Chen Zhi - Inside one of Asia's allegedly most sophisticated Transnational Criminal Organization. What happened
Robert Nogacki describes it on Linkedin:
"The United States District Court for the Eastern District of New York has unsealed an indictment against Chen Zhi (陳志), charging the Chinese-Cambodian businessman with orchestrating one of Asia's most sophisticated transnational criminal organizations. The indictment reveals an operation that allegedly defrauded victims globally of billions of dollars through forced-labor cryptocurrency schemes while laundering proceeds through an elaborate network of ostensibly legitimate business enterprises.
Chen founded and chaired Prince Holding Group, a Cambodian conglomerate operating over one hundred business entities across more than thirty countries. While publicly presenting itself as engaged in real estate development, banking, and hospitality, federal prosecutors allege that Prince Group's core business consisted of operating forced-labor compounds throughout Cambodia executing industrial-scale "pig-butchering" cryptocurrency investment fraud schemes.
Chen directed at least ten scam compounds functioning as forced-labor camps where thousands of trafficked migrant workers were compelled to execute fraud schemes under threat of violence."
Chronology starting with U.S. indictment
Chen Zhi and USA, October 8 2025:
U.S. federal prosecutors indicted Chen and his associates.
October 14 2025: Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes U.S. Department of Justice writes: "An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion. (...) Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government." This media release does not say, how the U.S. government got these Bitcoins.
October 13 2025: Eleven Defendants Arrested for Investment Fraud, Money Laundering and Unlicensed Money Transmitting Business Schemes. An indictment was unsealed today in federal court in Brooklyn charging Jin Hua Zhang, Gregory Armand, Chen Chen, Yanbin Chen, Yanbing Chen, Changgui Huang, Xin Jin, Jiahui Miao, Lingming Zeng, Jin Fu Zhang and Hua Zhou with various offenses, including money laundering conspiracy, wire fraud conspiracy, bank fraud conspiracy, passport fraud conspiracy, aggravated identity theft and conspiring to operate an unlicensed money transmitting business. The defendants were arrested and arraigned today, in federal court in Brooklyn. “As alleged, nearly $18 million was swindled from over 200 victims throughout the country and laundered through the defendants’ sophisticated money laundering scheme,” stated United States Attorney Peace.
October 14 2025:
U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia, says U.S. Treasury.
"Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in close coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took complementary actions against criminal networks responsible for targeting citizens of the United States and other allied nations through online scams and the laundering of stolen funds.
OFAC has imposed sweeping sanctions on 146 targets within the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network led by Cambodian national Chen Zhi that operates a transnational criminal empire through online investment scams targeting Americans and others worldwide. In addition, FinCEN finalized a rule under section 311 of the USA PATRIOT Act to sever the Cambodia-based financial services conglomerate, Huione Group, from the U.S. financial system. For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors. The U.K.’s FCDO has concurrently imposed sanctions on Prince Holding Group, Chen Zhi, and his key associates. Today’s bilateral sanctions actions are accompanied by the unsealing of a criminal indictment in the U.S. District Court for the Eastern District of New York against Chen Zhi. This coordinated action is the result of close coordination between the Federal Bureau of Investigation (FBI), the U.S. Attorney’s Office for the Eastern District of New York, as well as the U.K.’s FCDO. Today, OFAC additionally designated a network of 117 Prince Group TCO-affiliated businesses, the vast majority of which are offshore shell companies that engage in no apparent real commercial or business activity, as well as one associated official. OFAC has determined these entities and individual are in fact owned or controlled by, or purport to act for or on behalf of, members of Prince Group TCO. List of these Companies."
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) later added three Taiwanese nationals and nine Taiwan-registered companies to its sanctions list.
October 17 2025:
Chen Zhi and Thailand: SC Asset and Sansiri have denied any involvement with Cambodia’s scam network, asserting no ties with Chen Zhi or Prince Holding Group and vowing legal action against those spreading false information according to The Nation Thailand on Facebook.
Panel suspects Chen Zhi of Prince Holding Group, holds assets in Thailand and may move them abroad. Pheu Thai MP Danuphorn Punnakanta, who chairs the House Committee on Anti-Money Laundering and Narcotics, said on Wednesday (October 22) that the panel is examining the financial trail of Chen Zhi. Danuphorn said the panel is closely examining large-scale gold exports through Thailand to Cambodia, which may be linked to grey businesses and financial crime networks. October 23 2025: Thailand’s Deputy Finance Minister Steps Down After Reports Linking Him to Scam Operations: In a report published on Tuesday, the Whale Hunting newsletter alleged that Vorapak’s wife had received $3 million in cryptocurrency from a Chinese-Cambodian criminal network that he was tasked with investigating as part of a special government anti-scam committee. The allegation was based on “signed Singapore corporate filings.” Vorapak denied any connections to scamming gangs but said that he would step down in order to shield the government from any distractions. While there appear to be few online scamming centers based on Thai soil, the country has functioned as a physical and financial gateway for scamming operations in Myanmar and Cambodia, many of which are located in close proximity to these countries’ borders with Thailand. It is now evident that many of the tens of thousands of victims who staff scam centers in these areas arrive or are trafficked via Thailand. In July, Thai police issued an arrest warrant for Kok An, a prominent tycoon and ally of former Prime Minister Hun Sen, accusing him of involvement in online scam operations along the two nations’ border. In another related development, Thailand’s Anti-Money Laundering Office announced yesterday that it had frozen 70 million baht ($2.1 million) of assets linked to Ly Yong Phat, another Cambodian tycoon and ally of Hun Sen, who has been sanctioned by the U.S. and U.K. governments for his involvement in forced labor, human trafficking, and online scams.
October 26 2025: Thailand Revokes Citizenship of Cambodian Crime Figures, Including Hun Sen Associate: According to the report, Prime Minister Anutin Chanwirakun signed an order to strip Thai citizenship from Pat Supapha (67), known by the alias “Li Yongphat.” Li Yongphat, a Cambodian People’s Party (CPP) senator and prominent businessman, is reportedly a close associate of Hun Sen, Cambodia’s Senate chairman and de facto leader. Additionally, the Department of Special Investigation (DSI) under the Thai Ministry of Justice has launched an investigation into “Prince International,” a Thai company allegedly linked to the “Prince Group,” which operated the notorious “Taejadanji” crime complex in Cambodia. The Thai Ministry of Justice said, “The DSI will investigate allegations that politicians are involved in fraud cases and the relationship between Prince International and the Prince Group,” adding, “While the identities of implicated politicians have not yet been disclosed, anyone involved will face legal action regardless of their status.” According to Thai daily *The Nation*, the DSI questioned two Thai shareholders of Prince International on the 24th regarding suspicions of their ties to the Prince Group and involvement in fraud. The two shareholders reportedly claimed that Prince International is a real estate brokerage completely separate from the Prince Group and provided records showing that approximately 90% of the company’s revenue comes from domestic real estate leases in Thailand.
Li Yongphat and his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group), and O‑Smach Resort have been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for their role in serious human rights related to the treatment of trafficked workers subjected to forced labor in online scam centers. OFAC also designated Cambodia-based Garden City Hotel, Koh Kong Resort, and Phnom Penh Hotel for being owned or controlled by Ly. For more than two years, according to Treasury, O-Smach Resort has been investigated by police and publicly reported on for serious human rights abuse.
November 10, 2025: Thailands Prime Minister Anutin Charnvirakul led a press conference on the results of the crackdown on "scammers," emphasizing the importance of this as a national agenda. He launched the "United Thailand Against Scammers" campaign, highlighting the arrests and reimbursement of over 312 million baht to victims. He ordered a joint hunt for transnational networks with the FBI and Interpol.
Dezember 3 2025: Thailand seizes US$300 million in assets linked to cyberscam networks.. Thailand has seized more than US$300 million in assets tied to criminal networks running multibillion-dollar scam centres in Southeast Asia, Prime Minister Anutin Charnvirakul said on Wednesday according to Channel News Asia. Asseds of Chen Zhi, Cambodian senator Kok An and two Thai nationals were seized. Thailand's Anti-Money Laundering Office said on Tuesday it had seized around 100 items belonging to Prince's Chen worth 373 million baht (US$11.7 million), including land, cash, luxury goods and jewellery. More details on nationthailand. Also targeted by these seizures: South African Benjamin Mauerberger, also known as Ben Smith.
October 18 2025: How did the United States seize the 120,000 bitcoins of Chen Zhi, the boss of the industrial park? Chen Zhi's ending is a clear warning: blockchain is not a safe haven for crime. No matter where they hide, the digital footprints on the chain will eventually point to the truth.
October 18 2025:
Chen Zhi and Cambodia: Companies related to the Prince Group include Jinbei Group, Golden Fortune Resort World, which operates a crime complex outside Phnom Penh, and Bix Exchange, a cryptocurrency platform. Chen Zhi in 2015 established a "Prince Finance" micro-loan institution. It was converted into a commercial bank called "Prince Bank" in 2018. Has now grown into a large bank with 31 branches across Cambodia. In addition to banking, his Prince Group has grown into a giant that covers real estate development, casinos (Jinbay Casino) and watchmaking (Prince Horology). He also built his image as a "charity businessman" by donating more than $16 million through the "Prince Foundation" and running a scholarship project. After acquiring Cambodian citizenship in 2014, he was given the title of adviser in succession, including former Deputy Prime Minister Sarkeng, National Assembly Speaker Rinshan, former Prime Minister Hun Sen, and current Prime Minister Hun Manet. He served as a personal adviser to former Prime Minister Hun Sen and accompanied him on overseas trips such as visiting the UN General Assembly and provided chartered flights. He operated a large casino hotel in Sihanoukville from 2017 to 2021 through a joint venture called "Jinbei Cambodia Investment" with current Interior Minister Sar Sokha, the son of former Interior Minister Sarkeng. In December 2024 Chairman Chen Zhi abruptly resigned as chairman of Prince Bank's board of directors.
