October 27, 2025 | 05:29 pm
TEMPO.CO, Jakarta - Cambodian tycoon Chen Zhi, founder of the Prince Holding Group, is under international scrutiny after the United States government accused him of orchestrating a large-scale cryptocurrency fraud involving forced labor.
The U.S. Department of Justice (DOJ) announced that Chen, a Cambodian national, has been indicted in New York for conspiracy to commit fraud and money laundering.
According to the DOJ, Chen and an unnamed accomplice allegedly exploited trafficked individuals to defraud investors through a massive crypto scam.
The illicit profits were reportedly used to purchase luxury assets, including a cruise ship, a private jet, and Picasso paintings.
Authorities have seized more than US$14 billion worth of bitcoins linked to the operation, which FBI Director Kash Patel described as one of the largest financial fraud recoveries in history.
The U.S. and U.K. governments have also imposed sanctions on Chen’s businesses as part of a joint crackdown on transnational organized crime.
Who Is Chen Zhi?
Chen Zhi, 37, is the chairman and founder of Prince Holding Group, one of Cambodia’s largest conglomerates with interests spanning real estate, financial services, and consumer sectors.
The group’s main subsidiaries include Prince Real Estate Group, Prince Huan Yu Real Estate Group, and Prince Bank.
The conglomerate oversees projects valued at more than US$2 billion, including the prominent Prince Plaza shopping center in Phnom Penh. Media reports indicate that Chen was born in China but holds both Cambodian and British citizenship.
On the company’s website, Chen is portrayed as a prominent entrepreneur and philanthropist who contributes to various charitable causes through the Prince Foundation.
He also serves as an advisor to Prime Minister Hun Manet and former Prime Minister Hun Sen. The Cambodian government has conferred upon him the honorary title Neak Oknha, meaning “leading tycoon.”
Fraud and Forced Labor Allegations
U.S. prosecutors allege that Chen, also known as Vincent, masterminded a cyber fraud network operating under the Prince Group banner, which has evolved into one of Asia’s largest transnational criminal organizations.
The scheme, known as the “pig butchering” scam, is believed to have defrauded victims worldwide of billions of dollars.
Investigators claim that the group built at least 10 compounds across Cambodia, where trafficked workers were held against their will and forced to contact potential victims through social media and messaging platforms.
These workers were coerced into building relationships with victims and convincing them to invest in fraudulent cryptocurrency schemes.
“Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide, including many here in the United States,” said Assistant Attorney General for National Security John A. Eisenberg.
Prosecutors said Chen bragged that the scam generated up to US$30 million a day. The DOJ alleged that proceeds were spent on luxury goods, including watches, yachts, private jets, villas, and rare artworks.
If convicted, Chen faces up to 40 years in prison. Both he and his company have denied the allegations.
Cambodia’s Response
The Cambodian government said it hopes the U.S. and U.K. have gathered sufficient evidence to prosecute Chen and his company.
Ministry of Interior spokesperson Touch Sokhak stated that Prince Holding Group operates legally in Cambodia and is treated the same as any other major investor. He also confirmed that Chen obtained Cambodian citizenship lawfully.
Touch said Cambodia would cooperate with international authorities if presented with valid evidence. “We do not protect individuals who violate the law” he told reporters, adding that the government itself has not accused Chen or Prince Holding Group of wrongdoing.
“I don’t have much to say about the American and British authorities’ seeking to arrest him, but first, we just hope that there will be arguments and sufficient proof to put against him,” Touch added.
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