Billionaire Chen Zhi's "untouchable" empire speaks out for the first time.

(Dan Tri Newspaper) - Prince Group, owned by "tycoon" Chen Zhi, has denied accusations of running an online fraud empire and asserted that the group is operating legally.

Prince Group in Cambodia has for the first time spoken out to deny international allegations against its chairman, Chen Zhi, stating that the information is "baseless" and has seriously harmed thousands of employees, partners, and the communities the group serves.

“The group and Chairman Chen Zhi are completely uninvolved in any illegal activities.” In an official statement, the group clarified that the recent allegations “appear to be merely an attempt to justify the illegal seizure of billions of dollars worth of assets,” Prince Holding Group (also known as Prince Group) asserted.

Prince Group expressed confidence that once the truth is revealed, the group and Mr. Chen Zhi - the founder and CEO of Prince Group - "will be completely exonerated."

Meanwhile, Prince Group continues to assert itself as a legitimate business, making positive contributions to the Cambodian economy and maintaining a strong presence in development projects, financial services, and consumer goods.

"These baseless allegations have caused serious damage to the corporation, as well as to thousands of innocent employees and partners," Prince Group's statement said.

In recent months, Prince Group has become the focus of a series of investigations and asset seizures in the US, Europe, and Asia. Authorities in many countries accuse billionaire Chen Zhi of running a transnational criminal organization disguised as legitimate investment activities.

Mr. Chen Zhi, founder and CEO of Prince Group (Photo: Prince Group)

On October 14, the US Department of Justice announced an indictment against the 37-year-old Cambodian businessman, accusing him of operating "forced labor camps" in Cambodia where workers were coerced into participating in large-scale cryptocurrency scams that generated billions of dollars in profits.

According to allegations, Prince Group – the multinational corporation founded by Chen Zhi – was actually a "front" for one of Asia's largest cybercrime organizations. The case led to the largest asset seizure operation in history by the US Department of Justice, with approximately 127,271 bitcoins seized, equivalent to $15 billion.

Responding to the wave of international investigations, Cambodian Interior Ministry spokesman Touch Sokhak said in October that Prince Group had fully complied with legal regulations when operating in the country and was treated like other large investment groups.

He also affirmed that the granting of Cambodian citizenship to Chinese-born billionaire Chen Zhi was legal, and emphasized that Phnom Penh is ready to cooperate if there is an official request accompanied by concrete evidence.

According to prosecutors, since 2015, Prince Group has expanded its operations to more than 30 countries, engaging in real estate, finance, and consumer goods. In Cambodia alone, the group owns assets worth over $2 billion, including the large-scale Prince International Plaza shopping mall in Phnom Penh.

However, Chen Zhi and other senior leaders are accused of using political influence and bribery to cover up money laundering and fraud activities.

Source: https://dantri.com.vn/kinh-doanh/de-che-cua-ty-phu-bat-kha-xam-pham-chen-zhi-lan-dau-len-tieng-20251112170022432.htm