In Cambodia, the Commercial Gambling Management Committee (CGMC) suspended the Silver Star casino licence in Bavet in mid-October after raids that led to the arrest of 23 foreigners identified as heads of scam centres.
October 28 2025: Jacob Sims writes on The Diplomat: After Prince Group Sanctions, Unanswered Questions for Cambodia’s Interior Minister. "A question lingers: how does the world respond to a ruling elite that built – and still benefits from – the very industry now under scrutiny? What accountability, if any, will reach the current and former prime ministers who each elevated Chen Zhi into Cabinet-level advisory roles? And what of the supposedly reform-minded deputy prime minister leading Cambodia’s “anti-scam” crackdown, who served as a named corporate director alongside infamous criminals now under sanctions spanning three continents? (...) According to Cambodia’s own corporate registry, Sar Sokha, now deputy prime minister and minister of interior, was listed as a director of Jin Bei (Cambodia) Investment Co. Ltd. in 2017, alongside Chen Zhi, Ing Dara, Zhu Jack, and Guy Chhay. Each of his four co-directors has now been explicitly sanctioned or named as suspected co-conspirators in the recent U.S. indictment. (...) Sar Sokha stepped down from his director role at Jin Bei Investment Co. Ltd a year and a half after the company was incorporated, and it has since been dissolved. It remains unclear precisely what role the entity played in the wider Jinbei Group, but the ownership overlap is precise and exists alongside a number of similarly linked companies. (...) While many questions remain, it is clear that Chen’s empire did not emerge in isolation. It grew inside a political economy that long ago erased the line between corrupt governance, inequitable business practices, and outright organized crime. Under the control of a small cadre of ruling elites, the same ministries now tasked with dismantling scam compounds quietly enabled their rise – through opaque licensing, selective enforcement, and protection of the well-connected. (...) The result is a state-protected industry that has become perhaps the most profitable export in Cambodia’s history. By early 2025, domestically situated scamming operations were estimated to generate between $12.5 and $19 billion annually, a tariff-proof cash cow far outstripping the garment sector and amounting to a staggering share of GDP."
On November 2, 2025, Cambodia’s national police ordered the closure of four casinos owned by Jin Bei Group — an entity closely tied to Prince Group — amid suspicions of facilitating online fraud. On X.com Jacob in Cambodia reports: "The day after the U.S. sanctioned Chen Zhi and Prince Group on October 15, Cambodia’s Commercial Gambling Commission suspended the licenses of four Jin Bei–linked casinos in Sihanoukville. The orders were dated October 16, but enforcement followed weeks later when authorities visited the sites and posted the official closure notices on November 2. (...) The suspended licenses belong to Jin Bei Group Co., Ltd., Cambodian Heng Xin Real Estate Co., Ltd., and G.C Media Co., Ltd., which operated Jin Bei Group Casino, Jin Bei Casino, G.C Casino, and Jin Bei 4 Casino".
November 8: Cambodian police arrested 658 suspects, mostly foreigners, in Svay Rieng’s Bavet town on November 4 for online scam operations. The raids targeted two sites: one building with 57 suspects, including 12 Cambodians working as staff, and a twin nine-storey complex with 601 foreigners from four nationalities.
November 9 2025: Hundreds of foreign nationals have been detained this afternoon in a major police raid in Sihanoukville. Authorities say the operation targeted an online scam hub located behind Chamkar Chek Hospital, near the old Oscar Casino.
November 10 2025: Massive raid in Sihanoukville: 263 foreign nationals arrested at the former Galaxy World Casino for alleged online scamming. Those detained include 207 Chinese and others from Bangladesh, Pakistan, Vietnam, and several countries. Over 4,000 phones and 860 computers seized.
October 20 2025: Thailand and Cambodia face danger from ‘Dragon Head’ the Chinese mafia leader behind the scams. Chen Zhi appears to be just a lieutenant for the real 14K boss, Wan Kuok-koi, known as Dragon Head. Sources close to the investigation claim that Chen Zhi is merely a front man. . “14K” gang expanded from China, Macau, and Hong Kong in 2013, under pressure from Chinese President Xi Jinping. Subsequently, it moved operations to Sihanoukville. The gang’s influence extends to warlord-controlled areas of Myanmar. Previously, in 2020, international pressure forced 14K to move out of Sihanoukville. Since then, scam centres have relocated across Cambodia. Investigations reveal links between the gang and Chinese tycoon Du Hao. Du Hao was arrested in Thailand in 2022 in a massive Royal Thai Police investigation that took two and a half years before reaching the courts. In February 2025, the Thai Criminal Court dismissed charges against Du Hao and over twenty others, citing inconclusive evidence. Songrit Phonengen, a Mekong regional expert, confirmed Chen Zhi’s central role in the 14K gang. He explained that the gang expanded scam networks along the Mekong River and throughout Southeast Asia. Historically, 14K emerged from drug trafficking, human trafficking, prostitution, and online casino operations in Hong Kong and Macau. When Chinese President Xi Jinping announced a nationwide crackdown in 2013, members fled.
October 21 2025: trm.labs.com in their blog about the USD 15 Billion Forfeiture: The forfeited bitcoin—127,271 BTC—was stored in 25 unhosted wallets controlled by Chen and his top lieutenants. According to the complaint, Chen personally held the seed phrases for several wallets, which investigators later recovered. According to TRM analysis, the funds can be traced through on-chain analysis to a December 2020 movement long referred to as the Lubian Hack, though the complaint suggests that it may not have been an external breach at all but rather an insider theft within the Prince Group’s own laundering network. The financial section of the complaint provides remarkable detail about how the enterprise laundered billions through crypto and shell structures. Between 2021 and 2022, the so-called Brooklyn Network moved more than USD 18 million from US victims back to Prince Group accounts in Cambodia. Chen oversaw professional “money houses” that collected scam proceeds in bitcoin and stablecoins (USDT, USDC), converted them into fiat, and then repurchased clean crypto to recycle through front companies and gambling or mining ventures. He personally discussed “BTC washing” operations and coordinated with underground exchanges. The unsealed government documents expose a system of organized corruption that allowed Prince Group to operate openly under the protection of senior Chinese officials. According to the complaint, Chen Zhi and his co-conspirators used political influence to shield their scam compounds from law enforcement scrutiny, including direct coordination with officials from China’s Ministry of Public Security (MPS) and Ministry of State Security (MSS). Ledgers recovered by investigators reveal the depth and precision of this bribery network. In 2019, one of Chen’s lieutenants purchased a yacht worth more than USD 3 million for a senior government official, while Chen himself later bought luxury watches valued in the millions for another official who used his influence to secure Chen a diplomatic passport. That passport—issued in 2020—enabled Chen to travel freely, including a trip to the United States in April 2023.
Chen Zhi and China:
A Chinese court in 2020 called the Prince Group "a sinister international online gambling crime group with at least 5 billion yuan (about 950 billion won) in illegal income," and Beijing police were confirmed to have set up a special team for the Prince Group investigation in May 2020.
February 5, 2024: Chinese courts go after ‘notorious’ Cambodian conglomerate: Previously unreported Chinese criminal court judgments dating from 2020 to 2022 describe Chen’s Prince Group as a “notorious transnational online gambling criminal group” that has generated at least 5 billion yuan ($700 million) in illicit revenue. In May 2020, Beijing police established a special task force to investigate the Prince Group, court records show. Since then, there have been at least seven judgments from separate Chinese provincial courts convicting low-level Prince Group or Prince Group-linked employees of gambling and money laundering offenses. A July 2022 announcement by the Wancang County Court in Sichuan province estimated the Prince Group’s illicit profits from gambling activities since 2016 at more than 5 billion yuan ($700 million).
November 8 2025, Vision Times: "The turning point came when a senior Prince Group executive was arrested in Thailand and began cooperating with investigators. He revealed the location of Chen’s encrypted cryptocurrency servers. (...) A former Chinese intelligence officer using the alias Eric claimed that Prince Group functioned as a logistical front for Beijing’s Ministry of State Security, funding overseas operations under the doctrine of “business sustaining espionage.” He alleged that Chen’s private club in Phnom Penh, Yunxuan Pavilion, hosted secret meetings between Chinese state security officials and overseas operatives tasked with targeting dissidents — including the Chinese political cartoonist “Badiucao” (Wang Liming). (...) Another concern for Western governments is Chen’s investment footprint in the Pacific island nation of Palau, where his shell company, Grand Legend, allegedly partnered with Wang Guodan, a senior member of the Palau Chinese Association, believed to have informal links to Beijing’s United Front apparatus. The company acquired a 99-year lease on Ngerebelas Island, located near key U.S. military routes in the Western Pacific. (...) Unverified rumors circulating in Chinese online circles claim Chen may be a hidden member of Xi Jinping’s extended family, or at least a financial proxy for Xi’s sister Qi Qiaoqiao and her business network.
