How a man named Chen Zhi carried out US and UK of large-scale scam operations

At just 37 years old, Chen Zhi stands accused of masterminding a vast cybercrime operation described as "a criminal enterprise built on human suffering." With his thin goatee and youthful face, he appears younger than his age—but his wealth grew rapidly.

Last week, the US Department of Justice charged Chen with operating scam compounds in Cambodia that allegedly siphoned off billions in cryptocurrency from victims worldwide. The US Treasury Department said it has seized about $14 billion worth of bitcoin linked to him—calling it the largest cryptocurrency confiscation in history, reports BBC.

Chen's own firm, the Cambodian Prince Group, portrays him as "a respected entrepreneur and philanthropist" whose leadership has turned the conglomerate into a model of international business standards. The BBC has reached out to the company for a response.

Meteoric rise

Born in Fujian province, southeastern China, Chen initially ran a modest internet gaming business before relocating to Cambodia around 2010 or 2011 to join the booming real estate market. His arrival coincided with Cambodia's property surge, fueled by politically connected land deals and an influx of Chinese capital—some from Beijing's Belt and Road Initiative, and some from private investors seeking cheaper opportunities outside China's inflated housing sector.

As Chinese tourism boomed, the skyline of Phnom Penh shifted dramatically from low colonial buildings to gleaming towers. Meanwhile, Sihanoukville, once a quiet seaside town, transformed into a casino hub catering largely to Chinese visitors since gambling is banned in China.

Despite the fierce competition, Chen's rise was remarkable.

In 2014, he became a Cambodian citizen, renouncing his Chinese nationality—a move requiring a $250,000 investment or donation to the government. The source of his early wealth, however, has always been unclear. When applying for a bank account on the Isle of Man in 2019, he claimed an unnamed uncle had given him $2 million to launch his first property venture, though no proof was provided.

By 2015, Chen had established Prince Group, initially focused on property development. Within a few years, he obtained a commercial banking licence (founding Prince Bank), a Cypriot passport through a $2.5 million investment, and later Vanuatu citizenship. He launched Cambodia's third airline, received approval for a fourth in 2020, and undertook massive projects such as the $16 billion "Bay of Lights" eco-city in Sihanoukville.

In the same year, he was awarded Cambodia's highest royal honor, "Neak Oknha," after donating at least $500,000 to the state. By then, Chen had become an advisor to Interior Minister Sar Kheng and a business associate of Sar's son, Sar Sokha, as well as an advisor to former Prime Minister Hun Sen and later to Hun Manet after his succession in 2023.

Chen was often celebrated by Cambodian media as a philanthropist, donating to education and Covid-19 relief efforts. Yet he stayed mostly out of public view.

"Everyone I've spoken to describes him as calm, polite, and measured," said journalist Jack Adamovic Davies, who spent three years investigating Chen for Radio Free Asia. "His quiet charisma worked in his favor—he avoided tabloid attention."

But questions remained: where did his fortune actually come from?

A network of crimes

In 2019, Cambodia's property and gambling bubble burst. Online gambling had drawn violent Chinese criminal syndicates to Sihanoukville. Under Beijing's pressure, then-Prime Minister Hun Sen banned online gambling, prompting an exodus of around 450,000 Chinese nationals.

Despite the collapse, Chen's empire grew even larger. UK authorities said that year he bought a £12 million London mansion and a £95 million office building, while US investigators alleged he also purchased New York properties, private jets, yachts, and even a Picasso.

According to US and UK officials, Chen's immense wealth came from online fraud, human trafficking, and money laundering. Both countries have now sanctioned 128 companies tied to Chen and 17 individuals of various nationalities accused of helping him run the network. Their assets have been frozen in both jurisdictions.

Authorities describe a complex web of shell companies and crypto wallets used to hide illicit profits. A US statement alleged that Chen's organization profited from crimes including sextortion, illegal gambling, fraud, corruption, and the enslavement and torture of trafficked workers forced to operate at least 10 scam compounds in Cambodia.

The 'Scam empire'

Chinese authorities had also been investigating the Prince Group since 2020, suspecting it of running transnational gambling and fraud operations. The Beijing Municipal Public Security Bureau reportedly formed a task force to look into the company.

Central to the allegations is the Golden Fortune Science and Technology Park—a compound built by the Prince Group near the Vietnamese border. While the group denies any ties to fraud and claims it no longer controls Golden Fortune, US and UK investigators say clear business links remain.

Locals told journalist Davies that workers at the compound—mostly Chinese, Vietnamese, and Malaysians—were subjected to brutal beatings when they tried to escape forced scam work.

"It's the scale that makes Chen Zhi stand out," Davies said. "It's shocking that his company could build such a global presence without raising red flags. Professionals like bankers and lawyers should have noticed—but they didn't."

Fallout and disappearance

Following the sanctions, companies are now scrambling to cut ties with Prince Group. Cambodia's Central Bank has assured depositors that Prince Bank remains solvent, while South Korea has frozen $64 million of its deposits. Singapore and Thailand have launched their own investigations into subsidiaries.

Cambodia's government, meanwhile, has said little beyond urging Western authorities to ensure their evidence is solid. But distancing itself from Chen Zhi may prove difficult, given his long-standing political connections.

Scam operations already form a significant—perhaps half of Cambodia's economy, according to some estimates.

As for Chen himself, he has not been seen or heard from since the US and UK sanctions were announced. The once high-profile tycoon, whose influence stretched across Southeast Asia and beyond, has seemingly disappeared without a trace.