International Crackdown Intensifies
Singapore has joined a growing international effort targeting Chen Zhi, the founder and chairman of Cambodia-based conglomerate Prince Holding Group. The Singaporean police revealed on October 31 that they had launched an enforcement operation against Chen and his associates the previous day, resulting in the seizure of assets valued at more than $115 million.
This development comes as part of a coordinated global action that has seen both the United States and United Kingdom impose sanctions on 146 entities and individuals connected to Prince Group. The US Department of Justice has charged Chen with operating scam compounds in Cambodia that allegedly stole billions in cryptocurrency from victims worldwide.
Asset Seizure Details
As part of the Singapore operation, police issued restraining orders against six properties and various financial assets registered under Chen and his accomplices. The seized assets included bank accounts, securities accounts, and cash totaling over S$165 million. Authorities also confiscated a yacht, 11 vehicles, and numerous bottles of alcohol.
The US Treasury Department has reportedly seized over $15 billion in assets linked to Chen, including Bitcoin and London properties worth £100 million. This marks what authorities are calling the largest crypto seizure in history.
Chen’s Background and Rise
Chen’s journey to prominence began humbly. Raised in China’s Fujian province, he initially operated a small internet gaming company that achieved limited success. Around 2010 or 2011, he relocated to Cambodia and found work in the real estate sector.
This period coincided with increased Chinese presence in Cambodia, driven partly by the emergence of new casinos, luxury hotels, and apartment complexes. Chen’s business interests expanded significantly through Prince Group’s property division, which included five-star hotels in Sihanoukville.
His status in Cambodia became increasingly complex. He obtained citizenship in Vanuatu and Cyprus, and in 2020 received Cambodia’s highest honor, the “Neak Oknha” title, which requires a minimum $500,000 donation to the government.
The Enigmatic Figure
Despite his growing influence, Chen maintained a notably low public profile. Journalist Jack Adamovic Davies, who conducted a three-year investigation into Chen, described him as “very courteous, very calm, very measured” based on accounts from people who worked directly with him.
Davies noted that Chen’s avoidance of flamboyant behavior was strategic, helping him avoid tabloid attention while still impressing associates with his “quiet charisma” and “gravitas.”
On his company’s website, Chen is portrayed as “a respected entrepreneur and renowned philanthropist” whose leadership transformed Prince Group into “a leading business group in Cambodia that adheres to international standards.”
Since the announcement of sanctions last week, Chen’s whereabouts remain unknown. The coordinated international actions represent one of the largest crackdowns on alleged cybercriminal networks to date, with authorities across multiple jurisdictions continuing their investigations into the sprawling network allegedly connected to Prince Group.
