Chen Zhi is the founder and operator of Prince Group - a group once considered one of the largest enterprises in Cambodia, operating in the fields of real estate, finance, hotels and charity.
In October last year, the US and UK imposed sanctions on Prince Group, accusing this group of operating a "cross-border criminal empire", organizing online investment scams targeting victims in the US and many other countries.
Despite prolonged suspicions, Prince Group has been publicly present for many years, establishing cooperative relationships with a series of international organizations, businesses and institutions.
In 2023, the Prince Foundation - the group's social activist arm - sponsored the charity fundraising event of the American Chamber of Commerce in Cambodia (AmCham), creating a closely linked image between Prince Group and the Western business community.
Also in 2023, Prince Group established business relations with Radisson Hotel Group, an international hotel group. At the same time, this group and Chen Zhi personally continuously received awards related to corporate social responsibility and sustainable development.
Even in August 2024, Chen Zhi was honored as "Character of the Year" at an awards ceremony organized by a financial publication based in the UK.
Meanwhile, according to many sources, Chinese police have begun investigating activities related to Prince Group since 2020.
In Cambodia, since the late 2010s, business circles have spread a lot of information about the shady business operations of this group. By the period 2023-2024, a series of international press investigations have publicly linked Prince Group and Chen Zhi with the large-scale online fraud industry.
However, for a long time, cooperative relationships, awards and international recognition have continued to be maintained, contributing to creating a legal cover for Prince Group. When accusations appeared more densely, this group repeatedly denied and threatened to sue press agencies for investigative reports.
Cambodia's arrest and extradition of Chen Zhi takes place in the context of increasing international pressure after US and UK sanctions. This move is seen as a turning point, and also raises questions about the responsibility of international organizations, businesses and institutions that have cooperated, awarded prizes or provided operating platforms for Prince Group.
When fraud boss Chen Zhi has been caught, the relationships that once helped him and Prince Group build the image of a "model business" are being scrutinized again.
International public opinion is currently raising a big question: Did this network of backing and legalization inadvertently or intentionally assist a transnational fraud empire that has existed for many years?
