The Fall of the Chen Empire: From Business Tycoon to Scam Mastermind

At 37 years old, Chen Zhizeng was once the most dazzling business legend in Cambodia. This entrepreneur, born in Fujian, China, transformed himself from an obscure Chinese immigrant into the ruler of a business empire controlling hundreds of billions in assets within just ten years, even being ennobled as a “Duke” by the Cambodian government. However, recently, the US and UK governments jointly imposed sanctions on Chen Zhiz and his Prince Holdings Group, with the Department of Justice accusing him of large-scale telecom fraud and money laundering, and seizing over $15 billion worth of Bitcoin. This once-glittering businessman has now become the head of what the US calls “one of the largest transnational criminal organizations in Asia.”

The Cambodian Adventure of a Chinese Youth

Chen Zhiz was born in December 1987 in Fujian, China, and showed entrepreneurial talent at a young age. After running small businesses like internet cafes domestically, around 2011 he set his sights on Southeast Asia, deciding to move to Cambodia to seek new development opportunities. At that time, Cambodia’s economy was opening up to the outside world, with a surge of Chinese capital, marking a golden era. Chen seized this wave.

He entered through real estate development, quickly building his business empire. In 2015, Chen officially founded Prince Holdings Group, which in just a few years became one of Cambodia’s largest business conglomerates. The group’s real estate projects span the country—from the iconic Prince Plaza Shopping Center in Phnom Penh to major projects transforming Sihanoukville from a quiet town into a city dotted with casinos. Chen’s name became closely linked with Cambodia’s urbanization process.

In 2018, Prince Group obtained an official banking license and established Prince Bank, further expanding its business scope. By 2020, Chen was awarded the honorary title of “Duke” by Prime Minister Hun Sen for his “contributions” to economic development—one of the highest civilian honors bestowed by the Cambodian royal family. By then, Chen had fully integrated into Cambodia’s elite circles, becoming a prominent figure in both political and business spheres.

Behind the Luxury Homes: A Fraud Empire

However, this seemingly brilliant business empire was built on human suffering. According to indictment documents from the US Department of Justice, Chen Zhizeng and his Prince Group secretly established at least 10 large-scale scam centers across Cambodia, effectively operating highly organized transnational fraud factories.

These centers are equipped with thousands of phones and computers, controlling tens of thousands of fake social media accounts targeting people worldwide, especially residents of the US. Workers trafficked to these sites are detained there, living in conditions akin to prisons—if they refuse to participate in scams, they face violence or even torture threats. US Assistant Attorney General John Eisenberg described this as a “crime empire built on human suffering,” confirming its involvement in serious human trafficking crimes.

To launder the enormous illegal proceeds, Prince Group mobilized multiple affiliated companies to carry out large-scale fund rotation operations. They used online gambling platforms and cryptocurrency mining businesses to move stolen money, and set up shell companies in offshore financial centers like the British Virgin Islands to hide black money in overseas real estate investments. Even more shocking, Chen also bribed corrupt officials to ensure the smooth operation of the scam industry, exemplifying the adage “money makes the world go round.”

Power Protection and the Illusion of Political-Business Honeymoon

Chen Zhizeng’s ability to conduct illegal activities in Cambodia for so long without restraint is backed by a deep political protection network. After naturalizing as a Cambodian citizen, he leveraged his wealth and connections to gain the trust of the government. In 2017, he was appointed as an advisor to the Ministry of Interior, a position equivalent to a high-ranking government official. Rumors also circulated that he became a personal advisor to then-Prime Minister Hun Sen, directly providing counsel at the highest levels. Even after Hun Sen stepped down in 2023 and his son Hun Manet became Prime Minister, Chen reportedly retained his advisory role, demonstrating his lasting influence across both old and new regimes.

Officially, he also engaged in high-profile charity activities through the Prince Foundation, with the group’s official propaganda portraying him as a “respected entrepreneur and renowned philanthropist.” This layered identity gradually made Chen one of the most influential Chinese businessmen in Cambodia, a household name with widespread recognition and influence.

Sanctions by the US and UK and the Collapse of the Safe Haven

The joint sanctions by the US and UK shattered this illusion. The UK Foreign, Commonwealth & Development Office (FCDO) announced sanctions against Chen Zhizeng, freezing assets worth about 100 million pounds in the UK, including offices and multiple luxury residences. The US Department of Justice also seized over $15 billion in Bitcoin, describing the case as “one of the largest financial fraud cases in history.”

Following the sanctions, the Cambodian government adopted a cautious stance. The Ministry of Interior spokesperson emphasized that Prince Group’s operations “have always complied with the law” in Cambodia and claimed they would cooperate with other countries’ formal requests based on evidence, stating “we will not shelter lawbreakers.” However, it is noteworthy that so far, Cambodian authorities have not filed formal charges or launched investigations into Chen Zhizeng or Prince Group’s illegal activities within the country, reflecting the influence of their established political connections.

Nevertheless, as international pressure intensifies, Chen Zhizeng’s previously secure sanctuary in Cambodia is gradually collapsing. From a young Chinese immigrant to a business magnate and scam kingpin, his story vividly illustrates how Southeast Asia has become a hotbed for transnational crime and serves as a warning of the dangers when power and money intertwine.