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The mysterious owner of a ‘scam empire’ accused of stealing $14bn in crypto

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Just 37 years old, Chen Zhi is accused of being “the mastermind behind a sprawling cyber-fraud empire, a criminal enterprise built on human suffering”.

With his wispy goatee beard and baby-faced features, he looks even younger than he is. He has certainly become very wealthy, very quickly.

Last week the US Department of Justice charged him with running scam compounds in Cambodia that stole billions  in cryptocurrency from victims all over the world. The US Treasury Department has confiscated more than $14bn (£10.5bn) worth of bitcoin that it says is linked to him – it said this was the largest ever crypto-currency seizure.

His own company, the Cambodian Prince Group, describes him on its website as “a respected entrepreneur and renowned philanthropist” whose “vision and leadership have transformed Prince Group into a leading business group in Cambodia that adheres to international standards”. The BBC has contacted the Prince Group for comment.

So, how much do we know about Chen Zhi, the mysterious figure allegedly running a scam empire?

Brought up in Fujian province in south-eastern China, he started with a small, and apparently not very successful internet gaming company, and moved to Cambodia in either late 2010 or 2011, where he began working in the then-booming real estate sector.

His arrival coincided with the start of a speculative property boom in Cambodia. It was fuelled by the availability of large tracts of land expropriated by powerful, politically-connected figures and by a flood of Chinese capital.

Some of it was pouring in on the tail end of Xi Jinping’s Belt and Road Initiative to export Chinese-made infrastructure, and some of it was from individual Chinese investors seeking more affordable alternatives to China’s overheated property market. The number of Chinese tourists visiting Cambodia was also rising fast.

The skyline of the capital Phnom Penh changed dramatically. The characterful, low-rise cityscape of mustard-coloured French colonial mansions was transformed into another Asian high-rise forest of glass and steel towers.

The transformation of Sihanoukville, a once quiet little seaside resort, was even more extreme. It was not just Chinese holidaymakers and property speculators heading there, but also gamblers – gambling is illegal in China.

New casinos sprang up, alongside gaudy, luxury hotels and apartment blocks. There was plenty of money to be made.

Even so, Chen Zhi’s trajectory was startling.

In 2014 he became a Cambodian citizen, giving up his Chinese nationality. This enabled him to buy land in his own name, but required a minimum investment or donation to the government of $250,000.

It was never clear where Chen Zhi’s money came from. When applying for a bank account on the Isle of Man in 2019 he listed an unnamed uncle who he said had given him $2m to start his first property company in 2011, but no evidence for this was ever provided.

Getty Images This photo taken on April 8, 2025 shows people walking past Chinese restaurants and shops in Sihanoukville. Once a collection of sleepy fishing villages, vast Chinese investments have transformed the Cambodia's Sihanoukville into a half-finished gambling resort with signs everywhere in Mandarin.
Sihanoukville has been transformed by Chinese investment (BBC)

Chen Zhi founded the Prince Group in 2015, focused on property development, when he was still only 27 years old.

He got a commercial banking licence in 2018 to establish Prince Bank. The same year he obtained a Cypriot passport, in return for a minimum investment there of $2.5m, giving him easy access to the European Union. He later acquired Vanuatu citizenship as well.

He started Cambodia’s third airline, and in 2020 obtained a certificate to operate a fourth. There were luxury malls in Phnom Penh built by the Prince property arm, five-star hotels in Sihanoukville, and an ambitious scheme to construct a $16bn “eco-city” called “Bay of Lights” there.

In 2020 Chen Zhi was awarded the highest title bestowed by Cambodia’s king, that of “Neak Oknha”, which requires a donation of at least $500,000 to the government.

He had already been made an official adviser to Interior Minister Sar Kheng since 2017, was a business partner with his son Sar Sokha, and an official adviser to Cambodia’s most powerful man Hun Sen, and later his son Hun Manet after he succeeded his father as prime minister in 2023.

