The Unraveling of Chen Zhi's Empire: From Cambodia's Duke to International Fugitive

The fall of Chen Zhi represents one of the most dramatic reversals in recent international criminal prosecutions. Once celebrated as Cambodia’s most influential businessman and honored with the prestigious title of “Duke,” this 37-year-old Chinese-born entrepreneur now faces devastating consequences as the US and UK governments jointly dismantled his empire, seizing over $15 billion in cryptocurrency and freezing hundreds of millions in London real estate. The meteoric rise and catastrophic collapse of Chen Zhi’s Prince Holding Group tells a story of how transnational fraud networks exploit geopolitical safe havens and political patronage to operate with apparent impunity—until international law enforcement moves in.

From Internet Cafe to Real Estate Magnate: Chen Zhi’s Strategic Ascent

Chen Zhi’s entrepreneurial journey began modestly in Fujian, China. Born in December 1987, he started with small-scale ventures, including establishing an internet cafe—a common entry point for young entrepreneurs in early 2000s China. However, Chen Zhi possessed an acute sense for identifying emerging opportunities. By 2011, recognizing the enormous potential in Cambodia’s rapidly developing economy, he relocated to Southeast Asia to capitalize on the booming real estate sector.

What followed was a carefully orchestrated expansion. Upon arrival in Cambodia, Chen Zhi leveraged the country’s opening economy and the influx of Chinese investment to rapidly scale his operations. In 2015, he formally established Prince Holding Group, which would become one of Cambodia’s largest conglomerates within less than a decade. The group’s real estate division transformed Cambodian urban landscapes, particularly Sihanoukville—once a sleepy coastal town—into a bustling casino hub, generating hundreds of millions in wealth for Chen Zhi.

Driven by expansion ambitions, Chen Zhi diversified into financial services. By 2018, he obtained a full banking license to establish Prince Bank, complementing the group’s real estate portfolio. According to reports, Prince Group’s total real estate investments in Cambodia exceeded $2 billion, with landmark projects including the Prince Plaza Shopping Center in Phnom Penh. By his mid-thirties, Chen Zhi had transformed himself from an unknown immigrant into a billionaire magnate whose business footprint extended across Cambodia and claimed presence in over 30 countries globally. The Prince Foundation, the group’s charitable arm, burnished his public image as a “highly respected entrepreneur and philanthropist.”

The Fraud Factories: Exposing the Criminal Infrastructure Behind the Glamour

What Western investigators uncovered beneath Prince Group’s legitimate business facade was fundamentally different from the carefully cultivated public image. According to US Department of Justice indictments and UK Foreign and Commonwealth Office documentation, Chen Zhi orchestrated one of Asia’s largest transnational criminal enterprises disguised as a conventional business conglomerate.

The criminal infrastructure operated through “industrial parks” that functioned as what US prosecutors called “high-tech fraud factories.” Within these facilities, hundreds of thousands of phones and computers powered tens of thousands of fake social media accounts engaged in coordinated global fraud operations. The scheme centered on what investigators term “pig-killing” fraud—a sophisticated investment scam targeting individuals worldwide, with particular focus on American victims who suffered massive losses.

The human dimension of this enterprise was especially grave. Trafficked migrant workers from multiple countries were imprisoned within these industrial parks and forced to operate the fraud machinery. Workers faced systematic coercion, threats of violence, and torture to ensure compliance. US Assistant Attorney General John Eisenberg characterized the criminal empire as “built on human suffering,” underscoring the systematic nature of the abuse. To obscure the illicit proceeds, Chen Zhi’s network employed money laundering through affiliated gambling platforms, cryptocurrency mining operations, and shell companies registered in offshore financial centers like the British Virgin Islands. The irony is stark: the very cryptocurrency infrastructure used to launder criminal proceeds eventually became the target of US asset seizures—specifically over $15 billion in Bitcoin confiscated from Prince Group’s holdings.

Political Protection and the Duke Elevation: How Chen Zhi Consolidated Power

Chen Zhi’s rise occurred alongside a parallel strategy: deep integration into Cambodia’s political power structure. After obtaining Cambodian citizenship, he systematically cultivated relationships with the nation’s highest echelons of power. In 2017, he was appointed as an advisor to the Ministry of Interior by royal decree, assuming a rank equivalent to senior government officials. Subsequently, he became a personal advisor to then-Prime Minister Hun Sen, providing counsel directly to Cambodia’s most powerful leader.

This political alignment remained stable even after Cambodia’s leadership transition in 2023, when Hun Manet assumed the prime ministership following Hun Sen’s departure. Chen Zhi reportedly retained his advisory status under the new regime, demonstrating the resilience of his political positioning across different administrations.

The pinnacle of Chen Zhi’s political legitimization came in July 2020 when he received the honorary title of “Duke”—one of Cambodia’s highest civilian honors bestowed by the royal family upon those deemed to have made exceptional contributions to national development. Prime Minister Hun Sen personally presented the medal, cementing Chen Zhi’s status as more than a businessman but as a state-recognized dignitary. This honor represented the apex of his integration into Cambodia’s elite circles. He attended regular banquets with the wealthy and powerful, possessed governmental connections that granted him access to Cambodia’s highest offices, and enjoyed the de facto protection that such proximity to power traditionally confers.

The International Response: When US and UK Sanctions Pierced Cambodia’s Safe Haven

The “honeymoon” between government and business in Cambodia was disrupted abruptly. In a coordinated action, the US and UK governments imposed joint sanctions on Chen Zhi and Prince Group. The US Department of Justice indicted him on charges of wire fraud and money laundering, resulting in the seizure of over $15 billion in Bitcoin. Simultaneously, the UK Foreign and Commonwealth Office froze Prince Group’s substantial London real estate holdings, including a mansion on Avenue Road valued at approximately £12 million and an office building on Fenchurch Street worth roughly £100 million, along with several additional properties.

The Cambodian government’s response has been notably cautious. While the Ministry of Interior issued statements that Prince Group operations “have always complied with the law,” the government has notably refrained from filing independent charges or launching its own investigation into Chen Zhi or the Prince Group for alleged crimes committed within Cambodia. Some analysts interpret this restraint as reflecting the durability of Chen Zhi’s political network and the continued influence he maintains among Cambodia’s leadership, suggesting reluctance to move against a figure so deeply embedded in power circles.

The Aftermath: A Transatlantic Reckoning

The international operation against Chen Zhi and Prince Group represents a significant escalation in efforts to dismantle transnational fraud networks that exploit jurisdictional gaps and political patronage. The confiscation of $15 billion in cryptocurrency assets and freezing of London properties amounts to one of the largest coordinated enforcement actions against organized crime in Southeast Asia. Chen Zhi’s transformation from Cambodia’s celebrated Duke to an international fugitive underscores a broader vulnerability: no amount of domestic political protection can insulate criminal enterprises from determined multilateral enforcement action.