A prominent Cambodian conglomerate has vehemently denied allegations of operating a vast online scam empire and facilitating human trafficking, even as international authorities seize billions of dollars in assets tied to its founder.
Prince Holding Group issued a statement “completely denying” any involvement in illegal activities by the company or its chairman, Chen Zhi. This marks the first public response from the company since international crackdowns began.
The U.S. Department of Justice (DOJ) unsealed an indictment against Chen Zhi in October. It accuses him of overseeing forced labor camps in Cambodia, where human trafficking victims are compelled to operate online scam businesses.
U.S. investigators seized approximately $15 billion in Bitcoin, alleged to be proceeds from criminal activities. The DOJ described this as the largest asset seizure in its history.
Prince Holding Group’s statement claimed the “unsubstantiated allegations” appear to be aimed at “justifying illegal asset seizures worth billions of dollars.” The company expressed confidence that “when all facts emerge, Prince Group and its chairman will be completely vindicated.”
Authorities in the United Kingdom have also frozen over $130 million in business and real estate assets connected to Chen Zhi. Taiwan, Singapore, and Hong Kong have seized assets within their borders, with some individual seizures reaching up to $350 million.
The DOJ previously labeled Prince Group as “one of the largest transnational criminal organizations in Asia.” It stated that Chen Zhi, who holds British-Cambodian nationality, remains “at large.”
Prosecutors allege that Prince Group operates a sophisticated network of online scams, including romance and investment fraud, and launders money through cryptocurrency.
Prince Holding Group is one of Cambodia’s largest conglomerates, with operations in more than 30 countries since 2015. Its diverse businesses include real estate, financial services, and consumer goods.
The company has significant investments across Southeast Asia, including $2 billion in real estate, such as the major Prince International Plaza shopping mall in Phnom Penh.
Prince Group asserts that the allegations have caused “unfair harm to thousands of innocent employees, partners, and communities the group serves.”
Cyber scam operations have proliferated across Southeast Asia, often run from nondescript office buildings or warehouses. These fraudsters target victims globally. While some individuals willingly work in these scam centers, others are trafficked and held captive in prison-like conditions.