Chen Zhi’s troubles started on Oct 14, 2025, after the US and Britain announced sweeping sanctions on him, his Prince Group and his close associates. - Photo: The Phnom Penh Post/ANN
SINGAPORE: A Fujian-born businessman has been arrested in Cambodia and deported to China, The Straits Times has learnt.
Cambodian national Chen Zhi, a 38-year-old businessman with interests spanning across real estate, consumer services and financial services through his Phnom Penh-based Prince Group, was caught on Tuesday (Jan 6).
A press release by the Cambodian government said the operation followed months of joint investigations between the authorities in Cambodia and China.
Meanwhile, Cambodia’s Ministry of Interior confirmed that it revoked Chen’s citizenship in December 2025.
The statement said that Chen was arrested along with Xu Ji Liang and Shao Ji Hui. All three have since been deported to China on Beijing’s request.
Chen’s troubles started on Oct 14, 2025, after the US and Britain announced sweeping sanctions on him, his Prince Group, and his close associates.
The US and British authorities accused the group of committing money laundering and wire fraud offences, and operating forced-labour scam compounds in Cambodia.
As part of the sanctions, the US Treasury designated Prince Group – a massive Cambodia-based corporation with interests spanning real estate, financial and consumer services – as a transnational criminal empire.
Several assets owned by the group were seized globally, including nearly 130,000 bitcoins worth around US$15 billion (S$19.2 billion), and some 19 properties in London, including one worth nearly £100 million (S$173 million).
Altogether, 146 people and entities were sanctioned by the US Treasury.
About two weeks after the announcement, the Singapore Police Force conducted raids on Oct 30, 2025, and seized assets worth more than $150 million, including six properties, a yacht and 11 luxury vehicles.
On Nov 4, Taipei detained 25 people and seized NT$4.5 billion (S$183 million) in assets linked to Prince Group, including 26 high-end cars, properties and bank accounts.
The same day, Hong Kong froze assets worth HK$2.75 billion (S$452 million) linked to the syndicate.
US authorities have accused Chen of using a complicated network of more than 100 shell and holding companies, located around the world, to launder criminal proceeds with the Cambodian economy.
Chen and the group are accused of profiting from several transnational crimes including through the blackmail of sexually explicit materials - often from minors, money laundering, wire fraud, corruption, illegal online gambling and industrial-scale human trafficking, torture and extortion of enslaved workers in at least 10 scam compounds in Cambodia.
But the embattled businessman has denied any wrongdoings so far. Around a month after the sanctions were announced, Prince Group issued a statement on Nov 11, 2025, to reject any accusations levied against the company and Chen.
The Cambodian group said the allegations were “baseless” and appeared to be designed to justify the seizure of its assets worth billions of dollars.
The group said it engaged lawyers from American law firm Boies Schiller Flexner, and claimed that both Chen and the group will be “fully exonerated” once the full facts have been established.
ST has contacted Boies Schiller Flexner for comment. - The Straits Times/ANN