Chen Zhi and Dubai, October 23 2025:
Zhu Zhongbiao, key figure in Cambodian billionaire Chen Zhi’s online scam empire: Zhu Zhongbiao, a casino mogul identified as a key figure in Cambodian billionaire Chen Zhi’s alleged online fraud empire, has amassed a multi-million-dollar property portfolio in Dubai and London, recent reports show. 44-year-old businessman, who heads the Jin Bei Group in Cambodia. Zhu is also wanted by Chinese authorities for money laundering charges. He gained Cambodian citizenship in 2017, adopting the name "Zhu Jack," and acquired Cypriot citizenship with his wife, Wang Xiaoyan, in September 2018, according to Cyprus records. Among Zhu’s assets are 29 Dubai properties, which he bought mostly between 2019 and 2022, according to The Organized Crime and Corruption Report Project. They include 16 units across two floors of Creek Rise Tower 2 in Dubai Creek Harbour, valued at approximately $7.9 million, and a unit in Dubai Creek Residences. He also acquired 10 units in HDS Tower near Dubai Marina and office spaces in Tamani Arts Office Building overlooking Burj Khalifa. Zhu’s wife Wang Xiaoyan purchased five luxury London properties between 2021 and 2022, worth at least $6 million. These include apartments on the 59th floor of Landmark Pinnacle in Canary Wharf and three units near the former Battersea Power Station, according to U.K. property records. Zhu owns four U.K. companies registered at the same London address as his wife’s company Fuheng Wang Group. Cambodian Heng Xin, a real estate investment company where Zhu serves as director, has also been accused by the U.S. Treasury of involvement in Prince Group’s fraud activities.
Chen Zhi and Singapore, October 30 2025: Singapore police seize over S$150 million (USD 115 million) in assets. Forgery and money laundering investigations into Cambodia's Prince Holding Group and its founder Chen Zhi. The assets include six properties, bank accounts, securities accounts and cash. "Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders," the Singapore Police Force (SPF) said in a media release. Singapore police said it received financial intelligence relating to Chen and his associates from the police's Suspicious Transaction Reporting Office in 2024. "We had commenced investigations and engaged relevant foreign counterparts for information and assistance, given that the criminal activities were allegedly being conducted overseas," the police said.
Three Singaporeans had been sanctioned by U.S. One of them, Ms Chen Xiuling, has since resigned from her role as a director at Taiwanese livestreaming platform 17Live Group. According to the U.S. Treasury Department, Ms Chen Xiuling, 43, oversees Prince Holding Group companies based in Mauritius, Taiwan and Singapore. Of the 17 Singapore-registered entities sanctioned, Ms Chen is listed as either director, company secretary and/or shareholder of 14 of them. Based on DW Capital’s website, Ms Chen Xiuling is the chief finance officer of the company, which was founded by Chen Zhi. Also sanctioned: Alan Yeo Sin Huat and Nigel Tang Wan Bao Nabil. Mr Yeo's LinkedIn profile shows he was CEO of DW Capital from January 2022. Mr Tang is listed as director of Cloud Xero Management and Warpcapital Yacht Management and as head of operations at Capital Zone Warehousing,which offers luxury storage solutions for alcohol and cigars. 17 Singapore-registered entities have been sanctioned. Checks by CNA found that 14 of these entities were registered at the same Singapore address –2 Jalan Kilang Barat in Bukit Merah The entities are part of a wider network of 117 Prince Group-affiliated businesses designated by the Treasury Department. Of these, the vast majority are offshore shell companies that engage in no apparent real commercial or business activity, authorities said. Apart from Singapore, these companies are registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.
Singapore cancels tax incentives for two family offices with links to Cambodia's Prince Group: Properties of Chen Zhi: He purchased nearly $31 million worth of luxury properties in 2017, including a $17 million penthouse near Orchard Road,according to Bloomberg. A $12 million suite at Le Nouvel Ardmorebecame a hub for his operations, featuring a wine cellar, karaoke room, and cigar lounge, according to people familiar with his activities. Chen also controlled Skyline Investment Management, which issued car loans, and operated a co-working space and warehouse in Singapore that received duty exemptions for tea, whisky, and cigars.
Chen Zhi and Japan: Japanese journalist Hatari Sako writes, that the Prince Group's Japanese branch is located in Chiyoda Ward, and Chen Zhis (のチェン・ジ) residence is in Kita-Aoyama, Minato Ward, both Tokyo. Japanese companies associated with the Prince Group are listed as engaging in real estate sales and similar business activities. Companies mentioned in Japan include Prince Japan, a consulting company established in Shibuya, Tokyo in 2023, and Canopy Sands Development Japan, a real estate company established in Kiyoda, Tokyo in 2024.
Chen Zhi and Chen Xiao’er: December 19: occrp.org reports that Chen Xiao'er is a close ally of Chen Zhi and that he participated under multiple identities in the Cambodia-headquartered Prince Group. He operates also under the names Wu An Ming, (with Passport of Saint Kitts and Nevis), Hu Shi (with Cypriot passport) and Hu Xiaowei (birthname, born in 1982 in China’s eastern Jiangsu province, also Cambodian citizen and there advisor of Heng Samrin). Hu Xiaowei is reportedly being investigated in Taiwan for allegedly playing a major role in the Prince Group. Under the name Wu An Ming he owned London properties worth more than $44 million. Together with Chen Zhi in 2015 he was shareholders of Zhongjing Technology Investment Co Ltd., according to Chinese corporate records. Then he was shareholder of Alphaconnect Investment Pte Ltd., and Alphaconect Investment Pte II Ltd. Those two Singaporean companies were among the 146 targets sanctioned by the U.S. Treasury as part of the Prince Group. Both companies were shareholders in Taiwanese firms that purchased apartments in Taipei’s Peace Palace tower block in 2019. They did so alongside six other Taiwanese companies whose shareholders were also Singaporean firms owned by senior Prince Group executives, including Chen Zhi. In a two month period in 2021, all eight companies were transferred to Chen Zhi’s control.
Chronology before U.S. indictment
CA investigator visited suspect company in Cambodia, Youtube video from October 18 2025:
Bloomberg documentary about Huione Group, Video on Youtube, August 1, 2025:
July 18 2025. U.S.-China economic and Security Review Commission. Commission spotlight:The Chinese criminals behind scam centers have built ties—some overt, some deniable—to the Chinese government by embracing patriotic rhetoric, supporting China’s Belt and Road Initiative (BRI), and promoting pro-Beijing propaganda overseas. As a result, Chinese crime syndicates have expanded across Southeast Asia with, at a minimum, implicit backing from elements of the Chinese government. Beijing has selectively cracked down on scam centers that target Chinese victims, leading Chinese criminal organizations to conclude that they can make greater profits with lower risk by targeting citizens of wealthy countries such as the United States. After General Secretary of the Chinese Communist Party (CCP) Xi Jinping launched his anticorruption campaign in 2012, many Chinese criminal organizations relocated their illicit gambling operations to Southeast Asia—particularly the Philippines, Cambodia, Laos, and Burma (Myanmar)—outside the reach of Chinese law enforcement. The cases of two notorious Chinese kingpins — She Zhijiang and Wan Kuok-Koi (“Broken Tooth”) — highlight how criminal actors gained tacit support from Chinese authorities while amassing vast profits from scam centers. She Zhijiang’s Yatai New City Project in the town of Shwe Kokko on the Thai-Burmese border. Broken Tooth spent 14 years in prison before reestablishing his criminal operations in Southeast Asia.37 In 2019, Broken Tooth reached an agreement with the Karen Border Guard Force in Burma to establish the Dongmei Zone near the Thai-Burmese border, which was initially billed as a high-end tourism project but quickly became a notorious cluster of scam compounds. In 2017, Broken Tooth founded the World Hongmen History and Culture Association in Cambodia, which claims to be dedicated to promoting the “great rejuvenation” of the Chinese nation and which frequently disseminates articles echoing Beijing’s propaganda on issues such as Hong Kong and Taiwan. According to recent reports, high-level Cambodian officials have deep ties to the Chinese criminal networks operating scam centers in the country. Hun To, a cousin of the prime minister, is on the board of directors of Huione Group, which has been accused of laundering hundreds of millions of dollars in profits from online scams. Chinese criminal groups are also fueling large-scale government corruption in Laos. In 2007, the Laos government agreed to a deal with a Chinese criminal boss named Zhao Wei to create the Golden Triangle Special Economic Zone.
May 2025:
Cambodia, epicenter of scam economy: Cambodia is estimated to make $12.5 billion to $19 billion a year from cybercrime – equivalent to about 60% of the country’s GDP, according to a report published by the Humanity Research Consultancy in May.
May 26 2025:
Chairman Chen Zhi Named Cambodia’s Entrepreneur of the Year. Prince Holding Group’s Chairman Neak Oknha Chen Zhi has been named Entrepreneur of the Year in Cambodia 2025 by the World Business Outlook Awards.
May 4 2024: Cambodia's US$16 billion 'eco-city' raises financial and environmental concerns. Cambodia’s largest ever coastal development project in the coastal city of Sihanoukville called Bay of Lights, a 934-hectare “eco city”. Water sport offerings and a go-kart track. A golf course, shopping malls, luxury hotels and an international financial centre are planned for the future. The developers say 160,000 people might live here, a company called Canopy Sands. Its parent company is Prince Holding Group.
