Chen Zi, a 37-year-old entrepreneur, is at the center of a global investigation into one of the largest alleged cryptocurrency frauds in history, involving approximately $14 billion. Once hailed as a respected business figure in Cambodia and beyond, Chen Zi’s rapid rise and subsequent fall have sent shockwaves through governments, investors, and the broader financial world, exposing a vast network of cybercrime, money laundering, and human trafficking.
### Early Life and Rise to Prominence
Chen Zi was born and raised in Fujian province in Southeast China. Early in his career, he founded an internet gaming company before relocating to Cambodia around 2010 or 2011. At the time, Cambodia’s property market was experiencing a boom fueled by Chinese capital and influential local figures. The surge in Chinese tourism and investment transformed cities like Phnom Penh and Sihanoukville. Phnom Penh’s traditional French colonial architecture rapidly gave way to modern skyscrapers, while Sihanoukville became a hotspot for casinos, luxury hotels, and apartments, attracting entrepreneurs and speculators looking to capitalize on high returns.
In 2014, Chen Zi renounced his Chinese citizenship and became a Cambodian citizen, a strategic move that allowed him to purchase land in Cambodia under specific investment or government donation conditions. Despite his claims that an anonymous uncle provided him with $2 million to start his first property company in 2011, no concrete evidence has been found to support this. Nevertheless, at just 27 years old, he founded Prince Group in 2015, which would become the hub of his expansive business empire.
### Expansion of Prince Group and Business Ventures
Under Chen Zi’s leadership, Prince Group expanded rapidly, spanning multiple sectors. In 2018, he secured a commercial banking license to establish Prince Bank, further consolidating his financial influence. The same year, he invested $2.5 million to obtain a Cypriot passport, later acquiring citizenship in Vanuatu as well, underscoring his global ambitions.
Chen Zi ventured into aviation by launching Cambodia’s third airline and obtaining a license to operate a fourth by 2020. He also developed luxury shopping malls in Phnom Penh and five-star hotels in Sihanoukville. Ambitiously, he initiated the development of the “Bay of Lights,” a massive $16 billion eco-city project.
His growing influence was recognized officially when, in 2020, the King of Cambodia awarded him the country’s highest honor, the “Nek Oknha,” which requires a substantial donation to the state. He served as an official advisor to Cambodia’s Minister of Interior, Sar Kheng, and reportedly advised other powerful figures, including former Prime Minister Hun Sen and his son Hun Manet. The local media often portrayed Chen Zi as a philanthropist, highlighting his funding of scholarships for underprivileged students and contributions to Cambodia’s COVID-19 response.
Despite his public image, Chen Zi remained a private individual, rarely giving interviews or public statements. Journalist Jack Edmovich Davis, who spent three years investigating Chen Zi, described him as humble, calm, and measured, avoiding ostentation and maintaining respect even among those who later distanced themselves from him.
### The Sihanoukville Bubble and Gambling Crackdown
However, beneath this veneer of success, cracks were emerging. The property bubble in Sihanoukville burst in 2019, coinciding with a surge in online gambling, which attracted Chinese criminal gangs and led to violent conflicts. Following pressure from China, Cambodia’s Prime Minister banned online gambling in August 2019. This ban precipitated an exodus of nearly 450,000 Chinese nationals from Sihanoukville, leaving many of Prince Group’s properties vacant and undermining its revenue streams.
Despite these setbacks, Chen Zi continued expanding his international business interests. British authorities report that he purchased a £12 million mansion and a £9.5 million office building in North London. U.S. officials have alleged that he acquired properties in New York, private jets, a superyacht, and even a Picasso painting. These extravagant acquisitions raised suspicions about the sources of his wealth.
### Allegations and Charges of Criminal Activities
The U.S. Department of Justice recently filed charges against Chen Zi in Cambodia, accusing him of orchestrating a massive crypto-fraud scheme that defrauded victims worldwide of billions of dollars. The U.S. Treasury Department seized Bitcoin assets valued at nearly $14 billion, marking the largest cryptocurrency seizure in history. Authorities linked