Who Is Chen Zhi, the Tycoon Accused of Orchestrating a KSh1.8 Trillion Global Crypto Scam?

At just 37 years old, Chen Zhi is accused of masterminding one of the largest cryptocurrency fraud operations ever uncovered. The US Department of Justice recently charged him with running cyber-fraud compounds in Cambodia that siphoned billions of dollars in crypto from victims worldwide. The US Treasury Department has already seized around KSh1.8 trillion worth of Bitcoin linked to him, its largest cryptocurrency confiscation to date.

On his company’s website, the Cambodian Prince Group portrays Chen as “a respected entrepreneur and renowned philanthropist” whose “vision and leadership have transformed Prince Group into a leading business group in Cambodia that adheres to international standards.” However, global authorities are now painting a drastically different picture.

How Did Chen Zhi Build His Empire So Fast?

Born in Fujian Province, southeastern China, Chen started his career in online gaming before relocating to Cambodia around 2010. He entered the booming real estate industry at a time when Chinese investors and government-linked elites were driving massive property growth under the Belt and Road Initiative. By 2015, he had founded the Prince Group, and within three years, launched Prince Bank after obtaining a commercial banking license.

His ventures expanded rapidly, including casinos, luxury hotels, real estate projects, and even airlines. In 2020, Chen unveiled plans for a $16 billion “Bay of Lights” eco-city, symbolizing his dominance in Cambodia’s property scene. He also obtained Cambodian citizenship, later adding Cypriot and Vanuatu passports to ease global travel and investment.

Chen’s rise was aided by close political ties. He served as an adviser to top Cambodian officials, including former Prime Minister Hun Sen and his son Hun Manet. In 2020, Cambodia’s king awarded him the title “Neak Oknha,” a designation typically requiring a donation of at least $500,000. Local media celebrated him as a philanthropist who supported education and COVID-19 relief programs.

But beneath the image of success, investigations suggest a darker reality.

What Do Global Investigators Say About the Alleged Scam Network?

According to US and UK authorities, Chen’s wealth stemmed from a vast online fraud and human trafficking network disguised as legitimate businesses. Over 128 companies and 17 individuals across seven countries have been sanctioned for links to Chen and the Prince Group. Authorities allege the organization profited from “a litany of transnational crimes including sextortion, money laundering, corruption, illegal online gambling, and the industrial-scale trafficking, torture, and extortion of enslaved workers.”

The most disturbing allegations center on Golden Fortune Science and Technology Park, a Prince Group-built compound near Cambodia’s border with Vietnam. Witnesses described horrific conditions, where mostly Chinese, Vietnamese, and Malaysian workers were trapped and forced to run online scams.

Journalist Jack Adamovic Davies, who spent three years investigating Chen, told Radio Free Asia: “Everyone I’ve spoken to who’s worked with him directly… describes him as very courteous, very calm, very measured.” Yet, he added, “it’s the sheer scale of his operations which really makes Chen Zhi stand out.”

As investigations deepen, financial regulators in Singapore, Thailand, and South Korea have frozen millions linked to Chen’s companies. Cambodia’s Central Bank has even issued public assurances to calm depositors worried about Prince Bank’s stability.

By Yockshard Enyendi