Prince Holding Group has denied allegations that its founder, Chen Zhi, amassed wealth through an internet scam operation after authorities seized more than $15 billion in assets. The US Justice Department unsealed an October indictment accusing Chen of running forced‑labour scam camps in Cambodia; other jurisdictions including the UK, Taiwan, Singapore and Hong Kong have also frozen or seized assets. The company calls the claims baseless and says the actions harm employees and communities, while prosecutors assert the group ran transnational online fraud and crypto‑laundering schemes. Chen, a joint British‑Cambodian national, is reported to be at large and investigations continue.
Prince Holding Group Denies Scam Allegations After Massive Global Asset Seizures
Prince Holding Group has denied allegations that its founder, Chen Zhi, amassed wealth through an internet scam operation after authorities seized more than $15 billion in assets. The US Justice Department unsealed an October indictment accusing Chen of running forced‑labour scam camps in Cambodia; other jurisdictions including the UK, Taiwan, Singapore and Hong Kong have also frozen or seized assets. The company calls the claims baseless and says the actions harm employees and communities, while prosecutors assert the group ran transnational online fraud and crypto‑laundering schemes. Chen, a joint British‑Cambodian national, is reported to be at large and investigations continue.
01:20 PM, 11/12/2025Security
Prince Holding Group rejects allegations after international seizures
A major Cambodian conglomerate has issued a firm denial after authorities in multiple countries seized billions in assets linked to its founder. Prince Holding Group said the accusations that its founder, Chen Zhi, built his wealth by operating an internet scam network are "categorically" unfounded.
In October the US Department of Justice unsealed an indictment alleging Chen oversaw forced-labour camps in Cambodia where trafficked individuals were coerced into running online scams. US investigators say they seized roughly $15 billion in Bitcoin they believe to be criminal proceeds — a forfeiture described by the Justice Department as its largest ever.
Authorities in other jurisdictions have also moved against Prince Group: British officials froze more than $130 million in business and property assets, while Taiwan, Singapore and Hong Kong each carried out seizures reported as high as $350 million.
"The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity," the company said in its first public statement since the crackdown began. "The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars. We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated."
Founded in 2015, Prince Holding Group is one of Cambodia's largest conglomerates, operating across more than 30 countries in sectors including real estate, financial services and consumer businesses. The company reports approximately $2 billion in property holdings, notably the Prince International Plaza shopping complex in Phnom Penh.
Prince Group said the allegations have "caused undue harm to thousands of innocent employees, partners and communities who the Group serves." Prosecutors, however, portray the firm as operating elaborate online networks that target victims with romance or business scams and launder proceeds through cryptocurrency.
Cyber-scam operations have proliferated across Southeast Asia, often run from ordinary office blocks or warehouses where fraudsters target victims abroad. Reports indicate some workers travel willingly to such hubs, while others are allegedly trafficked and detained in prison-like conditions.
The US Justice Department last month described Prince Group as "one of Asia's largest transnational criminal organizations" and said Chen — a joint British-Cambodian national — remains at large. Investigations and legal actions are ongoing in multiple countries.