How did Duke of Cambodia, who had 120,000 Bitcoins confiscated by the United States, get started?

Author: Aki Wu on Blockchain

Chen Zhi (alias Vincent) is a Chinese-born businessman, currently 37 years old. He is the founder and chairman of Prince Holding Group, a major enterprise in Cambodia, and one of the country’s most influential wealthy businessmen. Reports indicate that Chen Zhi holds dual citizenship in the UK and Cambodia. He has served as an advisor to Cambodia’s two former Prime Ministers, Hun Sen and Hun Manet, and has been awarded the honorary title of “Duke” by the government, making him a prominent figure in both political and business circles locally. Recently, the US and UK governments imposed joint sanctions on Chen Zhi and his Prince Group. The US Department of Justice has indicted him on charges of telecom fraud and money laundering, and confiscated over $15 billion worth of Bitcoin, calling it “one of the largest financial fraud cases in history.” This article will reveal, based on public reports and US-UK judicial documents, how Chen Zhi became the “Godfather” of Cambodia’s underworld and the complex web of money and power behind his rise.

From Internet Cafe Owner to Real Estate Tycoon

Chen Zhi was born in December 1987 in Fujian, China. In his early years, he engaged in small-scale businesses in China. According to his company’s website, he demonstrated entrepreneurial talent at a young age, assisting with family businesses and founding an internet cafe. Around 2011, Chen Zhi began to focus on Southeast Asia, deciding to relocate to Cambodia to seek opportunities and enter the rapidly growing real estate industry there.

After moving to Cambodia, Chen Zhi seized the opportunities presented by economic liberalization and the influx of Chinese investment, rapidly expanding his business empire. In 2015, he founded Prince Holding Group, which within a few years became one of Cambodia’s largest conglomerates. The group’s core business is real estate development, with projects across Cambodian cities—from the capital Phnom Penh to Sihanoukville province along the coast. For example, the group’s real estate development helped transform Sihanoukville from a quiet seaside town into a bustling city filled with casinos, earning Chen Zhi billions of dollars in wealth. After achieving success in real estate, he further expanded into finance by establishing microcredit institutions to provide banking services, and in 2018, he obtained a banking license to establish Prince Bank. Within a few years, Chen Zhi evolved from an obscure Chinese youth into a billionaire Cambodian business magnate.

Today, Chen Zhi’s Prince Group operates in diverse sectors including real estate, financial services, and consumer products. Its main subsidiaries include Prince Real Estate Group, Prince Universe Real Estate Group, and Prince Bank. The group’s footprint extends beyond Cambodia, claiming operations in over 30 countries and regions. According to Lianhe Zaobao, Prince Group’s total real estate investment in Cambodia amounts to approximately $2 billion USD, with landmark projects such as the Prince Plaza Shopping Center in Phnom Penh. Chen Zhi also actively engages in philanthropy through the group’s charity organization, “Prince Foundation,” which his official website describes as “respected entrepreneur and renowned philanthropist.” However, behind this seemingly glamorous business empire lies a shocking dark side.

The Glittering Exterior of Prince Group and the “Pig-Butchering” Eyewash

While Prince Group’s outward business scope covers real estate, banking, and other traditional industries, US law enforcement investigations reveal that it also operates a large-scale transnational scam network. This scam is known as “pig-butchering.” The US Department of Justice’s indictment details how Prince Group’s scam empire operates. Chen Zhi is accused of directing the group to establish at least 10 large scam parks across Cambodia, imprisoning and forcing immigrant workers from various countries to engage in fraud. Using “pig-butchering” schemes and investment eyewash, they defrauded victims worldwide, especially Americans, causing huge financial losses. As a result, the US government has indicted and sanctioned him. On the same day, the UK Foreign, Commonwealth & Development Office (FCDO) announced sanctions against Chen Zhi, Prince Group, and their associates, freezing their high-value properties in London—including a mansion on Avenue Road worth about 12 million pounds, an office building on Fenchurch Street valued at approximately 100 million pounds, and multiple apartments.

