian prime ministers, Hun Sen and Hun Manet. His Prince Holding Group, established in 2015, has grown into one of Cambodia’s largest conglomerates, operating real estate, financial services and consumer goods businesses in more than 30 countries.

Observers note that Chen retains deep roots in Cambodia’s power structure, and enjoys influence across government ranks.

Born in China, Chen holds Cambodian, Vanuatu and Cypriot citizenships. The Cambodian government awarded him the honorary title “duke,” underlining his prominence. His commercial empire comprises three major companies: Prince Real Estate Group, Prince Huan Yu Real Estate Group and Prince Bank, and his real estate investments in Cambodia reportedly exceed $2 billion with landmarks like the Prince Plaza mall in Phnom Penh.

The Prince Holding Group website describes Chen as “a respected entrepreneur and renowned philanthropist within the Cambodian business community” and says he engages in “helping Cambodian communities through various activities by Prince Holding Group’s charitable arm, Prince Foundation.”

U.S. prosecutors allege Chen’s network stretched globally through online “romance scam” operations that used emotional manipulation to defraud victims, funneling funds into luxury goods and asset transfers.

Motorists ride past a branch of the Prince Bank in Phnom Penh, Cambodia on Oct. 15. [AFP/YONHAP]

According to a U.S. Department of Justice (DOJ) indictment, Prince Holding  Group ran at least 10 scam centers in Cambodia where workers, mostly migrants, were forcibly held and used messaging apps to approach thousands of victims under the guise of high return crypto investments.

The DOJ said that Chen shielded the organization with political influence and bribery, and laundered money through his casinos and crypto mining firms. Prince Holding  Group used the proceeds from the scam to fund luxury travel and entertainment, purchase high-end watches, yachts, private jets, villas and artwork, even buying a Picasso painting at a New York auction.

Chen Zhi could face up to 40 years in prison if convicted, according to a report by Singapore’s Lianhe Zaobao.

The U.S. Department of Treasury designated 128 companies and 18 individuals linked to the Prince Holding Group as sanctions targets, describing many as shell corporations with no real business activity.

In their defense, Prince Holding Group issued a statement on its website claiming that reports of money laundering and criminal links since 2024 are untrue, but that statement has since been removed.

Several countries including Britain, Hong Kong and Taiwan have joined the sanctions against Chen, and the Monetary Authority of Singapore and Taiwan’s regulatory bodies are investigating his related firms. Hong Kong media say that one of his companies owns a $3 billion Hong Kong dollar ($390 million) office building in Tsim Sha Tsui, Hong Kong.

Korean banks in Cambodia — KB Kookmin Bank, Jeonbuk Bank, Woori Bank and Shinhan Bank — disclosed that they held a combined 91.2 billion won ($63 million) in deposits linked to Prince Holding Group subsidiaries, according to Korean financial sources on Oct. 20. The funds were frozen as of Oct. 15.

BY JIN MEI-HUA [[email protected]]