A Criminal Empire Hidden in Plain Sight
The Prince Holding Group was, on the surface, one of Cambodia’s most prominent conglomerates, with interests spanning real estate, financial services, and consumer services. Behind that façade, U.S. authorities allege that Chen Zhi, the founder of Prince Holding Group, grew the organization into one of Asia’s largest transnational criminal organizations, built on forced labor, cryptocurrency fraud, and billions of dollars in laundered proceeds.
Since approximately 2015, the Prince Holding Group operated dozens of companies in more than 30 countries. Under Chen Zhi’s direction, the group is accused of running scam compounds across Cambodia, where hundreds of trafficked workers were confined in what the U.S. Department of Justice described as “violent forced labor camps,” forced to carry out cryptocurrency fraud schemes targeting victims worldwide.
These schemes, commonly known as “pig butchering” scams, involved criminals building fake relationships with victims online before convincing them to invest in fraudulent cryptocurrency platforms, stealing billions of dollars in the process. The group’s network in Brooklyn, New York alone facilitated the fraudulent transfer and laundering of millions of dollars from over 250 victims across the United States.
October 2025: The Joint U.S. and U.K. Strike Against Prince Holding Group
On October 14, 2025, the U.S. and U.K. governments announced a coordinated operation against Prince Holding Group, its founder Chen Zhi, and associated individuals and companies, an operation described as one of the most significant strikes ever against global human trafficking and cyber-enabled financial fraud. On the same day, the U.S. Department of Justice unsealed an indictment against Chen Zhi in federal court in Brooklyn, New York, charging him with wire fraud conspiracy and money laundering conspiracy.
The announcement also stated that the U.S. Treasury’s OFAC imposed sanctions on Chen Zhi and Prince Holding Group, along with 144 individuals and companies linked to the Prince Holding Group. The U.S. Treasury stated that Chen Zhi used a network of more than 100 shell and holding companies around the world to comingle illicit proceeds with the legitimate Cambodian economy.
The U.K.’s Foreign, Commonwealth & Development Office (FCDO) has also imposed sanctions against Chen Zhi and Prince Holding, along with six other individuals and companies.
Simultaneously, the U.S. Department of Justice filed a civil forfeiture complaint against approximately 127,271 bitcoins, valued at approximately USD 15 billion. This marked the largest forfeiture action in the Department of Justice’s history.
U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York stated that Chen Zhi “directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions.” FBI Director Kash Patel described it as “one of the largest financial fraud takedowns in history.”
The U.K.’s FCDO, on the other hand, has also revealed that Chen Zhi and associates linked to his network invested at least USD 142 million in London real estate, including a USD 15 million mansion, USD 127 million office building, and 17 additional flats in the city whose value was not disclosed by the authorities.
The Crackdown Widens
Following the U.S./U.K. operation, authorities in Cambodia, Taiwan, Singapore, Hong Kong, South Korea, and Thailand launched probes and enforcement actions targeting Prince Holding Group, its founder Chen Zhi, and associated individuals and networks.
In Cambodia, regulators suspended sales across all Prince Holding Group residential condominium projects, and the National Bank of Cambodia placed Prince Bank into liquidation.
In Taiwan, prosecutors indicted 62 individuals and 13 companies in March 2026, with Chen Zhi charged in absentia and three fugitives reported to be at large. The authorities have also identified approximately USD 340 million in laundered funds linked to the group that were funneled through Taiwan, and seized over USD 172 million in assets.
In Singapore, three nationals were arrested in connection with money laundering linked to the group and Chen Zhi, with total assets seized or frozen exceeding USD 390 million.
In Hong Kong, authorities froze approximately USD 354 million in assets, including cash, stocks, and funds held by individuals and companies linked to the group and its associates.
In South Korea, the Ministry of Foreign Affairs issued its largest single sanction measure in history, designating 15 individuals and 132 companies, with 128 companies specifically linked to the group and its associates. In addition, South Korean banks were required to freeze over USD 62 million in associated accounts.
In Thailand, authorities seized assets belonging to Chen Zhi worth approximately USD 11 million.
Combined, authorities across these jurisdictions identified, froze, or seized over USD 1.3 billion.
The Aftermath: Mass Exodus
Chen Zhi was arrested in Cambodia on January 6th, 2026, and extradited to China at the request of Chinese authorities. His arrest, combined with the broader U.S./U.K. enforcement action, accelerated Cambodia’s crackdown on scam operations across the country.
Between January and February 2026, 223,610 foreign nationals voluntarily left Cambodia, according to Cambodia’s Commission for Combating Technology Crimes. The aforementioned authority also stated that it has detained 81 scam suspects, while several leadership figures have fled Cambodia to other countries or gone underground operating covertly in small groups or mobile setups to evade detection.
Thai authorities reported the arrest of five Chinese nationals and a Cambodian national after they illegally crossed from Cambodia, seizing 270 mobile phones, multiple SIM cards, and foreign currencies, items the authorities said were consistent with use in cyber-scam operations.
What This Means for Due Diligence
The Prince Holding Group case illustrates how criminal networks exploit global financial systems, operating scam compounds to generate billions of dollars in illicit funds, which are then channelled through shell companies, cryptocurrency platforms, and sophisticated money laundering schemes to move and conceal them across jurisdictions.
As a result, continuous monitoring, enhanced due diligence, and robust source of wealth verification are no longer optional. They are essential.
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This is a developing story. This post will be updated as new information becomes available.