The Cambodian government has, appropriately, requested an impartial judicial process. At the same time, the US and UK are taking joint action against coordinated sanctions against Chen Zhi, Chairman of Prince Holding Group. These sanctions stem from grave accusations against the corporate behemoth. They had been found to be operating large-scale online fraud operations and using forced labor methods. Chen Zhi pic courtesy of Chen & Associates. Chen Zhi is still at large. If convicted in the US he would face a maximum sentence of 40 years imprisonment for wire fraud and money laundering charges.
The sanctions against Prince Holding Group and Chen Zhi were announced following claims of their involvement in massive cybercrime and human trafficking operations. According to reports, the group’s sprawling network has maintained online romance scam operations in Cambodia. They have used trafficked foreign nationals as actors in online “romance” scams and cryptocurrency investment frauds. US authorities have seized at least $14 billion in bitcoin associated with these illicit activities.
Despite the serious accusations, the Cambodian government maintains that Prince Holding Group has met all legal requirements to operate within its borders. It has so far declined to publicly accuse Chen Zhi or his company of any wrongdoing. Touch Sokhak, a spokesperson for the Cambodian government, stated, “For Cambodia, we will cooperate in every way possible with other countries where there is sufficient evidence.” He further assured that Cambodia will give no protection to anyone who commits illegal acts.
It’s not Chen’s vast business acumen that has him profiting in Cambodia, it’s his connections to the Cambodian government. He was formerly a personal adviser to Prime Minister Hun Manet. This crucial role has taken things a step further. Analysts warn that his connections could make it difficult for the international community to hold him accountable.
British authorities have taken bold actions to seize Chen Zhi’s assets held in the UK. Wealthy defendant under pressure They have frozen his businesses and properties, including a mansion in North London worth some 12 million euros ($13.9 million). Mark Taylor, an expert on Southeast Asian cybercrime, commented on the broader implications of Chen Zhi’s operations: “Cambodia is the physical location where a lot of it operates, but it’s the money laundering center for the entire region.”
Prince Holding Group’s culpability includes approving violence against employees and approving bribes to foreign officials. Chen Zhi was said to have utilized online gambling and crypto mining as supplementary efforts. He used these platforms to launder proceeds from his illegal enterprises.
John Wojcik, a cybersecurity expert, highlighted the challenges in dismantling these criminal networks: “Unless law enforcement and industry partners can trace and dismantle their online infrastructure — the domains, hosting and payment rails that sustain them — these networks will rebrand, retool, and continue to scale.”
In a statement released to the media, Chen Zhi claimed association and denied wrongdoing. In turn, the Cambodian government has vowed to cooperate fully with international law enforcement. Touch Sokhak remarked on the current situation: “I don’t have much to say about the American and British authorities’ seeking to arrest him, but first, we just hope that there will be arguments and sufficient proof to put against him.”