Chen Zhi was lauded in the local media as a philanthropist, who had funded scholarships for low-income students and donated substantially to help Cambodia deal with the Covid pandemic.

Yet he remained an enigmatic figure, staying out of the limelight, making few public statements.

AFP via Getty Images Motorists ride past a branch of the Prince Bank in Phnom Penh on October 15, 2025.
A branch of the Prince Bank in Phnom Penh (BBC)

“Everyone I’ve spoken to who’s worked with him directly, been in the room with him, they all describe him as very courteous, very calm, very measured,” says Jack Adamovic Davies, a journalist who did a three year-long investigation of Chen Zhi which was published by Radio Free Asia last year.

“I think not being the kind of flamboyant person that people will write tabloid-y things about was smart. Even those who no longer want to be associated with him are still impressed by his quiet charisma, his gravitas.”

But where was all this wealth and power coming from?

In 2019 the property bubble burst in Sihanoukville. The online gambling business had attracted Chinese criminal syndicates, who then began violent turf wars with each other. Tourists were scared off.

Under pressure from China, then-prime minister Hun Sen banned online gambling in August that year. Around 450,000 Chinese left the city as its main business collapsed. Many of Prince Group’s residential blocks were left empty.

Yet Chen Zhi continued to expand his business interests and spend freely.

According to the UK authorities, in 2019 he bought a £12m mansion in north London and a £95m office block in the city’s financial district. The US says he and his associates bought properties in New York, private jets and superyachts, and a Picasso painting.

And, they allege, Chen Zhi’s wealth came from the most profitable business in Asia today, online fraud, and the human trafficking and money laundering that go with it.

The US and UK have imposed sanctions on 128 companies linked to Chen Zhi and Prince Group, and on 17 individuals from seven different nationalities who they allege helped run his scam empire. Assets linked to Chen Zhi in the US and UK have been frozen.

US District Court EDNY A room full of racks that carry hundreds of mobile phones, each plugged into a power source.
Court documents contained images of “phone farms” allegedly used to conduct scams (BBC)

The sanctions announcement describes an elaborate web of shell companies and cryptocurrency wallets through which money was moved to conceal its origins.

It says: “Prince Group Transnational Crime Organisation profits from a litany of transnational crimes including sextortion – a type of fraud involving the solicitation for eventual blackmail of sexually explicit materials, often from minors – money laundering, various frauds and rackets, corruption, illegal online gambling, and the industrial-scale trafficking, torture, and extortion of enslaved workers in furtherance of the operation of at least 10 scam compounds in Cambodia.”

China too had been quietly investigating the Prince Group since at least 2020. There have been a number of court cases accusing the company of running online fraud schemes.

The Beijing Municipal Public Security Bureau has established a task force “to investigate the “Prince Group, a major transnational online gambling syndicate based in Cambodia”.

At its heart, the US and UK allege, were businesses like Golden Fortune Science and Technology Park, a compound built by the Prince Group in Chrey Thom, close to the Vietnamese border.

In the past the Prince Group has denied any involvement in scams, and said it no longer has any connection to Golden Fortune, but the US and UK investigation argues that there is still a clear business link between them.

Mr Adamovic Davies interviewed a number of people living and working near Golden Fortune for his investigation into Chen Zhi. They described brutal beatings of the mainly Chinese, Vietnamese and Malaysians who tried to escape from the compound, where they were forced to run online scams.

“I think it’s the sheer scale of his operations which really makes Chen Zhi stand out,” he says, adding that it is shocking the Prince Group was able to build a “global footprint” without raising alarm bells given the serious criminal charges it now faces.

“What should be uncomfortable for a lot of people is that Chen Zhi should never have been able to acquire all these assets, in Singapore, London or the US. Lawyers, accountants, real estate agents, bankers, all should have been looking at this group and saying, hang on, this doesn’t add up. And they didn’t.”