"The United States District Court for the Eastern District of New York has unsealed an indictment against Chen Zhi (陳志), charging the Chinese-Cambodian businessman with orchestrating one of Asia's most sophisticated transnational criminal organizations. The indictment reveals an operation that allegedly defrauded victims globally of billions of dollars through forced-labor cryptocurrency schemes while laundering proceeds through an elaborate network of ostensibly legitimate business enterprises.
Chen founded and chaired Prince Holding Group, a Cambodian conglomerate operating over one hundred business entities across more than thirty countries. While publicly presenting itself as engaged in real estate development, banking, and hospitality, federal prosecutors allege that Prince Group's core business consisted of operating forced-labor compounds throughout Cambodia executing industrial-scale "pig-butchering" cryptocurrency investment fraud schemes.
Chen directed at least ten scam compounds functioning as forced-labor camps where thousands of trafficked migrant workers were compelled to execute fraud schemes under threat of violence."
Chronology starting with U.S. indictment
Chen Zhi and USA, October 8 2025:
U.S. federal prosecutors indicted Chen and his associates.
October 14 2025: Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes U.S. Department of Justice writes: "An indictment was unsealed today in federal court in Brooklyn, New York, charging Cambodian national Chen Zhi, also known as Vincent, 37, the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labor scam compounds across Cambodia. Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world. The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion. (...) Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government." This media release does not say, how the U.S. government got these Bitcoins.
October 13 2025: Eleven Defendants Arrested for Investment Fraud, Money Laundering and Unlicensed Money Transmitting Business Schemes. An indictment was unsealed today in federal court in Brooklyn charging Jin Hua Zhang, Gregory Armand, Chen Chen, Yanbin Chen, Yanbing Chen, Changgui Huang, Xin Jin, Jiahui Miao, Lingming Zeng, Jin Fu Zhang and Hua Zhou with various offenses, including money laundering conspiracy, wire fraud conspiracy, bank fraud conspiracy, passport fraud conspiracy, aggravated identity theft and conspiring to operate an unlicensed money transmitting business. The defendants were arrested and arraigned today, in federal court in Brooklyn. “As alleged, nearly $18 million was swindled from over 200 victims throughout the country and laundered through the defendants’ sophisticated money laundering scheme,” stated United States Attorney Peace.
October 14 2025:
U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia, says U.S. Treasury.
"Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in close coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took complementary actions against criminal networks responsible for targeting citizens of the United States and other allied nations through online scams and the laundering of stolen funds.
OFAC has imposed sweeping sanctions on 146 targets within the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network led by Cambodian national Chen Zhi that operates a transnational criminal empire through online investment scams targeting Americans and others worldwide. In addition, FinCEN finalized a rule under section 311 of the USA PATRIOT Act to sever the Cambodia-based financial services conglomerate, Huione Group, from the U.S. financial system. For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors. The U.K.’s FCDO has concurrently imposed sanctions on Prince Holding Group, Chen Zhi, and his key associates. Today’s bilateral sanctions actions are accompanied by the unsealing of a criminal indictment in the U.S. District Court for the Eastern District of New York against Chen Zhi. This coordinated action is the result of close coordination between the Federal Bureau of Investigation (FBI), the U.S. Attorney’s Office for the Eastern District of New York, as well as the U.K.’s FCDO. Today, OFAC additionally designated a network of 117 Prince Group TCO-affiliated businesses, the vast majority of which are offshore shell companies that engage in no apparent real commercial or business activity, as well as one associated official. OFAC has determined these entities and individual are in fact owned or controlled by, or purport to act for or on behalf of, members of Prince Group TCO. List of these Companies."
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) later added three Taiwanese nationals and nine Taiwan-registered companies to its sanctions list.
October 17 2025:
Chen Zhi and Thailand: SC Asset and Sansiri have denied any involvement with Cambodia’s scam network, asserting no ties with Chen Zhi or Prince Holding Group and vowing legal action against those spreading false information according to The Nation Thailand on Facebook.
Panel suspects Chen Zhi of Prince Holding Group, holds assets in Thailand and may move them abroad. Pheu Thai MP Danuphorn Punnakanta, who chairs the House Committee on Anti-Money Laundering and Narcotics, said on Wednesday (October 22) that the panel is examining the financial trail of Chen Zhi. Danuphorn said the panel is closely examining large-scale gold exports through Thailand to Cambodia, which may be linked to grey businesses and financial crime networks. October 23 2025: Thailand’s Deputy Finance Minister Steps Down After Reports Linking Him to Scam Operations: In a report published on Tuesday, the Whale Hunting newsletter alleged that Vorapak’s wife had received $3 million in cryptocurrency from a Chinese-Cambodian criminal network that he was tasked with investigating as part of a special government anti-scam committee. The allegation was based on “signed Singapore corporate filings.” Vorapak denied any connections to scamming gangs but said that he would step down in order to shield the government from any distractions. While there appear to be few online scamming centers based on Thai soil, the country has functioned as a physical and financial gateway for scamming operations in Myanmar and Cambodia, many of which are located in close proximity to these countries’ borders with Thailand. It is now evident that many of the tens of thousands of victims who staff scam centers in these areas arrive or are trafficked via Thailand. In July, Thai police issued an arrest warrant for Kok An, a prominent tycoon and ally of former Prime Minister Hun Sen, accusing him of involvement in online scam operations along the two nations’ border. In another related development, Thailand’s Anti-Money Laundering Office announced yesterday that it had frozen 70 million baht ($2.1 million) of assets linked to Ly Yong Phat, another Cambodian tycoon and ally of Hun Sen, who has been sanctioned by the U.S. and U.K. governments for his involvement in forced labor, human trafficking, and online scams.
October 26 2025: Thailand Revokes Citizenship of Cambodian Crime Figures, Including Hun Sen Associate: According to the report, Prime Minister Anutin Chanwirakun signed an order to strip Thai citizenship from Pat Supapha (67), known by the alias “Li Yongphat.” Li Yongphat, a Cambodian People’s Party (CPP) senator and prominent businessman, is reportedly a close associate of Hun Sen, Cambodia’s Senate chairman and de facto leader. Additionally, the Department of Special Investigation (DSI) under the Thai Ministry of Justice has launched an investigation into “Prince International,” a Thai company allegedly linked to the “Prince Group,” which operated the notorious “Taejadanji” crime complex in Cambodia. The Thai Ministry of Justice said, “The DSI will investigate allegations that politicians are involved in fraud cases and the relationship between Prince International and the Prince Group,” adding, “While the identities of implicated politicians have not yet been disclosed, anyone involved will face legal action regardless of their status.” According to Thai daily *The Nation*, the DSI questioned two Thai shareholders of Prince International on the 24th regarding suspicions of their ties to the Prince Group and involvement in fraud. The two shareholders reportedly claimed that Prince International is a real estate brokerage completely separate from the Prince Group and provided records showing that approximately 90% of the company’s revenue comes from domestic real estate leases in Thailand.
Li Yongphat and his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group), and O‑Smach Resort have been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for their role in serious human rights related to the treatment of trafficked workers subjected to forced labor in online scam centers. OFAC also designated Cambodia-based Garden City Hotel, Koh Kong Resort, and Phnom Penh Hotel for being owned or controlled by Ly. For more than two years, according to Treasury, O-Smach Resort has been investigated by police and publicly reported on for serious human rights abuse.
November 10, 2025: Thailands Prime Minister Anutin Charnvirakul led a press conference on the results of the crackdown on "scammers," emphasizing the importance of this as a national agenda. He launched the "United Thailand Against Scammers" campaign, highlighting the arrests and reimbursement of over 312 million baht to victims. He ordered a joint hunt for transnational networks with the FBI and Interpol.
Dezember 3 2025: Thailand seizes US$300 million in assets linked to cyberscam networks.. Thailand has seized more than US$300 million in assets tied to criminal networks running multibillion-dollar scam centres in Southeast Asia, Prime Minister Anutin Charnvirakul said on Wednesday according to Channel News Asia. Asseds of Chen Zhi, Cambodian senator Kok An and two Thai nationals were seized. Thailand's Anti-Money Laundering Office said on Tuesday it had seized around 100 items belonging to Prince's Chen worth 373 million baht (US$11.7 million), including land, cash, luxury goods and jewellery. More details on nationthailand. Also targeted by these seizures: South African Benjamin Mauerberger, also known as Ben Smith.
October 18 2025: How did the United States seize the 120,000 bitcoins of Chen Zhi, the boss of the industrial park? Chen Zhi's ending is a clear warning: blockchain is not a safe haven for crime. No matter where they hide, the digital footprints on the chain will eventually point to the truth.
October 18 2025:
Chen Zhi and Cambodia: Companies related to the Prince Group include Jinbei Group, Golden Fortune Resort World, which operates a crime complex outside Phnom Penh, and Bix Exchange, a cryptocurrency platform. Chen Zhi in 2015 established a "Prince Finance" micro-loan institution. It was converted into a commercial bank called "Prince Bank" in 2018. Has now grown into a large bank with 31 branches across Cambodia. In addition to banking, his Prince Group has grown into a giant that covers real estate development, casinos (Jinbay Casino) and watchmaking (Prince Horology). He also built his image as a "charity businessman" by donating more than $16 million through the "Prince Foundation" and running a scholarship project. After acquiring Cambodian citizenship in 2014, he was given the title of adviser in succession, including former Deputy Prime Minister Sarkeng, National Assembly Speaker Rinshan, former Prime Minister Hun Sen, and current Prime Minister Hun Manet. He served as a personal adviser to former Prime Minister Hun Sen and accompanied him on overseas trips such as visiting the UN General Assembly and provided chartered flights. He operated a large casino hotel in Sihanoukville from 2017 to 2021 through a joint venture called "Jinbei Cambodia Investment" with current Interior Minister Sar Sokha, the son of former Interior Minister Sarkeng. In December 2024 Chairman Chen Zhi abruptly resigned as chairman of Prince Bank's board of directors.
