The Cambodia Daily
16-10-2025
The United States has seized $ 15 billion in cryptocurrency tied to Chinese-Cambodian businessman Chen Zhi, chairman of Prince Holding Group and an adviser to Cambodian Senate President Hun Sen. The U.S. Department of Justice announced that Chen and 118 affiliated companies are under investigation for their alleged involvement in large-scale online fraud and crypto-related scams.
According to a statement issued on October 14, prosecutors in New York said Chen Zhi could face up to 40 years in prison if convicted. Federal investigators allege that thousands of workers were trafficked into Cambodia under false promises of legitimate jobs, only to be forced into operating cyber scam networks, fake cryptocurrency investments, and other fraudulent projects.
The Justice Department said investigators from the Federal Bureau of Investigation (FBI) uncovered evidence from more than 1,200 mobile phones, which were connected to over 76,000 social media accounts used in scam operations. Officials described Prince Group as one of Asia’s largest transnational criminal enterprises, now operating in 30 countries.
A 2024 Chinese investigation report also identified Chen Zhi as the head of Prince Group, which was founded in 2015 and operates across Cambodia in real estate, banking, retail, and luxury services, reportedly generating billions of dollars in annual revenue. Chen is also said to own a quarter stake in Cuba’s national cigar company, valued at 2.8 billion dollars, and a 114 million dollar office property in London’s upscale district.
In April 2024, Hun Sen appointed Chen Zhi as his personal adviser, a year after the businessman was granted the honorary title of “Oknha” for his financial contributions to the Cambodian state.
The U.S. seizure comes as Washington steps up efforts to combat cross-border online crime. Earlier this week, the U.S. House of Representatives introduced Bill H.R. 5490, aimed at creating an interagency task force to dismantle international cybercrime networks operating from Cambodia.
Khmer Democracy [Chairman] Soeng Senkaruna said today that online fraud and human trafficking cannot be solved by Cambodia’s leadership alone and require international intervention. “The international community clearly has no confidence in Cambodia’s ability to stop these crimes,” he said, adding that the FBI, South Korea, and the UK have all launched independent investigations.
In response, Prince Bank stated on October 15, asserting that its governance framework complies with the National Bank of Cambodia’s transparency and accountability standards. The bank insisted that U.S. sanctions imposed by the Office of Foreign Assets Control (OFAC) would not affect its domestic operations.
However, Cambodia Watchdog Council [Chairman] Mr. Men Nath accused the bank of deceiving customers, calling its statement “a deliberate attempt to mislead public trust.” He warned that once U.S. and British authorities freeze Chen Zhi’s global assets, international financial networks using the U.S. dollar standard will automatically restrict the bank’s activities.
Men Nath added that even with Cambodian regulatory approval, Prince Bank could not escape international sanctions if the investigation confirms wrongdoing. He further cautioned that if the National Bank of Cambodia is found complicit, it could also face restrictions from the global central banking system.
The case marks one of the largest cryptocurrency-related asset seizures in U.S. history and highlights growing scrutiny over Cambodia’s alleged role as a hub for regional cybercrime operations.