AFP via Getty Images People walk past the Prince International Plaza in Phnom Penh on October 15, 2025.
The Prince International Plaza in Phnom Penh (BBC)

Today, after all the publicity generated by the US and UK sanctions, businesses are rushing to dissociate themselves from the Prince Group.

The Cambodian Central Bank has had to issue a statement to nervous depositors assuring them they will be able to withdraw their funds from Prince Bank. The South Korean authorities have frozen $64m of its deposits held by Korean banks.

The Singapore and Thai governments are promising investigations into Prince subsidiaries in their jurisdictions – of the 18 individuals targeted by the US and UK, three are Singaporeans.

Cambodia’s government has said little, apart from urging the US and UK authorities to be sure they have sufficient evidence for their allegations.

But it will be difficult for Cambodia’s ruling elite to distance themselves from Chen Zhi, after being so close to him for so long. Cambodia was already facing growing pressure over its tolerance of scam businesses, which some estimate may account for around half of the entire economy.

And what of Chen Zhi himself?

Nothing has been heard or seen of him since the sanctions were announced last week. The enigmatic tycoon, once among the most powerful figures in Cambodia, appears to have vanished.

(BBC)

 



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At least 139 dead, 84 missing as migrant boat capsizes off Djibouti

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A member of the International Organization for Migration inspects the abandoned wreckage of a boat that capsized off the coast of Djibouti on April 12, 2026 [Aljazeera]

At least 139 people, including 15 children, have died and 84 are missing after a boat capsized off the coast of Djibouti, according to the United Nations migration agency.

In a statement on Sunday, the International Organization for Migration (IOM) quoted survivors as saying that the incident happened near Guhere off Djibouti’s eastern coast in the Gulf of Aden near the Bab al-Mandeb strait from Thursday night to before dawn on Friday.

The boat was heading from Djibouti to Yemen with more than 300 people on board. More than 80 people – all Ethiopians – survived the shipwreck while Djiboutian search and rescue operations continued.

“Our teams are on the ground alongside local authorities to provide emergency assistance,” IOM Chief of Mission in Djibouti Alexandre Coissac said, lamenting the “devastating loss of life”.

That number only includes those buried by authorities in Djibouti. Others have been buried by the migrants themselves but they won’t be added to the official count until authorities can verify the bodies, Alexandre Coissac, IOM Chief of Mission in Djibouti, told the Associated Press.

“This tragedy is a stark reminder of the dangers faced by migrants along this migration corridor as they seek economic opportunities,” Coissac added.

[Aljazeera]

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‘Time for Ukraine to get new president,’ says Trump after Zelensky condemns diesel deal

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[file pic]

US President Donald Trump has said he thinks “it’s time for Ukraine to get a new president” as he responded to Volodymyr Zelensky’s criticism of the US diesel deal with Russia.

The Ukrainian president warned a new deal to release millions of tonnes of Russian diesel into the US would provide Moscow with money to continue its war against his nation, calling it a gift to Russian President Vladimir Putin.

Trump told reporters outside the White House on Saturday that Zelensky “wants to make problems for the world” by continuing to authorise attacks on Russian refineries.

“He’d better damn well stop,” Trump said, before suggesting Ukraine should “get a new leader who can make a deal”.

Global fuel supplies, including diesel, have been severely limited by the war against Iran launched by the US and Israel, which led to the effective closure of the Strait of Hormuz, through which roughly a fifth of the world’s oil products usually flows.

Russia – a major producer – and Ukraine have recently intensified their strikes on each other’s energy infrastructure and transport facilities, further straining energy markets.

“We said, ‘you can do whatever you want to Russia, don’t hit the refineries’, because that’s a world problem that’s caused,” Trump continued.

“He could have made many deals and for some reason, he never does.”

Putin’s envoy Kirill Dmitriev described Trump’s intervention as “iconic and historic”, saying that Ukraine “needs leadership actually focused on peace”.

The US president confirmed on Friday that an agreement had been reached with Moscow to suspend sanctions on Russian diesel exports until 7 April.

