Cambodia’s Prince of Crypto: Chen Zhi Faces $14bn Fraud Charges

Chen Zhi, once celebrated as a visionary force behind Cambodia’s rapid urban transformation, is now at the centre of a global investigation into one of the largest cryptocurrency frauds ever uncovered. The US Department of Justice has charged the 37-year-old businessman with orchestrating a vast cybercrime network from within Cambodia, allegedly responsible for stealing billions in digital assets and exploiting trafficked workers.

At the heart of the allegations are scam compounds operating in Cambodia, including the notorious Golden Fortune Science and Technology Park near the Vietnamese border. These sites, according to US and UK authorities, were hubs for industrial-scale online fraud, where enslaved workers—mostly Chinese, Vietnamese and Malaysian—were forced to run scams under brutal conditions. Images from court documents show “phone farms” packed with hundreds of devices used to target victims worldwide.

Chen Zhi’s rise in Cambodia was meteoric. After arriving around 2010, he capitalised on a booming property market fuelled by Chinese investment and political connections. By 2015, he had founded the Prince Group, which quickly expanded into banking, aviation, and luxury real estate. His developments reshaped Phnom Penh and Sihanoukville, turning sleepy towns into glittering skylines of glass towers and casinos.

He became a Cambodian citizen in 2014, enabling land ownership and deeper ties to the country’s elite. He was appointed adviser to powerful figures including former Prime Minister Hun Sen and his son Hun Manet, and received the royal title “Neak Oknha” after substantial donations to the government. Local media portrayed him as a generous philanthropist, funding scholarships and Covid relief efforts.

Yet behind the façade, investigators allege a darker reality. The Prince Group is now described as a transnational crime organisation profiting from sextortion, money laundering, illegal gambling, and human trafficking. Sanctions have been imposed on 128 companies and 17 individuals linked to Chen Zhi, with assets frozen in the US and UK.

Cambodia’s reputation as a magnet for foreign investment and fast-track development is now under scrutiny. The case raises uncomfortable questions about oversight, accountability, and the ease with which vast criminal enterprises can embed themselves in national economies. As the investigation deepens, Chen Zhi’s fall from grace may mark a turning point in how Cambodia confronts the shadow side of its economic boom.

-2025-10-26