In Cambodia, the Commercial Gambling Management Committee (CGMC) suspended the Silver Star casino licence in Bavet in mid-October after raids that led to the arrest of 23 foreigners identified as heads of scam centres.
October 28 2025: Jacob Sims writes on The Diplomat: After Prince Group Sanctions, Unanswered Questions for Cambodia’s Interior Minister. "A question lingers: how does the world respond to a ruling elite that built – and still benefits from – the very industry now under scrutiny? What accountability, if any, will reach the current and former prime ministers who each elevated Chen Zhi into Cabinet-level advisory roles? And what of the supposedly reform-minded deputy prime minister leading Cambodia’s “anti-scam” crackdown, who served as a named corporate director alongside infamous criminals now under sanctions spanning three continents? (...) According to Cambodia’s own corporate registry, Sar Sokha, now deputy prime minister and minister of interior, was listed as a director of Jin Bei (Cambodia) Investment Co. Ltd. in 2017, alongside Chen Zhi, Ing Dara, Zhu Jack, and Guy Chhay. Each of his four co-directors has now been explicitly sanctioned or named as suspected co-conspirators in the recent U.S. indictment. (...) Sar Sokha stepped down from his director role at Jin Bei Investment Co. Ltd a year and a half after the company was incorporated, and it has since been dissolved. It remains unclear precisely what role the entity played in the wider Jinbei Group, but the ownership overlap is precise and exists alongside a number of similarly linked companies. (...) While many questions remain, it is clear that Chen’s empire did not emerge in isolation. It grew inside a political economy that long ago erased the line between corrupt governance, inequitable business practices, and outright organized crime. Under the control of a small cadre of ruling elites, the same ministries now tasked with dismantling scam compounds quietly enabled their rise – through opaque licensing, selective enforcement, and protection of the well-connected. (...) The result is a state-protected industry that has become perhaps the most profitable export in Cambodia’s history. By early 2025, domestically situated scamming operations were estimated to generate between $12.5 and $19 billion annually, a tariff-proof cash cow far outstripping the garment sector and amounting to a staggering share of GDP."
On November 2, 2025, Cambodia’s national police ordered the closure of four casinos owned by Jin Bei Group — an entity closely tied to Prince Group — amid suspicions of facilitating online fraud. On X.com Jacob in Cambodia reports: "The day after the U.S. sanctioned Chen Zhi and Prince Group on October 15, Cambodia’s Commercial Gambling Commission suspended the licenses of four Jin Bei–linked casinos in Sihanoukville. The orders were dated October 16, but enforcement followed weeks later when authorities visited the sites and posted the official closure notices on November 2. (...) The suspended licenses belong to Jin Bei Group Co., Ltd., Cambodian Heng Xin Real Estate Co., Ltd., and G.C Media Co., Ltd., which operated Jin Bei Group Casino, Jin Bei Casino, G.C Casino, and Jin Bei 4 Casino".
November 8: Cambodian police arrested 658 suspects, mostly foreigners, in Svay Rieng’s Bavet town on November 4 for online scam operations. The raids targeted two sites: one building with 57 suspects, including 12 Cambodians working as staff, and a twin nine-storey complex with 601 foreigners from four nationalities.
November 9 2025: Hundreds of foreign nationals have been detained this afternoon in a major police raid in Sihanoukville. Authorities say the operation targeted an online scam hub located behind Chamkar Chek Hospital, near the old Oscar Casino.
November 10 2025: Massive raid in Sihanoukville: 263 foreign nationals arrested at the former Galaxy World Casino for alleged online scamming. Those detained include 207 Chinese and others from Bangladesh, Pakistan, Vietnam, and several countries. Over 4,000 phones and 860 computers seized.
October 20 2025: Thailand and Cambodia face danger from ‘Dragon Head’ the Chinese mafia leader behind the scams. Chen Zhi appears to be just a lieutenant for the real 14K boss, Wan Kuok-koi, known as Dragon Head. Sources close to the investigation claim that Chen Zhi is merely a front man. . “14K” gang expanded from China, Macau, and Hong Kong in 2013, under pressure from Chinese President Xi Jinping. Subsequently, it moved operations to Sihanoukville. The gang’s influence extends to warlord-controlled areas of Myanmar. Previously, in 2020, international pressure forced 14K to move out of Sihanoukville. Since then, scam centres have relocated across Cambodia. Investigations reveal links between the gang and Chinese tycoon Du Hao. Du Hao was arrested in Thailand in 2022 in a massive Royal Thai Police investigation that took two and a half years before reaching the courts. In February 2025, the Thai Criminal Court dismissed charges against Du Hao and over twenty others, citing inconclusive evidence. Songrit Phonengen, a Mekong regional expert, confirmed Chen Zhi’s central role in the 14K gang. He explained that the gang expanded scam networks along the Mekong River and throughout Southeast Asia. Historically, 14K emerged from drug trafficking, human trafficking, prostitution, and online casino operations in Hong Kong and Macau. When Chinese President Xi Jinping announced a nationwide crackdown in 2013, members fled.
October 21 2025: trm.labs.com in their blog about the USD 15 Billion Forfeiture: The forfeited bitcoin—127,271 BTC—was stored in 25 unhosted wallets controlled by Chen and his top lieutenants. According to the complaint, Chen personally held the seed phrases for several wallets, which investigators later recovered. According to TRM analysis, the funds can be traced through on-chain analysis to a December 2020 movement long referred to as the Lubian Hack, though the complaint suggests that it may not have been an external breach at all but rather an insider theft within the Prince Group’s own laundering network. The financial section of the complaint provides remarkable detail about how the enterprise laundered billions through crypto and shell structures. Between 2021 and 2022, the so-called Brooklyn Network moved more than USD 18 million from US victims back to Prince Group accounts in Cambodia. Chen oversaw professional “money houses” that collected scam proceeds in bitcoin and stablecoins (USDT, USDC), converted them into fiat, and then repurchased clean crypto to recycle through front companies and gambling or mining ventures. He personally discussed “BTC washing” operations and coordinated with underground exchanges. The unsealed government documents expose a system of organized corruption that allowed Prince Group to operate openly under the protection of senior Chinese officials. According to the complaint, Chen Zhi and his co-conspirators used political influence to shield their scam compounds from law enforcement scrutiny, including direct coordination with officials from China’s Ministry of Public Security (MPS) and Ministry of State Security (MSS). Ledgers recovered by investigators reveal the depth and precision of this bribery network. In 2019, one of Chen’s lieutenants purchased a yacht worth more than USD 3 million for a senior government official, while Chen himself later bought luxury watches valued in the millions for another official who used his influence to secure Chen a diplomatic passport. That passport—issued in 2020—enabled Chen to travel freely, including a trip to the United States in April 2023.
Chen Zhi and China:
A Chinese court in 2020 called the Prince Group "a sinister international online gambling crime group with at least 5 billion yuan (about 950 billion won) in illegal income," and Beijing police were confirmed to have set up a special team for the Prince Group investigation in May 2020.
February 5, 2024: Chinese courts go after ‘notorious’ Cambodian conglomerate: Previously unreported Chinese criminal court judgments dating from 2020 to 2022 describe Chen’s Prince Group as a “notorious transnational online gambling criminal group” that has generated at least 5 billion yuan ($700 million) in illicit revenue. In May 2020, Beijing police established a special task force to investigate the Prince Group, court records show. Since then, there have been at least seven judgments from separate Chinese provincial courts convicting low-level Prince Group or Prince Group-linked employees of gambling and money laundering offenses. A July 2022 announcement by the Wancang County Court in Sichuan province estimated the Prince Group’s illicit profits from gambling activities since 2016 at more than 5 billion yuan ($700 million).
November 8 2025, Vision Times: "The turning point came when a senior Prince Group executive was arrested in Thailand and began cooperating with investigators. He revealed the location of Chen’s encrypted cryptocurrency servers. (...) A former Chinese intelligence officer using the alias Eric claimed that Prince Group functioned as a logistical front for Beijing’s Ministry of State Security, funding overseas operations under the doctrine of “business sustaining espionage.” He alleged that Chen’s private club in Phnom Penh, Yunxuan Pavilion, hosted secret meetings between Chinese state security officials and overseas operatives tasked with targeting dissidents — including the Chinese political cartoonist “Badiucao” (Wang Liming). (...) Another concern for Western governments is Chen’s investment footprint in the Pacific island nation of Palau, where his shell company, Grand Legend, allegedly partnered with Wang Guodan, a senior member of the Palau Chinese Association, believed to have informal links to Beijing’s United Front apparatus. The company acquired a 99-year lease on Ngerebelas Island, located near key U.S. military routes in the Western Pacific. (...) Unverified rumors circulating in Chinese online circles claim Chen may be a hidden member of Xi Jinping’s extended family, or at least a financial proxy for Xi’s sister Qi Qiaoqiao and her business network.
