Authorities around the world have joined forces to seize more than $500 million in assets from Chen Zhi, a Cambodian businessman accused of leading a vast cyber-scam empire.
Chen Zhi, also known as the founder of Prince Holding Group, is at the center of one of the biggest fraud investigations in recent years. The United States, United Kingdom, Taiwan, Hong Kong, and Singapore have all taken action against him, his company, and his associates.
Both the U.S. and U.K. governments announced joint sanctions on Chen and his network, accusing them of defrauding hundreds of victims through global online scams. According to the U.S. indictment made public on October 14, Chen faces charges of wire fraud conspiracy and money laundering conspiracy.
The investigation began after U.S. prosecutors uncovered massive financial flows linked to online scam operations. Around the same time, American authorities seized about $14 billion worth of Bitcoin, believed to be connected to Chen’s network.
Officials allege that Chen, who holds both Chinese and Cambodian citizenship, secretly oversaw an international fraud ring that used fake investment schemes, romance scams, and crypto traps to steal money from people around the world.
Luxury Cars, Yachts, and Mansions Seized Worldwide
The crackdown has stretched across several countries, each uncovering enormous piles of wealth tied to Chen Zhi and his group.
In Singapore, authorities announced an investigation on October 30, confirming the seizure of assets worth over 150 million Singapore dollars (about $114 million USD). The seized items included a luxury yacht, shelves of expensive liquor, and large sums of money held in multiple bank accounts.
That same week, Taiwanese prosecutors detained 25 suspects linked to Chen and seized assets valued at around $150 million USD. Among the confiscated items were 26 luxury cars, including a Ferrari, a Bugatti, and a Porsche, along with 11 high-end apartments in an exclusive Taipei building. Local media noted that this was the same building where Mandarin pop superstar Jay Chou owns a residence.
Meanwhile, Hong Kong police took control of HK$2.75 billion (approximately $353 million USD) in assets, mostly cash, stocks, and investment funds. These were reportedly traced to Chen and his business empire.
In the United Kingdom, authorities seized a £12 million ($15.6 million USD) mansion in North London and a £100 million ($130 million USD) office building on October 14, the same day the U.S. indictment was made public.
Together, these coordinated actions paint a picture of an enormous global fortune spread across multiple countries — now frozen by law enforcement agencies.
Accusations of a Global Scam Empire
According to U.S. investigators, Chen Zhi’s company, the Prince Holding Group, was not just a regular business empire. While it officially runs a bank, real estate developments, and investment projects in Cambodia, prosecutors believe that the bulk of Chen’s wealth came from criminal scams.
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The U.S. Department of Justice says Chen led a “pig butchering” operation — a type of online scam that tricks victims into fake relationships or investment schemes to steal their savings. In private conversations quoted in court documents, Chen allegedly bragged that the operation earned $30 million every single day.
These scams are said to be part of a broader web of cybercrime rings operating from Cambodia, Laos, Myanmar, and the Philippines. Such groups often lure victims through social media or dating apps and convince them to invest in fraudulent crypto platforms.
The United Nations estimates that these kinds of scam operations generate tens of billions of dollars annually from victims around the world.
Chen’s connections to Cambodia’s political elite have also drawn attention. He has served as an adviser to Prime Minister Hun Manet and to former leader Hun Sen. He was even awarded the honorary title “Neak Oknha”, a mark of prestige reserved for Cambodia’s wealthiest and most influential figures.
Despite the mounting allegations, Prince Holding Group has not responded to media requests for comment. Cambodian Minister of Information Pheaktra Neth also declined to address questions about the case.
With arrests, seizures, and investigations now spanning several countries, the case against Chen Zhi highlights a fast-growing international effort to tackle cyber scams and crypto fraud that have targeted thousands of unsuspecting victims around the world.
