A Global Crypto Empire Built on Deception
A 37-year-old Cambodian businessman, Chen Zhi, has been accused of orchestrating one of the largest cryptocurrency scams in history, defrauding investors of nearly $14 billion worldwide.
The US Department of Justice (DOJ) recently charged Chen with masterminding an elaborate cyber-fraud network operating out of Cambodia, while the US Treasury Department announced the seizure of $14 billion worth of Bitcoin linked to his operations — the largest crypto confiscation to date.
While American authorities describe him as a “criminal mastermind behind a cyber-fraud empire built on human suffering,” Chen’s own company, the Prince Group, paints a drastically different picture — portraying him as a visionary entrepreneur and philanthropist who helped modernize Cambodia’s economy.
Despite mounting allegations, the Prince Group has yet to issue an official statement in response to the US charges.
From Small-Town Gamer to Billionaire Tycoon
Chen Zhi’s early life began modestly in Fujian province, southeastern China, where he launched a small online gaming venture that failed to gain traction. Seeking new opportunities, he moved to Cambodia around 2010 or 2011, just as the country’s real estate boom was taking off.
At the time, Cambodia’s property market was flooded with Chinese investments, driven by Xi Jinping’s Belt and Road Initiative and individuals seeking alternatives to China’s overpriced housing sector. This inflow of money transformed the skyline of Phnom Penh, replacing colonial architecture with gleaming high-rises.
Meanwhile, the coastal city of Sihanoukville underwent an even more radical transformation — from a sleepy fishing town to a bustling casino hub catering to Chinese gamblers, since gambling is banned in mainland China.
Amid this wave of investment, Chen Zhi’s fortune grew rapidly, raising eyebrows about the sources of his wealth.
Rapid Rise in Cambodia’s Elite Circles
By 2014, Chen had renounced his Chinese citizenship to become a Cambodian national, a move that allowed him to purchase land directly under his name. The naturalization process required a $250,000 investment or government donation, but little was known about where his money came from.
In documents filed on the Isle of Man in 2019, Chen claimed an unnamed uncle had provided $2 million to launch his first property company in 2011 — a statement that has never been substantiated.
A year later, in 2015, Chen founded the Prince Group, focusing on luxury real estate. Within just a few years, he had secured banking, aviation, and development licenses, expanding into nearly every major Cambodian industry.
He obtained a commercial banking license in 2018 to launch Prince Bank, and the same year he acquired dual citizenship in Cyprus, an EU nation offering passports to investors contributing at least $2.5 million. Later, he also obtained Vanuatu citizenship, giving him global mobility.
Building a Billion-Dollar Empire
Under Chen’s leadership, the Prince Group became one of Cambodia’s largest conglomerates, with interests in property, finance, aviation, and tourism.
His ventures included five-star hotels, luxury shopping malls, and ambitious real estate projects such as the $16 billion “Bay of Lights” eco-city in Sihanoukville.
In 2020, Chen Zhi received the royal title of “Neak Oknha”, an honor typically reserved for Cambodia’s top business benefactors who donate at least $500,000 to the state. By then, he had already become a trusted adviser to top political figures, including Interior Minister Sar Kheng and Prime Minister Hun Sen, followed by his son and successor Hun Manet.
Local media celebrated Chen as a philanthropist, highlighting his donations during the Covid-19 pandemic and his scholarships for low-income students. Yet, despite his growing influence, he remained notoriously private, rarely giving interviews or appearing in public events.
U.S. Investigation Exposes a Darker Reality
The US Justice Department’s investigation paints a starkly different image of Chen. Authorities allege that he oversaw scam compounds across Cambodia that lured victims into crypto fraud schemes, siphoning off billions of dollars globally.
Victims were reportedly forced to work under inhumane conditions, running online scams targeting cryptocurrency investors. The DOJ described these operations as “cyber slavery rings” disguised as investment platforms.
The massive $14 billion crypto seizure linked to Chen marks a watershed moment in global financial enforcement — underscoring the increasing nexus between organized crime and cryptocurrency.
Questions Remain About Cambodia’s Elite Ties
Chen’s close relationships with Cambodia’s political elite have prompted questions about how he managed to operate such a vast network with apparent impunity. His philanthropic image, combined with his lavish lifestyle and royal title, helped shield him from scrutiny for years.
Analysts suggest that Chen’s rapid ascent was made possible by Cambodia’s opaque business environment and weak regulatory oversight, which allowed politically connected tycoons to thrive.
As investigations continue, it remains uncertain whether Chen Zhi will face extradition or trial. For now, the man once hailed as Cambodia’s golden entrepreneur stands accused of being the mastermind behind a global crypto empire built on deceit.
