US EditionThe Young Tycoon Accused of Masterminding a Multibillion-Dollar International Fraud Network
Chen Zhi’s Prince Group laundered $15 billion in cryptocurrency through over 100 shell companies across 12 countries, earning up to $30 million daily, U.S. prosecutors said.
- Last week, US authorities and UK officials alleged they seized $15 billion in cryptocurrency linked to Chen Zhi, who is charged in absentia in New York.
- Operating through shell companies, Prince Group allegedly used more than 100 shell companies spanning 12 countries, implicating 146 entities and individuals, and ran at least ten forced‑labor scam compounds.
- Shortly after his arrival in Cambodia, Chen Zhi became a naturalized Cambodian citizen via a $200,000 donation and holds passports from Cyprus and Vanuatu, US Treasury lists.
- Analysts say the joint operation by United States and United Kingdom aims to hit elite laundering conduits, while South Korea issued a travel ban last week and deported more than 60 nationals.
- With civil society weakened, analysts warn Cambodia may be a de facto 'scam state', amid a $50 billion to $70 billion global industry and 60% of GDP linked to cybercrime, UNODC data show.
13 Articles
13 Articles
The young tycoon accused of masterminding a multibillion-dollar international fraud network
He is a baby-faced tycoon who rose to the highest echelons of power in his adopted home of Cambodia, where he bestows scholarships and runs philanthropy programs while overseeing one of the country’s largest and best-connected conglomerates.
Asean Summit’s Quandary: Dealing With Cybercrime
Alleged scam compound in SihanoukvilleThe scheduled appearance of frustrated South Korean officials at the upcoming summit of the Association of Southeast Asian Nations in Kuala Lumpur on October 26 to push for regional cooperation against online scam operations in Cambodia is an indication of growing recognition that Asean has a huge problem as a global epicenter of cybercrime.It is a social cancer not only in Cambodia but also in Myanmar, Thai…
Asean faces test on governance, financial crime, and Trump ahead of KL summit
The US-led crackdown on Cambodian financial networks, and rising cybersecurity concerns could pressure Asean to strengthen governance and regional coordination during its Kuala Lumpur summit.
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