Cambodian Conglomerate Faces Global Scrutiny Over Alleged Scam Empire
Cambodia's Prince Holding Group has strongly denied allegations from United States authorities that its founder Chen Zhi operates a massive transnational criminal organization involved in internet scams. The denial comes after multiple countries seized assets worth over $15 billion allegedly linked to the company's operations.
Global Asset Seizures Target Business Empire
In an unprecedented international crackdown, authorities across Europe, the United States, and Asia have moved to confiscate assets connected to Prince Holding Group. The US Justice Department unsealed an indictment in October 2025 accusing tycoon Chen Zhi of overseeing forced labor camps in Cambodia where trafficked workers conducted elaborate online scams.
US investigators seized approximately $15 billion worth of Bitcoin they claim represents criminal proceeds, marking the largest forfeiture action in the Justice Department's history. Britain simultaneously froze business and property assets valued at more than $130 million, while Taiwan, Singapore, and Hong Kong conducted their own seizures reaching as high as $350 million each.
Company's Strong Rejection of Allegations
Prince Holding Group issued its first official statement since the crackdown began, categorically rejecting all accusations of unlawful activity. "The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity," the company declared on Tuesday, November 11, 2025.
The company characterized the recent allegations as "baseless" and suggested they were designed "to justify the unlawful seizure of assets worth billions of dollars." Expressing confidence in their eventual exoneration, the statement emphasized that the allegations have negatively impacted "thousands of innocent employees, partners and communities who the Group serves."
Extensive Business Operations Under Scrutiny
Prince Holding Group stands as one of Cambodia's largest conglomerates, with operations spanning more than 30 countries since its establishment in 2015. The company maintains diverse interests across multiple sectors including:
- Real estate development
- Financial services
- Consumer businesses
The business empire has become ubiquitous within Cambodia, boasting $2 billion in real estate investments that include prominent developments like Prince International Plaza, a major shopping mall located in the capital city of Phnom Penh.
Prosecutors Paint Different Picture
Despite the company's denials, prosecutors present a starkly different narrative. US authorities describe Prince Group as "one of Asia's largest transnational criminal organizations" and allege the company operates sophisticated online networks targeting victims worldwide through romance and business scams.
The Justice Department claims the organization launders its proceeds through cryptocurrency and maintains operations where some workers participate willingly while others are trafficked and held in prison-like conditions. Chen Zhi, who holds joint British-Cambodian citizenship, remains "at large" according to US officials.
The case highlights the growing concern about cyber-scam operations across Southeast Asia, where criminal networks often operate from ordinary office buildings or warehouses to target victims globally while laundering profits through digital currencies.
