International Crackdown Widens
Singaporean authorities have joined a growing international effort targeting Chen Zhi, the founder of Cambodia-based Prince Holding Group. The Singapore Police Force revealed on October 31 that they conducted an enforcement operation the previous day, resulting in the seizure of assets valued at more than $115 million. This action comes as part of coordinated global measures against what authorities describe as a sophisticated cybercriminal network.
Police issued restraining orders against six properties and various financial assets registered under Chen Zhi and his associates. The seized items included bank accounts, securities accounts, cash, a yacht, 11 vehicles, and numerous bottles of alcohol. The total estimated value of these assets exceeds S$165 million.
Global Sanctions and Charges
This Singaporean action follows similar moves by the United States and United Kingdom earlier this month. Both countries imposed sanctions on 146 entities and individuals connected to Prince Group, including Chen and key associates. The US Department of Justice has charged him with operating scam compounds in Cambodia that allegedly stole billions in cryptocurrency from victims worldwide.
US authorities have reportedly seized over $15 billion in assets linked to Chen, including Bitcoin, London properties worth £100 million, and holdings in Palau. This represents what officials call the largest crypto seizure in history.
The Man Behind the Operation
Chen Zhi presents a complex picture. On his company website, he’s described as “a respected entrepreneur and renowned philanthropist” whose leadership transformed Prince Group into a leading Cambodian business adhering to international standards. He was raised in China’s Fujian province and initially ran a small internet gaming company before moving to Cambodia around 2010-2011.
His rise in Cambodia was remarkable. He obtained citizenship in Vanuatu and Cyprus while building a business empire that included five-star hotels in Sihanoukville. In 2020, Cambodia’s king awarded him the title “Neak Oknha,” which requires a minimum $500,000 donation to the government.
The Enigmatic Figure
Despite his high-profile business activities, Chen maintained a surprisingly low public profile. Journalist Jack Adamovic Davies, who spent three years investigating Chen, noted that people who worked directly with him described him as “very courteous, very calm, very measured.” Davies suggested that Chen’s avoidance of flamboyant behavior was strategic, helping him avoid tabloid attention while maintaining influence.
Since the sanctions were announced last week, Chen has disappeared from public view. The coordinated international actions represent one of the most significant crackdowns on alleged cybercrime operations, with authorities across multiple jurisdictions working together to target what they describe as a sophisticated criminal enterprise.