Chen Zhi and Dubai, October 23 2025:
Zhu Zhongbiao, key figure in Cambodian billionaire Chen Zhi’s online scam empire: Zhu Zhongbiao, a casino mogul identified as a key figure in Cambodian billionaire Chen Zhi’s alleged online fraud empire, has amassed a multi-million-dollar property portfolio in Dubai and London, recent reports show. 44-year-old businessman, who heads the Jin Bei Group in Cambodia. Zhu is also wanted by Chinese authorities for money laundering charges. He gained Cambodian citizenship in 2017, adopting the name "Zhu Jack," and acquired Cypriot citizenship with his wife, Wang Xiaoyan, in September 2018, according to Cyprus records. Among Zhu’s assets are 29 Dubai properties, which he bought mostly between 2019 and 2022, according to The Organized Crime and Corruption Report Project. They include 16 units across two floors of Creek Rise Tower 2 in Dubai Creek Harbour, valued at approximately $7.9 million, and a unit in Dubai Creek Residences. He also acquired 10 units in HDS Tower near Dubai Marina and office spaces in Tamani Arts Office Building overlooking Burj Khalifa. Zhu’s wife Wang Xiaoyan purchased five luxury London properties between 2021 and 2022, worth at least $6 million. These include apartments on the 59th floor of Landmark Pinnacle in Canary Wharf and three units near the former Battersea Power Station, according to U.K. property records. Zhu owns four U.K. companies registered at the same London address as his wife’s company Fuheng Wang Group. Cambodian Heng Xin, a real estate investment company where Zhu serves as director, has also been accused by the U.S. Treasury of involvement in Prince Group’s fraud activities.
Chen Zhi and Singapore, October 30 2025: Singapore police seize over S$150 million (USD 115 million) in assets. Forgery and money laundering investigations into Cambodia's Prince Holding Group and its founder Chen Zhi. The assets include six properties, bank accounts, securities accounts and cash. "Other assets, including a yacht, 11 cars and multiple bottles of liquor were also subjected to prohibition of disposal orders," the Singapore Police Force (SPF) said in a media release. Singapore police said it received financial intelligence relating to Chen and his associates from the police's Suspicious Transaction Reporting Office in 2024. "We had commenced investigations and engaged relevant foreign counterparts for information and assistance, given that the criminal activities were allegedly being conducted overseas," the police said.
Three Singaporeans had been sanctioned by U.S. One of them, Ms Chen Xiuling, has since resigned from her role as a director at Taiwanese livestreaming platform 17Live Group. According to the U.S. Treasury Department, Ms Chen Xiuling, 43, oversees Prince Holding Group companies based in Mauritius, Taiwan and Singapore. Of the 17 Singapore-registered entities sanctioned, Ms Chen is listed as either director, company secretary and/or shareholder of 14 of them. Based on DW Capital’s website, Ms Chen Xiuling is the chief finance officer of the company, which was founded by Chen Zhi. Also sanctioned: Alan Yeo Sin Huat and Nigel Tang Wan Bao Nabil. Mr Yeo's LinkedIn profile shows he was CEO of DW Capital from January 2022. Mr Tang is listed as director of Cloud Xero Management and Warpcapital Yacht Management and as head of operations at Capital Zone Warehousing,which offers luxury storage solutions for alcohol and cigars. 17 Singapore-registered entities have been sanctioned. Checks by CNA found that 14 of these entities were registered at the same Singapore address –2 Jalan Kilang Barat in Bukit Merah The entities are part of a wider network of 117 Prince Group-affiliated businesses designated by the Treasury Department. Of these, the vast majority are offshore shell companies that engage in no apparent real commercial or business activity, authorities said. Apart from Singapore, these companies are registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.
Singapore cancels tax incentives for two family offices with links to Cambodia's Prince Group: Properties of Chen Zhi: He purchased nearly $31 million worth of luxury properties in 2017, including a $17 million penthouse near Orchard Road,according to Bloomberg. A $12 million suite at Le Nouvel Ardmorebecame a hub for his operations, featuring a wine cellar, karaoke room, and cigar lounge, according to people familiar with his activities. Chen also controlled Skyline Investment Management, which issued car loans, and operated a co-working space and warehouse in Singapore that received duty exemptions for tea, whisky, and cigars.
November 7 2025, How accused kingpin Chen Zhi was conned by his own executive in Singapore
Court filings reveal how David Wong allegedly orchestrated an internal heist at the Prince Group boss’ Singapore family office. The cluster of Hong Kong firms linked to Chen predominantly uses 68 Kimberley Road, Tsim Sha Tsui, as the registered address, with no unit numbers specified. HK01’s investigation identifies this site as Chen’s flagship Hong Kong property and operational base. The owner of the whole property is Cheer Capital Limited, HK01’s work names Cheer Capital as one of the U.S.‑sanctioned entities linked to Chen. Its sole director is Sheng Haoran, while the shareholder is Fulam Investment Limited, a BVI company that U.S. authorities associate with Prince Group activities in Phnom Penh. HK01 reports that Sheng holds a Hong Kong identity card and has set up several local companies; neither he nor those companies appear on the US sanctions list or in the US indictment.
November 11 2025: How scammers are tarnishing Singapore’s incorruptible image: Singapore’s spotless reputation as a disciplined financial hub faces a reckoning as luxury property, philanthropy, and family offices become tools for global scam syndicates — testing how incorruptible the city-state truly is, says former journalist Goh Choon Kang. (...) The purchase of high-end condominiums has evidently become one of the main tools for money laundering. (...) The methods are strikingly similar. Beyond ingratiating themselves with the powerful and posing as philanthropists, they have also used money to buy off local military and police forces in countries such as Myanmar, Cambodia, and Thailand — blurring the line between law and crime.
November 13 2025: The Singapore family office of alleged scam kingpin Chen Zhi and three companies linked to him are seeking access to funds that were frozen by the city-state’s authorities last month. The firms have applied for a court order to unfreeze cash in accounts at Malayan Banking Bhd and Revolut Ltd for four Singapore firms, according to a document reviewed by Bloomberg News and a lawyer who represents Karen Chen Xiuling, a director and chief financial officer of the family office. The court application in Singapore was for his family office DW Capital Holding Pte Ltd, a logistics business called Capital Zone Warehousing Pte Ltd, and two other private companies: Skyline Investment Management Pte Ltd and Citylink Solutions Pte Ltd. Clarence Lun Yaodong, a lawyer representing Karen Chen, told Bloomberg News the application is for “limited release of funds” to pay salaries, legal fees and expenses, rental, utilities as well as other expenses.
Chen Zhi and Taiwan, November 4 2025:
Taipei prosecutors have detained 25 suspects and seized more than US$ 145.72 million in assets linked to the Cambodia-based Prince Holding Group (Prince Group), CNA reports. Early Tuesday, investigators and police conducted 47 simultaneous raids on the homes and offices of senior members of the Prince Group and related firms - all based in Taipei -in cluding Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co. Prosecutors said a total of 25 suspects were detained, and 10 witnesses were summoned for questioning. The statement said prosecutors had obtained court approval to seize 18 real estate properties - including 11 luxury apartments and 48 parking spaces in the upscale Peace Palace complex on Taipei's Heping East Road - worth NT$3.81 billion to prevent asset flight. In addition, 26 luxury vehicles, including Rolls-Royce, Ferrari and Lamborghini models valued at NT$477.58 million, and 60 bank accounts holding NT$235.87 million were also confiscated. The total value of the seized assets reached approximately NT$4.53 billion, the Taipei District Court confirmed in a ruling issued Oct. 27. The Prince Group seen from Taiwan: Symbol of a Crisis
Chen Zhi and Hong Kong, November 5 2025:
Hong Kong police freeze HK$2.75 billion of assets (354 million US Dollar): Police has frozen HK$2.75 billion in cash, stocks, and funds held by individuals and corporate entities. “The frozen assets, including cash, stocks, and funds held by individuals and corporate entities, are believed to be crime proceeds linked to the concerned syndicate,” the police said. “No person has been arrested so far.”
At least 18 Hong Kong companies were blacklisted by the US in connection with the Prince Group. These included two listed companies, Khoon Group and Geotech Holdings.
Khoon Group announced that its executive directors, Ang Jui Khoon and his son Ang Kok Kwang, have resigned following accusations of links to a cybercrime network led by Cambodian tycoon Chen Zhi. Bloomberg reported earlier that Chen is believed to be a controlling shareholder of Khoon Group, though the firm issued a statement on Oct. 15 denying any involvement with him. In a statement to The Business Times, Khoon Engineering, founded by the Ang family, clarified that it is an operating company "started in Singapore in 1988", while Khoon Group was started in Hong Kong in 2018. Khoon Engineering added that the Ang family, which started the electrical engineering business in 1988, sold its entire 55% stake in Khoon Group to Chen "almost three years ago".
Geotech Holdings – which has seven subsidiaries, each sanctioned by the US government – has headquarters in Kwai Chung, home to the city’s container port. Geotech Holdings published this announcement. Annual report 2001 listed Chen Zhi (陳志先生) as Chairman.
Property in Hong Kong: Local media HK01’s deep‑dive details how entities linked to Chen control an entire Grade‑A commercial building in Tsim Sha Tsui valued at about HK$3 billion. The media outlet reports that when its journalists attended the address, security staff said the owner had instructed them to refuse interviews and permit entry by appointment only.
