Cover Story: Six Things to Know About the Fall of Cambodia’s Cybercrime Kingpin Chen Zhi

Chen Zhi, a 38-year-old Chinese billionaire, experienced a dramatic fall from grace that many viewed as an overdue consequence of his risky business strategies. His conglomerate, Prince Holding Group, was accused of facilitating cybercrime and money laundering through a sophisticated cross-border network. In October, the U.S. Department of Justice (DOJ) accused the group of stealing billions globally. On January 8, Chinese authorities, with Cambodian cooperation, repatriated Chen from Phnom Penh. Cambodia had arrested Chen and two associates, Xu Jiliang and Shao Jihui, at China's behest and extradited them as part of a wider crackdown on transnational crime. By December, Chen had lost his Cambodian citizenship by royal decree. Authorities alleged Chen led a syndicate involved in gambling, fraud, and disguising criminal proceeds, and he remains detained as investigations proceed. [para. 1][para. 2][para. 3][para. 4]

Chen’s international reputation began unwinding in October, following U.S. charges of wire fraud and money laundering linked to “pig-butchering” scams — schemes defrauding victims via fake cryptocurrency investment platforms. The DOJ aimed to seize 127,271 bitcoins, worth around $15 billion, believed connected to Chen’s operations, making it the largest forfeiture claim in DOJ history. Prince Group denied wrongdoing, labeling the accusations “baseless.” [para. 5][para. 6][para. 7]

Born in 1987 in Fujian, China, Chen’s public image was carefully crafted, but sources recount his real beginnings as a high school graduate and internet cafe manager before delving into the illegal online gaming sector. His first significant profits came from the gray economy around the Korean video game Legend of Mir, where he and a hacking group extorted advertising rights and operated private servers, reportedly earning about $14 million. After Chinese authorities dismantled the ring in 2011, Chen remained uncharged but deepened his involvement in online gambling plugins and virtual item manipulation. A 2020 court judgment confirmed his continued connection to such activity, now in Cambodia. [para. 10][para. 11][para. 12][para. 13][para. 14][para. 15][para. 16][para. 17][para. 18]

Chen entered Cambodia via telecom and real estate, founding CityLink in 2005. By 2011, he established a real estate investment company, acquiring land in Sihanoukville, where property speculation netted him millions. Gaining Cambodian citizenship in 2014, he founded Prince Real Estate (Cambodia) Investment and developed major commercial projects. Rapid expansion followed between 2016 and 2018, with high-profile developments cementing his and Prince Group’s influence. [para. 22][para. 23][para. 24][para. 25][para. 26][para. 27][para. 28][para. 29][para. 30][para. 31]

The group obtained a coveted Cambodian commercial bank license in 2018, raising its legitimacy. Chen also built close political ties, with a former Cambodian interior minister linked to one Prince Group company, though no wrongdoing was proved. By late 2019, as Cambodia banned online gambling, Chen’s casinos continued operating. Through high-profile philanthropy, Chen donated millions to Covid-19 relief and education, helping mask illicit activities. He established Cambodia’s third and fourth airlines, expanding his footprint further. [para. 34][para. 35][para. 36][para. 37][para. 38][para. 39][para. 40][para. 41][para. 42][para. 43][para. 44]

With the decline of online gambling and Covid-19’s outbreak, Prince Group pivoted to telecom fraud. Court judgments connected the group to scams exploiting dating apps and fake investment platforms, soon targeting Western victims. U.S. prosecutors claimed Prince Group ran at least ten scam compounds, at one point earning up to $30 million daily. U.S. loss estimates reached $18 million from a single casino’s U.S. victims. Compounds often held thousands, some forcibly conscripted into criminal labor. [para. 47][para. 48][para. 49][para. 50][para. 51][para. 52][para. 53][para. 54]

Prince Group maintained an appearance of legitimacy by separating lawful businesses (real estate, banking) from illicit activity in casinos and scam compounds. Rents from criminal tenants provided protection fees, and Chen himself distanced from overt control after 2018, acquiring foreign passports and overseas assets. [para. 57][para. 58][para. 59][para. 60][para. 61]

As international law enforcement cooperation grew, investigations intensified. By 2024, assets tied to Chen were frozen across the globe. Despite repeated crackdowns, some fraudulent operations persisted until Chen's dramatic arrest and extradition in early 2026. [para. 64][para. 65][para. 66][para. 67][para. 68][para. 69][para. 70][para. 71]