The Luxurious Life of a Scammer: How One Man's Cybercrime Empire Unraveled

A wealthy businessman is under fire. Authorities in Taiwan, Hong Kong, and Singapore have taken action. They've seized assets worth hundreds of millions of dollars. These assets belong to a Cambodian businessman named Chen Zhi. The U. S. accuses him of running a massive cyber-scam network. This network spans multiple countries, including the U. S., the U. K., and Palau.

The Accused

Chen Zhi is the founder of the Prince Holding Group. U. S. authorities have charged him with wire fraud conspiracy and money laundering conspiracy. They revealed the charges on October 14. Alongside the charges, they seized crypto assets worth about $14 billion in bitcoin. The U. S. and U. K. governments also imposed joint sanctions on Chen, his collaborators, and his company.

The Scam Network

Scammers based in Cambodia, Laos, Myanmar, and the Philippines are a growing concern. The U. N. estimates that these scammers make tens of billions of dollars every year. They target victims worldwide with various schemes. These schemes range from fake investments to romance scams.

According to the indictment, Chen's network scammed 250 victims in the U. S.. The Prince Holding Group did not respond to requests for comment. Authorities have seized a variety of assets from Chen. These assets are spread across different jurisdictions.

Seized Assets

Singapore

Investigation launched on October 30
Financial assets worth over $150 million Singaporean dollars (~$114 million)
A yacht and shelves of liquor

Taiwan

25 suspects detained
Assets worth $150 million
26 luxury cars (Ferrari, Bugatti, Porsche)
11 apartments in an upscale building in Taipei

Hong Kong

Assets worth $2.75 billion Hong Kong dollars (~$353 million)
Cash, stocks, and other funds

U. K.

A $12 million pound mansion in North London
A $100 million pound office building

The Businessman

Chen is a Chinese national who gained Cambodian citizenship. He is part of the Cambodian elite. His company, Prince, has multiple businesses. These include a bank and real estate investments. However, prosecutors allege that most of his wealth came from scamming. According to the U. S. indictment, Chen once bragged that his "pig butchering" scam made $30 million a day.

Political Connections

Chen has served as an adviser to Prime Minister Hun Manet and his father. His father is former Prime Minister Hun Sen. He was honored with the title "neak oknha". This title is equivalent to an English lord. The Cambodian government's Minister of Information, Pheaktra Neth, had no comment.