The empire of "untouchable" billionaire Chen Zhi speaks for the first time

(Dan Tri) - Prince Group of "boss" Chen Zhi has just spoken out to deny allegations of running an online fraud empire and affirmed that the group is operating legally.

Prince Group in Cambodia has spoken out for the first time to deny international allegations against Chairman Chen Zhi, saying the information is “baseless” and has caused serious harm to thousands of employees, partners and the communities the group serves.

“The Group and Chairman Chen Zhi have absolutely not participated in any illegal activities,” the group said in an official statement. The recent allegations “appear to be aimed at justifying the illegal seizure of billions of dollars worth of assets,” Prince Holding Group (also known as Prince Group) asserted.

Prince Group expressed confidence that when the truth is clarified, the group and Mr. Chen Zhi - the founder and executive of Prince Group - "will be completely vindicated".

Meanwhile, Prince Group continues to affirm itself as a legitimate enterprise, actively contributing to the Cambodian economy and having a strong presence in development projects, financial services and consumption.

“The baseless allegations have caused serious damage to the group, as well as to thousands of innocent employees and our partners,” Prince Group said in a statement.

In recent months, Prince Group has been the focus of a series of investigations and asset seizures in the US, Europe and Asia. Authorities in many countries have accused 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 running “forced labor camps” in Cambodia where workers were forced to participate in large-scale cryptocurrency scams, earning billions of dollars.

According to the allegations, Prince Group - a multinational corporation founded by Mr. Chen Zhi - is actually a "cover" for one of the largest technology crime organizations in Asia. The case led to the largest asset forfeiture operation in history by the US Department of Justice, with about 127,271 bitcoins seized, equivalent to 15 billion USD.

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 billionaire Chen Zhi was legal, stressing that Phnom Penh is ready to cooperate if there is an official request with specific evidence.

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

However, Mr. Chen Zhi and other senior leaders were 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