Chen Zhi, founder and Chairman of Prince Holding Group, has been
indicted on wire fraud and money laundering charges
.
Zhi, originally from China, appears to be a primary link between Chinese organized crime groups and Cambodia.
To that end Zhi obtained Cambodian citizenship and ran a “multinational business conglomerate” tied to Cambodia’s notorious scam compounds.
“As alleged, the defendant was the mastermind behind a sprawling cyber-fraud empire operating under the Prince Group umbrella, a criminal enterprise built on human suffering.
Trafficked workers were confined in prison-like compounds and forced to carry out online scams on an industrial scale, preying on thousands worldwide, including many here in the United States,” said Assistant Attorney General for National Security John A. Eisenberg.
Through Prince Holding Group, Zhi directed
operation of forced-labor scam compounds across Cambodia.
Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, that stole billions of dollars from victims in the United States and around the world.
BehindMLM has documented hundreds of Chinese
“click a button” app Ponzis
since 2021. The app names and ruses change, but the typical setup requires investors to open an app and mindlessly click buttons at least once a day.
“As alleged, the defendant directed one of the largest investment fraud operations in history, fueling an illicit industry that is reaching epidemic proportions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York.
The DOJ alleges these apps, and other types of fraud, have netted Zhi and his accomplices “approximately $15 billion”.
The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s National Security Division also filed today a civil forfeiture complaint against approximately 127,271 Bitcoin, currently worth approximately $15 billion, that are proceeds and instrumentalities of the defendant’s fraud and money laundering schemes, and were previously stored in unhosted cryptocurrency wallets whose private keys the defendant had in his possession.
Those funds (the Defendant Cryptocurrency) are presently in the custody of the U.S. government. The complaint is the largest forfeiture action in the history of the Department of Justice.
Zhi, who is 38 and facing 40 years in prison, remains at large.
The US Treasury has pegged Prince Group losses at “over $16.6 billion”. On October 14th, the Treasury
announced
it has designated Prince Holding Group a “transnational criminal organization” (TCO).
To that end sanctions against Prince Holding Group and affiliated entities have been enacted.
Today, OFAC additionally designated a network of 117 Prince Group TCO-affiliated businesses, the vast majority of which are offshore shell companies that engage in no apparent real commercial or business activity, as well as one associated official.
OFAC
🤖 Quick Answer
Who is Chen Zhi and what charges does he face in the United States?Chen Zhi is the founder and Chairman of Prince Holding Group, a Chinese-born businessman who obtained Cambodian citizenship. He has been indicted by the US Department of Justice on wire fraud and money laundering charges for allegedly masterminding a large-scale cyber-fraud operation linked to Cambodia's scam compounds.
What criminal enterprise was Chen Zhi allegedly running through Prince Holding Group?
According to US federal prosecutors, Chen Zhi operated a multinational cyber-fraud empire under the Prince Group umbrella. The enterprise allegedly confined trafficked workers in prison-like compounds in Cambodia, forcing them to conduct online scams on an industrial scale targeting thousands of victims worldwide, including US residents.
What is the connection between Chen Zhi and Chinese organized crime in Cambodia?
Chen Zhi is identified as a primary link between Chinese
📰 Aggiornamenti e Notizie Correlate
(aggiornato al 17/04/2026)1. Man Accused of Stealing Billions in Crypto Scam Is Captured Abroad - The New York Times — Wed, 07 Jan 2026 22:41:23 GMT
A man who U.S. federal prosecutors said ran one of the largest criminal networks in the world, relying on thousands of enslaved workers in Southeast Asia to bilk victims out of billions of dollars, has been arrested and extradited to China, Cambodian authorities announced on Wednesday. Federal prose…2. Chen Zhi: Cambodia extradites alleged scam mastermind to China after arrest - BBC — Wed, 07 Jan 2026 18:28:49 GMT
Cambodia extradites alleged scam mastermind to China after arrest. Cambodia says it has extradited to China a billionaire businessman accused of masterminding a vast cryptocurrency scam in which trafficked workers were lured to forced labour camps to defraud victims globally. Chen Zhi was among th…
3. DOJ seizes $15B in bitcoin from Prince Holding Group founder Chen Zhi - New York Post — Tue, 14 Oct 2025 17:26:00 GMT
Prosecutors in Brooklyn federal court on Tuesday charged 37-year-old Chen “Vincent” Zhi, the founder and chairman of Prince Holding Group — with alleged wire fraud, bribery, and money laundering conspiracy stretching over the past decade. Authorities allege Chen directed scam “phone farm” compounds …4. Federal Authorities Seize Bitcoin Worth $15B - GovTech — Wed, 15 Oct 2025 17:12:43 GMT
Chen’s facilities used 1,250 mobile phones that controlled 76,000 accounts on a social media platform, according to the U.S. Workers were then forced to build rapport with victims and posed as women using photos of females who were “not too beautiful” so the scheme would seem legitimate.That fraud r…5. China TV shows alleged 'scam centre' kingpin handcuffed and hooded after surprise arrest - Reuters — Thu, 08 Jan 2026 13:44:53 GMT
BEIJING, Jan 8 (Reuters) - Chinese television showed footage of U.S.-indicted tycoon Chen Zhi being escorted by armed police after his extradition to China from Cambodia, where authorities on Thursday ordered the liquidation of a bank he founded linked to a massive "scam centre" network. It is not i…6. US government bitcoin holdings balloon to $36 billion following record-breaking DOJ seizure - theblock.co — Tue, 14 Oct 2025 15:24:23 GMT
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