Chen Zhi and the global scam network: Revelations from the US and the UK

On October 14th, the US and UK governments publicly revealed shocking details about one of the largest financial crime crackdowns to date. The central figure is Chen Zhi – a Chinese entrepreneur operating in Cambodia – along with the economic conglomerate he founded. The core of the allegations involves an industrial-scale online scam targeting American citizens and millions of victims in other countries worldwide.

Who is Chen Zhi?

Chen Zhi was born in 1987 in Fujian Province, China. He holds Cambodian and Chinese citizenship and also possesses passports from Vanuatu and Cyprus. He started his career in Cambodia in 2011, initially working in real estate, then quickly expanding into banking and finance through Prince Holding Group – a corporation he has full control over.

How the scam empire operates

According to charges from the U.S. federal court in New York, Chen Zhi and his accomplices are accused of engaging in large-scale illegal activities. Prince Holding Group is believed to have established “scam centers” in Cambodia, using cryptocurrencies as the main channel to conduct illegal transactions globally.

Scam methods:

• Chen Zhi’s groups contact victims via social media, impersonating investment experts
• Persuading victims to send money to fake electronic wallets
• Stealing all funds, then laundering money through complex anonymous accounts

Forced labor mechanism: To sustain operations, Prince Holding Group is also accused of buying and selling human resources