Companies in Hong Kong: According to HK01, Chen directly registered multiple Hong Kong companies, including Prince Group Holdings Limited, where he is the sole director and the shareholder is a British Virgin Islands vehicle within the Prince network. This company is also on the U.S. sanctions list. After the U.S. actions on 8th and 14th October, the company secretary resigned on 16th October, a step HK01 says is commonly used to limit sanctions exposure. HK01 further traces the role of Zhou Yun, a Hubei‑born associate alleged by the U.S. Treasury to act as Chen’s financial assistant and wealth manager. Zhou holds a Hong Kong identity card and HKSAR passport and is also known as Sandy Zhou. She serves as a director of RESPECTFUL STEED (HK) LIMITED, the only Hong Kong company in Chen’s roster with an additional director besides Chen himself, according to HK01’s review of filings. A separate constellation of Hong Kong entities bearing the “Mighty Divine” name—also sanctioned by the U.S.—lists 68 Kimberley Road, 8/F, across multiple units as their registered address. These include Mighty Divine Trust (Hong Kong) Limited and Mighty Divine Insurance Brokers Limited. Company materials cited by HK01 state the Mighty Divine group was established in 2019.
Chen Zhi and South Korea: On October 20, 2025, South Korean authorities revealed that Prince Group had concealed deposits in five South Korean banks’ Cambodian branches amounting to over 90 billion won (about THB 2 billion). Those banks — including KB Kookmin, Jeonbuk, Woori and Shinhan — had to freeze the Prince Group accounts in Cambodia under international sanctions. Meanwhile, South Korea’s National Tax Service has launched a tax investigation into Prince Group’s Seoul branch amid suspicions it used a real-estate advisory firm to raise investor funds and transfer money to Cambodia to conceal proceeds from online crime. The inquiry followed the repatriation of 64 South Koreans detained in Cambodia on charges of involvement in online scams.
Chen Zhi and Great Britain: November 4 2025: Owner of Isle of Man homes raided in operation launched by FBI revealed. The raids were carried out on the morning of October 14 at premises in Hillberry Green, Douglas, and Majestic View in Onchan, properties Llamedos at Hillberry Green and No.38 Majestic View. Chinese national Thet Li is accused of being involved in bulk cash smuggling and managing dirty money for a Cambodian conglomerate labelled by OFAC as a ‘transnational criminal organisation’. Li has been sanctioned for his alleged links to the Prince Group. At a liquidation hearing in June, Chen Zhi was named as the beneficial owner of island-based e-gaming firm Ableton Prestige Global Limited. Police executed a search warrant at the offices of Ableton, Aperia IoM and Amiga Entertainment on Ridgeway Street, Douglas, in March this year in relation to what the Constabulary described as a ‘large-scale international money laundering investigation’. Another individual added to the sanctions list is Chen Xiuling, aka Karen Cheng, who is reported to have been a director of Amiga Entertainment, as well as overseeing Prince Holding Group’s companies based in Mauritius, Taiwan and Singapore.
Court filings reveal how David Wong allegedly orchestrated an internal heist at the Prince Group boss’ Singapore family office. The cluster of Hong Kong firms linked to Chen predominantly uses 68 Kimberley Road, Tsim Sha Tsui, as the registered address, with no unit numbers specified. HK01’s investigation identifies this site as Chen’s flagship Hong Kong property and operational base. The owner of the whole property is Cheer Capital Limited, HK01’s work names Cheer Capital as one of the U.S.‑sanctioned entities linked to Chen. Its sole director is Sheng Haoran, while the shareholder is Fulam Investment Limited, a BVI company that U.S. authorities associate with Prince Group activities in Phnom Penh. HK01 reports that Sheng holds a Hong Kong identity card and has set up several local companies; neither he nor those companies appear on the US sanctions list or in the US indictment.
November 11 2025: How scammers are tarnishing Singapore’s incorruptible image: Singapore’s spotless reputation as a disciplined financial hub faces a reckoning as luxury property, philanthropy, and family offices become tools for global scam syndicates — testing how incorruptible the city-state truly is, says former journalist Goh Choon Kang. (...) The purchase of high-end condominiums has evidently become one of the main tools for money laundering. (...) The methods are strikingly similar. Beyond ingratiating themselves with the powerful and posing as philanthropists, they have also used money to buy off local military and police forces in countries such as Myanmar, Cambodia, and Thailand — blurring the line between law and crime.
November 13 2025: The Singapore family office of alleged scam kingpin Chen Zhi and three companies linked to him are seeking access to funds that were frozen by the city-state’s authorities last month. The firms have applied for a court order to unfreeze cash in accounts at Malayan Banking Bhd and Revolut Ltd for four Singapore firms, according to a document reviewed by Bloomberg News and a lawyer who represents Karen Chen Xiuling, a director and chief financial officer of the family office. The court application in Singapore was for his family office DW Capital Holding Pte Ltd, a logistics business called Capital Zone Warehousing Pte Ltd, and two other private companies: Skyline Investment Management Pte Ltd and Citylink Solutions Pte Ltd. Clarence Lun Yaodong, a lawyer representing Karen Chen, told Bloomberg News the application is for “limited release of funds” to pay salaries, legal fees and expenses, rental, utilities as well as other expenses.
Chen Zhi and Taiwan, November 4 2025:
Taipei prosecutors have detained 25 suspects and seized more than US$ 145.72 million in assets linked to the Cambodia-based Prince Holding Group (Prince Group), CNA reports. Early Tuesday, investigators and police conducted 47 simultaneous raids on the homes and offices of senior members of the Prince Group and related firms - all based in Taipei -in cluding Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co. Prosecutors said a total of 25 suspects were detained, and 10 witnesses were summoned for questioning. The statement said prosecutors had obtained court approval to seize 18 real estate properties - including 11 luxury apartments and 48 parking spaces in the upscale Peace Palace complex on Taipei's Heping East Road - worth NT$3.81 billion to prevent asset flight. In addition, 26 luxury vehicles, including Rolls-Royce, Ferrari and Lamborghini models valued at NT$477.58 million, and 60 bank accounts holding NT$235.87 million were also confiscated. The total value of the seized assets reached approximately NT$4.53 billion, the Taipei District Court confirmed in a ruling issued Oct. 27. The Prince Group seen from Taiwan: Symbol of a Crisis
Chen Zhi and Hong Kong, November 5 2025:
Hong Kong police freeze HK$2.75 billion of assets (354 million US Dollar): Police has frozen HK$2.75 billion in cash, stocks, and funds held by individuals and corporate entities. “The frozen assets, including cash, stocks, and funds held by individuals and corporate entities, are believed to be crime proceeds linked to the concerned syndicate,” the police said. “No person has been arrested so far.”
At least 18 Hong Kong companies were blacklisted by the US in connection with the Prince Group. These included two listed companies, Khoon Group and Geotech Holdings.
Khoon Group announced that its executive directors, Ang Jui Khoon and his son Ang Kok Kwang, have resigned following accusations of links to a cybercrime network led by Cambodian tycoon Chen Zhi. Bloomberg reported earlier that Chen is believed to be a controlling shareholder of Khoon Group, though the firm issued a statement on Oct. 15 denying any involvement with him. In a statement to The Business Times, Khoon Engineering, founded by the Ang family, clarified that it is an operating company "started in Singapore in 1988", while Khoon Group was started in Hong Kong in 2018. Khoon Engineering added that the Ang family, which started the electrical engineering business in 1988, sold its entire 55% stake in Khoon Group to Chen "almost three years ago".
Geotech Holdings – which has seven subsidiaries, each sanctioned by the US government – has headquarters in Kwai Chung, home to the city’s container port. Geotech Holdings published this announcement. Annual report 2001 listed Chen Zhi (陳志先生) as Chairman.
Property in Hong Kong: Local media HK01’s deep‑dive details how entities linked to Chen control an entire Grade‑A commercial building in Tsim Sha Tsui valued at about HK$3 billion. The media outlet reports that when its journalists attended the address, security staff said the owner had instructed them to refuse interviews and permit entry by appointment only.
Companies in Hong Kong: According to HK01, Chen directly registered multiple Hong Kong companies, including Prince Group Holdings Limited, where he is the sole director and the shareholder is a British Virgin Islands vehicle within the Prince network. This company is also on the U.S. sanctions list. After the U.S. actions on 8th and 14th October, the company secretary resigned on 16th October, a step HK01 says is commonly used to limit sanctions exposure. HK01 further traces the role of Zhou Yun, a Hubei‑born associate alleged by the U.S. Treasury to act as Chen’s financial assistant and wealth manager. Zhou holds a Hong Kong identity card and HKSAR passport and is also known as Sandy Zhou. She serves as a director of RESPECTFUL STEED (HK) LIMITED, the only Hong Kong company in Chen’s roster with an additional director besides Chen himself, according to HK01’s review of filings. A separate constellation of Hong Kong entities bearing the “Mighty Divine” name—also sanctioned by the U.S.—lists 68 Kimberley Road, 8/F, across multiple units as their registered address. These include Mighty Divine Trust (Hong Kong) Limited and Mighty Divine Insurance Brokers Limited. Company materials cited by HK01 state the Mighty Divine group was established in 2019.