Zelensky reacted by saying it would allow Moscow to raise new funds to source new military equipment to continue the war.

He also accused Moscow of taking the deal “to mean they can keep fighting, to mean they keep dropping bombs on cities” following deadly new strikes on Zaporizhzhia.

The Ukrainian president spoke to several allies on Saturday to discuss the latest developments, calling for “real decisions to protect lives in Ukraine” and to protect European security.

A Downing Street spokesperson said UK Prime Minister Andy Burnham had spoken to Zelensky and offered his “complete solidarity”.

The pair had agreed Russia should acquiesce to “an immediate energy ceasefire” and end its attacks on shipping in the Black Sea, the spokesperson said, as “this would immediately release more energy and food supplies into the global market”.

News of the US-Russia diesel deal was also met with criticism by EU’s foreign affairs chief Kaja Kallas, who echoed Zelensky in saying that suspending sanctions “provides Moscow with more revenues to wage war”, adding: “This is not the time to ease pressure on Russia, and Europe won’t.”

She said European foreign ministers intended to approve the biggest set of sanctions on Russia since the start of its full-scale invasion on Monday.

The deal with Russia is the latest effort from Trump to lower fuel prices in the US ahead of the midterm elections, after months spent grappling with the political consequences of the Iran war.

That conflict, which began in February, has sent the cost of petrol and in particular diesel skyrocketing, which has soured his standing with the American public who have been stung by the higher pump prices and knock-on effects that led to across-the-board inflation.

The average price of diesel is currently $6.28 (£4.74) a gallon, according to the AAA – up from last month’s $5.94 average, and $3.68 last year.

Under the deal, Russia would release an initial 300,000 tonnes of diesel “to the American and global marketplace” followed by an additional 500,000 tonnes in November.

A further million would follow, Trump wrote on Truth Social, and then another 3m tonnes “within a short period of time” – but he noted that this delivery will be “based on the condition of their diesel refineries”.

In the past 10 months, Russia experienced two waves of severe fuel shortages across the country due to Ukrainian drones strikes on its oil refineries.

Diesel production in Russia dropped by an estimated 30%, according to the International Energy Agency.

Trump had already called for new elections in Ukraine last December, saying Ukrainian voters should have the choice to replace Zelensky.

Since the war broke out in 2022 Ukraine has been under martial law, meaning elections are suspended.

[BBC]

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Pope says death penalty ‘inadmissible’ as US plans to livestream execution

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[file pic] Pope Leo XIV attends a weekly general audience at St Peter's basilica in The Vatican [Aljazeera]

Pope Leo XIV has declared that the death penalty is “inadmissible” while his home country, the United States, announces plans to livestream an execution by firing squad.

Marking World Day Against the Death Penalty on Saturday, the pope reiterated the Catholic Church’s teaching on capital punishment, writing on X that it was “inadmissible because it is an attack on the inviolability and dignity of the person”.

“The common good can be safeguarded and the requirements of justice can be met without recourse to capital punishment,” his post said.

“Effective systems of detention have been developed that protect citizens while at the same time do not completely deprive those who are guilty of the possibility of redemption,” added the leader of the Catholic Church.

The American Pope’s comments come days after US Secretary of Defense Pete Hegseth said on Thursday that the firing squad execution of Nidal Malik Hasan on December 3 will be livestreamed.

Hasan was convicted of killing 13 people and wounding 32 others in a shooting at the Fort Hood military base in 2009.

Pope Leo did not specifically refer to the planned execution, or last month’s botched execution attempt on Christa Pike,  who survived two doses of the lethal injection in Tennessee.

But his post came hours after his top deputy, Cardinal Pietro Parolin, the Vatican secretary of state, told Vatican News that the plan to livestream Hasan’s execution was “unacceptable”.

It was Leo’s predecessor, Pope Francis, in 2018 who first amended official Catholic teaching to declare capital punishment “inadmissible” in all circumstances.

[Aljazeera]

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