"A steel coin falling from the sky belongs to him"—Uncovering the crimes and downfall of Cambodia's "Crown Prince" Chen Zhi

Writing by: Fish CoolFish

“There’s a saying in Cambodia: if a steel coin falls from the sky, it must belong to the Prince Group.” This is how netizens in Cambodia describe the IP. It may be an exaggeration, but it gives us a glimpse of the power the Prince Group wields in Cambodia.

However, with the heavy blows dealt by multiple countries, this “house of cards” built on bones and fraud has collapsed suddenly.

On January 7th, according to the Cambodia-China Times, Prince Group boss Chen Zhi was arrested in Cambodia and has been deported back to China for investigation by relevant authorities. Once considered a “business prodigy” with luxury car fleets, private jets at home, and even laundering money through Picasso paintings, he ultimately could not escape the law’s net.

Last October, the U.S. Department of Justice accused Chen Zhi of orchestrating online scams that caused billions of dollars in losses worldwide, and announced the seizure of over $14 billion worth of Bitcoin.

The Huione Group in Cambodia was identified as the main money laundering organization in this operation. As a result, this financial giant, known as “Cambodia’s Alipay,” has begun to shut down, with “suspension of withdrawals” notices posted on its doors.

1. Chen Zhi—short stature, large forehead, with a Fujian accent

Chen Zhi’s story begins in Xiaoa’ao Town, Lianjiang County, Fuzhou City, Fujian Province. His family background is ordinary, with a middle-level economic status in Lianjiang County.

Before going to Cambodia, he worked as a network administrator and in other professions in China. There are various accounts of his background; some locals say he worked as a network administrator in internet cafes in Guangdong and Jiangsu for 2-3 years, then engaged in data trading and transmission, and ran matchmaking and gaming social websites. It is also said that he took advantage of the rise of the online game “Legend of Mir” to form a team and establish private servers (pirated servers), earning his first fortune.

According to the website of his personal investment Singapore fund management company, DW Capital Holdings, Chen Zhi is described as “a young business prodigy.” In 2011, Chen Zhi entered the Cambodian real estate market, developing “unknown waters.” He gradually expanded and founded the Prince Holding Group.

Netizens in Fujian say, “Many locals believe that if he hadn’t been involved in ‘European and American markets,’ he wouldn’t have gotten into trouble so quickly.” Locals are unsure exactly when Chen Zhi went to Cambodia, but they all “know it’s for scams.”

“Someone like him should have been caught long ago.”

2. Not involved in European and American markets, wouldn’t get into trouble so quickly

The U.S. Department of Justice’s indictment describes Chen Zhi’s group as a criminal empire built on forced labor and fraud.

“This is a criminal organization built on others’ suffering. Trafficked workers are imprisoned in prison-like compounds and forced to carry out large-scale online scams, causing losses to thousands of victims worldwide.”

The documents show that, from around 2015, Chen Zhi established and operated at least ten scam parks across Cambodia. These parks are surrounded by high walls and barbed wire, with thousands of cross-border workers seeking employment being trafficked there. Under threats of violence, they are forced to carry out large-scale online scams.

**The indictment specifically names three parks: Jinbei Park, Jinyun Compound (Golde