Chen Zhi and South Korea: On October 20, 2025, South Korean authorities revealed that Prince Group had concealed deposits in five South Korean banks’ Cambodian branches amounting to over 90 billion won (about THB 2 billion). Those banks — including KB Kookmin, Jeonbuk, Woori and Shinhan — had to freeze the Prince Group accounts in Cambodia under international sanctions. Meanwhile, South Korea’s National Tax Service has launched a tax investigation into Prince Group’s Seoul branch amid suspicions it used a real-estate advisory firm to raise investor funds and transfer money to Cambodia to conceal proceeds from online crime. The inquiry followed the repatriation of 64 South Koreans detained in Cambodia on charges of involvement in online scams.
Chen Zhi and Great Britain: November 4 2025: Owner of Isle of Man homes raided in operation launched by FBI revealed. The raids were carried out on the morning of October 14 at premises in Hillberry Green, Douglas, and Majestic View in Onchan, properties Llamedos at Hillberry Green and No.38 Majestic View. Chinese national Thet Li is accused of being involved in bulk cash smuggling and managing dirty money for a Cambodian conglomerate labelled by OFAC as a ‘transnational criminal organisation’. Li has been sanctioned for his alleged links to the Prince Group. At a liquidation hearing in June, Chen Zhi was named as the beneficial owner of island-based e-gaming firm Ableton Prestige Global Limited. Police executed a search warrant at the offices of Ableton, Aperia IoM and Amiga Entertainment on Ridgeway Street, Douglas, in March this year in relation to what the Constabulary described as a ‘large-scale international money laundering investigation’. Another individual added to the sanctions list is Chen Xiuling, aka Karen Cheng, who is reported to have been a director of Amiga Entertainment, as well as overseeing Prince Holding Group’s companies based in Mauritius, Taiwan and Singapore.
Chen Zhi and Myanmar: November 9 2025: China’s Influence Exposed as Myanmar Targets Fraud Stronghold Mizzima News writes: "The recent U.S. sanctions against the Prince Group and its chairman, Chen Zhi, have triggered a dramatic chain of events in Southeast Asia, culminating in Myanmar’s military launching raids on KK Park, a notorious scam compound in Myawaddy. (...) Reports suggest that Chen is related by marriage to Huang Kunming, the Party Secretary of Guangdong province and a key figure in Chinese leader Xi Jinping’s inner circle. Allegations also link Chen to the “Fujian faction” within Zhongnanhai, the CCP’s central power base, where he is believed to have laundered money for elite families."
November 11 2025: Chinese Cybersecurity Watchdog Alleges US Stole $13.2B in Bitcoin Five Years Ago. China National Computer Virus Emergency Response Center (CVERC) claims LuBian, a mining pool, was hacked on December 29, 2020, losing 127,272.06 BTC—then worth about $3.5 billion, and since having risen in value to $13.2 billion—allegedly held by Chen Zhi’s Prince Group. CVERC alleged that the U.S. government “may have already stolen the 127,000 bitcoins held by Chen Zhi through hacking techniques back in 2020, making [the seizure] a typical ‘black-eats-black’ operation orchestrated by a state-level hacking organization. CVERC argues the addresses listed in the DOJ’s indictment of Chen Zhi correspond to those from the 2020 LuBian breach, citing analyses from Elliptic and Arkham Intelligence to support its claim that the seized funds originated from compromised mining operations in China and Iran.
November 11 2025: Chinese Cybersecurity Watchdog Alleges US Stole $13.2B in Bitcoin Five Years Ago. China National Computer Virus Emergency Response Center (CVERC) claims LuBian, a mining pool, was hacked on December 29, 2020, losing 127,272.06 BTC—then worth about $3.5 billion, and since having risen in value to $13.2 billion—allegedly held by Chen Zhi’s Prince Group. CVERC alleged that the U.S. government “may have already stolen the 127,000 bitcoins held by Chen Zhi through hacking techniques back in 2020, making [the seizure] a typical ‘black-eats-black’ operation orchestrated by a state-level hacking organization. CVERC argues the addresses listed in the DOJ’s indictment of Chen Zhi correspond to those from the 2020 LuBian breach, citing analyses from Elliptic and Arkham Intelligence to support its claim that the seized funds originated from compromised mining operations in China and Iran.
Chen Zhi and Japan: Japanese journalist Hatari Sako writes, that the Prince Group's Japanese branch is located in Chiyoda Ward, and Chen Zhis (のチェン・ジ) residence is in Kita-Aoyama, Minato Ward, both Tokyo. Japanese companies associated with the Prince Group are listed as engaging in real estate sales and similar business activities. Companies mentioned in Japan include Prince Japan, a consulting company established in Shibuya, Tokyo in 2023, and Canopy Sands Development Japan, a real estate company established in Kiyoda, Tokyo in 2024.
Chen Zhi and Chen Xiao’er: December 19: occrp.org reports that Chen Xiao'er is a close ally of Chen Zhi and that he participated under multiple identities in the Cambodia-headquartered Prince Group. He operates also under the names Wu An Ming, (with Passport of Saint Kitts and Nevis), Hu Shi (with Cypriot passport) and Hu Xiaowei (birthname, born in 1982 in China’s eastern Jiangsu province, also Cambodian citizen and there advisor of Heng Samrin). Hu Xiaowei is reportedly being investigated in Taiwan for allegedly playing a major role in the Prince Group. Under the name Wu An Ming he owned London properties worth more than $44 million. Together with Chen Zhi in 2015 he was shareholders of Zhongjing Technology Investment Co Ltd., according to Chinese corporate records. Then he was shareholder of Alphaconnect Investment Pte Ltd., and Alphaconect Investment Pte II Ltd. Those two Singaporean companies were among the 146 targets sanctioned by the U.S. Treasury as part of the Prince Group. Both companies were shareholders in Taiwanese firms that purchased apartments in Taipei’s Peace Palace tower block in 2019. They did so alongside six other Taiwanese companies whose shareholders were also Singaporean firms owned by senior Prince Group executives, including Chen Zhi. In a two month period in 2021, all eight companies were transferred to Chen Zhi’s control.
Chronology before U.S. indictment
CA investigator visited suspect company in Cambodia, Youtube video from October 18 2025:
Bloomberg documentary about Huione Group, Video on Youtube, August 1, 2025:
July 18 2025. U.S.-China economic and Security Review Commission. Commission spotlight:The Chinese criminals behind scam centers have built ties—some overt, some deniable—to the Chinese government by embracing patriotic rhetoric, supporting China’s Belt and Road Initiative (BRI), and promoting pro-Beijing propaganda overseas. As a result, Chinese crime syndicates have expanded across Southeast Asia with, at a minimum, implicit backing from elements of the Chinese government. Beijing has selectively cracked down on scam centers that target Chinese victims, leading Chinese criminal organizations to conclude that they can make greater profits with lower risk by targeting citizens of wealthy countries such as the United States. After General Secretary of the Chinese Communist Party (CCP) Xi Jinping launched his anticorruption campaign in 2012, many Chinese criminal organizations relocated their illicit gambling operations to Southeast Asia—particularly the Philippines, Cambodia, Laos, and Burma (Myanmar)—outside the reach of Chinese law enforcement. The cases of two notorious Chinese kingpins — She Zhijiang and Wan Kuok-Koi (“Broken Tooth”) — highlight how criminal actors gained tacit support from Chinese authorities while amassing vast profits from scam centers. She Zhijiang’s Yatai New City Project in the town of Shwe Kokko on the Thai-Burmese border. Broken Tooth spent 14 years in prison before reestablishing his criminal operations in Southeast Asia.37 In 2019, Broken Tooth reached an agreement with the Karen Border Guard Force in Burma to establish the Dongmei Zone near the Thai-Burmese border, which was initially billed as a high-end tourism project but quickly became a notorious cluster of scam compounds. In 2017, Broken Tooth founded the World Hongmen History and Culture Association in Cambodia, which claims to be dedicated to promoting the “great rejuvenation” of the Chinese nation and which frequently disseminates articles echoing Beijing’s propaganda on issues such as Hong Kong and Taiwan. According to recent reports, high-level Cambodian officials have deep ties to the Chinese criminal networks operating scam centers in the country. Hun To, a cousin of the prime minister, is on the board of directors of Huione Group, which has been accused of laundering hundreds of millions of dollars in profits from online scams. Chinese criminal groups are also fueling large-scale government corruption in Laos. In 2007, the Laos government agreed to a deal with a Chinese criminal boss named Zhao Wei to create the Golden Triangle Special Economic Zone.
May 2025:
Cambodia, epicenter of scam economy: Cambodia is estimated to make $12.5 billion to $19 billion a year from cybercrime – equivalent to about 60% of the country’s GDP, according to a report published by the Humanity Research Consultancy in May.
May 26 2025:
Chairman Chen Zhi Named Cambodia’s Entrepreneur of the Year. Prince Holding Group’s Chairman Neak Oknha Chen Zhi has been named Entrepreneur of the Year in Cambodia 2025 by the World Business Outlook Awards.
May 4 2024: Cambodia's US$16 billion 'eco-city' raises financial and environmental concerns. Cambodia’s largest ever coastal development project in the coastal city of Sihanoukville called Bay of Lights, a 934-hectare “eco city”. Water sport offerings and a go-kart track. A golf course, shopping malls, luxury hotels and an international financial centre are planned for the future. The developers say 160,000 people might live here, a company called Canopy Sands. Its parent company is Prince Holding Group.
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