These scam parks resemble closed “high-tech scam factories,” equipped with “phone farms” containing hundreds or thousands of mobile phones and computers, controlling tens of thousands of fake social media accounts used for global scams. Inside these factories, trafficked workers live like prisoners: detained within the parks, they face violence or even torture if they refuse to participate in scams. US Assistant Attorney General John Eissenberg described this criminal empire as “built on human suffering,” with investigations confirming involvement in human trafficking, forcibly confining workers in prison-like camps to carry out fraud.

To launder illegal proceeds, the group also conducts large-scale money laundering through affiliated companies, such as using online gambling platforms and cryptocurrency mining operations to move illicit funds. Ironically, this also set the stage for the US to confiscate Bitcoin worth $15 billion, derived from their illegal gains. They also established shell companies in offshore financial centers like the British Virgin Islands to invest illicit money into overseas real estate, concealing the flow of funds. The US Department of Justice states that Chen Zhi is well aware that “money can make the world go round,” and he and his accomplices used political influence and bribery to ensure their scam operations remained undisturbed, funneling benefits to corrupt officials in exchange for protection. All of this has transformed Prince Group into what the US government calls “one of the largest transnational criminal organizations in Asia.”

Cambodia Political Ties: The “Duke” Honorary Title and the “Prince” Status

Chen Zhi is not only a business magnate in Cambodia but also deeply embedded in the power circles. After acquiring Cambodian citizenship, 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, a position equivalent to a senior government official. Soon after, he reportedly became a personal advisor to Prime Minister Hun Sen, providing direct counsel to the highest leadership. Even after Hun Sen stepped down in 2023 and his son Hun Manet succeeded as Prime Minister, Chen Zhi reportedly remained an advisor, demonstrating his ongoing influence within the new regime. In the business sector, he received symbolic honors— in July 2020, Chen Zhi was awarded the title of “Duke” by the government in recognition of his contributions to Cambodia’s economic development, with Prime Minister Hun Sen personally presenting the medal.

This honorary title holds a very high status in Cambodia, being one of the highest civilian honors awarded by the royal family to civilians who have made significant donations or contributions to society. It is officially conferred by royal decree. From then on, Chen Zhi was addressed with the noble title in official settings, further solidifying his prominent position in Cambodian society. No longer just an ordinary businessman from afar, he became a revered “Duke Chen Zhi” locally. Therefore, in terms of identity, status, and political-business networks, Chen Zhi is considered a “guest of honor” in Cambodia’s power circles— highly valued by the top leadership, frequently attending elite banquets as if it were a family affair. At this peak of his influence, Chen Zhi wielded immense wealth, backed by government power, and enhanced by philanthropy and academic circles, making him a household name in Cambodia.

After being awarded the “Lord” title and photographed with Cambodia’s then-Prime Minister Hun Sen (far right)

However, the international sanctions storm has begun to test this “political-business honeymoon.” Following the exposure of the case, the Cambodian government has taken a cautious stance. The Ministry of Interior’s spokesperson emphasized that Prince Group’s operations in Cambodia have “always complied with the law,” and that their treatment and status are no different from other large investment enterprises. Regarding Chen Zhi’s acquisition of Cambodian citizenship, officials stated it was a legal process. The authorities also said they would cooperate with other countries’ formal requests based on evidence and would “not shelter lawbreakers.” However, it is noteworthy that so far, the Cambodian government has not filed charges or launched investigations into Chen Zhi or Prince Group’s illegal activities within the country. Some analysts believe this reflects the deep-rooted relationships Chen Zhi has built in Cambodia, which continue to influence local attitudes. Chen Zhi remains deeply embedded in Cambodia’s elite circles and is well protected, highlighting the country’s role as a hotbed for online scams. Yet, with increasing international pressure, Chen Zhi’s once-comfortable status as Cambodia’s “safe haven” may soon be challenged.

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