The Fall of the Chen Empire: From Cambodian Duke to International Fugitive Mastermind

Early 2026, a business empire that once wielded influence in Cambodia suddenly collapsed. The US and UK governments jointly took action, imposing sanctions on Cambodian businessman Chen Zhi and his Prince Holdings Group. The US Department of Justice also confiscated over 1.2 million bitcoins worth more than $15 billion. This event, dubbed “one of the largest financial fraud cases in history,” uncovered a shocking dark secret. So, how did Chen Zhi transform from an ordinary internet cafe owner into a “godfather” figure in Cambodia, and how did he build this criminal empire spanning over 30 countries?

From Internet Cafe Business to Real Estate Empire

Chen Zhi was born in December 1987 in Fujian, China, and engaged in small-scale businesses early in his career. According to his investment company’s website, he demonstrated entrepreneurial talent from a young age, assisting with family business and running internet cafes. These early business experiences laid the foundation for his later commercial expansion.

Around 2011, Chen Zhi set his sights on Southeast Asian markets, deciding to relocate to Cambodia to seek new opportunities. He keenly captured the era of economic openness in Cambodia and the influx of Chinese capital, quickly entering the booming local real estate industry. Just four years later, in 2015, Chen Zhi founded Prince Holdings Group, rapidly transforming it into one of Cambodia’s largest business conglomerates.

Prince Group’s core business is real estate development, with footprints across Cambodia. Projects are visible from the capital Phnom Penh to coastal Sihanouk Province. Notably, Prince Group’s large-scale investments in Sihanoukville have transformed the city from a quiet seaside town into a bustling metropolis filled with casinos. These real estate projects have earned Chen Zhi billions of dollars.

After tasting success in real estate, Chen Zhi further expanded into finance, founding microcredit institutions, and in 2018 obtained a formal banking license to establish Prince Bank. Today, Prince Group is a vast business empire with operations in real estate, financial services, consumer products, and more. Its subsidiaries include Prince Real Estate Group, Prince Universal Real Estate Group, and Prince Bank, claiming to operate in over 30 countries and regions. Real estate investments alone in Cambodia amount to $2 billion, with flagship projects like Prince Plaza shopping center becoming key parts of Phnom Penh’s cityscape.

The Dark Truth Behind a Seemingly Normal Business Empire

However, investigations by US law enforcement revealed the dark truth behind the glossy surface of Prince Group. This massive business empire not only engaged in traditional real estate and financial activities but also secretly operated a transnational scam network.

According to US Department of Justice indictment documents, Chen Zhi established at least 10 large scam camps in Cambodia. These camps resembled high-tech fraud factories, equipped with hundreds or thousands of phones and computers, controlling tens of thousands of fake social media accounts to carry out investment scams like “pig-butchering” schemes worldwide. “Pig-butchering” is a carefully planned scam method where fraudsters use fake identities and fabricated investment projects to gradually gain victims’ trust before swindling large sums of money.

Even more heinous, these scam camps essentially functioned as modern slave labor factories. Trafficked workers were forcibly detained within the camps and used as tools for scams. The US Department of Justice accused the organization of human trafficking crimes; those imprisoned who refused to participate in scams faced threats of violence or torture. US Assistant Attorney General John Eisenberg condemned this criminal empire in the indictment, stating it was “built on human suffering.”

To launder the illicit gains from scams, Prince Group also established a complex money laundering system. The group used its online gambling platforms and cryptocurrency mining operations to move illicit funds, setting up shell companies in offshore financial centers like the British Virgin Islands to invest illegal proceeds into overseas real estate markets. It was through these cryptocurrency mining activities that Chen Zhi accumulated the 120,000 bitcoins later confiscated by the US Department of Justice. The US authorities also allege that Chen Zhi bribed and corrupted officials to ensure the empire’s immunity. Ultimately, the US government labeled Prince Group as “one of the largest transnational criminal organizations in Asia.”

Power and Black Gold Entwined: Chen Zhi’s Political Shield in Cambodia

Chen Zhi’s ability to establish such a vast criminal empire in Cambodia and remain at large for so long is closely tied to his deep integration into Cambodia’s power circles.

Born in 1987, Chen Zhi holds dual citizenship in China and Cambodia. After acquiring Cambodian nationality, he leveraged his wealth and connections to gain recognition from high-level officials. In 2017, he was appointed as an advisor to Cambodia’s Ministry of Interior, a position equivalent to a senior government official. Soon after, he became a personal advisor to Prime Minister Hun Sen, directly reporting to the highest echelons of power. Even after Hun Sen stepped down in 2023 and his son Hun Manet became Prime Minister, Chen Zhi maintained his advisory role, demonstrating his lasting influence amid the political transition.

In July 2020, Chen Zhi was awarded the title of “Duke” by the government for his so-called contributions to Cambodia’s economic development, receiving a medal personally conferred by Prime Minister Hun Sen. This title is among the highest civilian honors in Cambodia, officially bestowed by the royal family. From then on, Chen Zhi was no longer an ordinary Chinese businessman but was publicly honored as “Duke Chen Zhi.”

With wealth, philanthropy, and political connections combined, Chen Zhi fully integrated into Cambodia’s elite. Through the Prince Foundation, he engaged in high-profile charitable activities, establishing a “successful entrepreneur” image in academia and business circles. Media and official propaganda portray him as a “respected entrepreneur and renowned philanthropist.” Within the power hierarchy, he became a VIP figure, frequently attending elite banquets as if it were an everyday affair.

Sanctions Storm and the Collapse of the Shield

The joint sanctions by the US and UK suddenly shattered Chen Zhi’s seemingly secure protective network. US law enforcement initiated charges against Chen Zhi and Prince Group, while the UK Foreign, Commonwealth & Development Office (FCDO) also announced sanctions against them. The UK froze several high-value properties in London, including a mansion on Avenue Road worth about £12 million, an office building on Fenchurch Street valued at approximately £100 million, and multiple apartments.

Even more shocking was the US Department of Justice’s seizure of Chen Zhi’s cryptocurrency assets. About 120,000 bitcoins were confiscated, valued at over $15 billion at the time, making it one of the largest asset forfeiture cases in US history.

Facing international sanctions, the Cambodian government’s stance appeared somewhat delicate. A spokesperson for Cambodia’s Ministry of Interior stated publicly that Prince Group “has always complied with the law” in Cambodia and that its treatment is no different from other large investment firms. The government claimed Chen Zhi obtained Cambodian citizenship through legal procedures. Officially, they also said they would cooperate with other countries’ formal requests based on evidence, asserting they “do not shelter lawbreakers.”

However, it is noteworthy that, to date, the Cambodian government has not filed any charges or launched investigations into Chen Zhi or Prince Group’s illegal activities within the country. Some analysts believe this reflects the deep political and business networks Chen Zhi has built over the years in Cambodia, which continue to influence the government’s cautious stance on this case.

Chen Zhi’s story highlights a profound issue: how transnational criminals deeply embedded in local power structures can remain hidden for long periods, and how the combination of power and capital can serve as a protective umbrella for crime. As international pressure intensifies, Chen Zhi’s once-comfortable sanctuary in Cambodia is gradually disintegrating, and this once-empire is heading toward its ultimate downfall.