The Mystery of the Missing Billionaire: Chinese-Cambodian Tech Czar Vanishes Into Thin Air With USA and UK in Hot Pursuit
Accused of major financial crimes including money laundering — Singapore housed his corporate empire, Cambodia ran the ground operations.
Author credentials:
Karan Bir Singh Sidhu is a retired IAS officer of the Punjab cadre and former Special Chief Secretary, Government of Punjab.
The Mystery of the Missing Billionaire Fugitive
Where in the world is Chen Zhi?
That’s the multi-billion-dollar question perplexing international law enforcement agencies, intelligence operatives, and financial regulators from Washington to London, Singapore to Phnom Penh. The 37-year-old tycoon—once celebrated as Cambodia’s youngest billionaire, a confidant of prime ministers, and holder of passports from at least six countries—has seemingly disappeared into thin air following the most dramatic crackdown on cyber-fraud operations in history.
When U.S. and UK authorities unleashed their coordinated strikes on October 14, 2025, they weren’t merely targeting another white-collar criminal. They were dismantling what prosecutors describe as “one of the largest transnational criminal organizations in Asia”—a shadowy empire that allegedly generated up to $30 million daily through forced-labor cryptocurrency fraud operations disguised behind the gleaming facade of legitimate businesses.
Chen Zhi’s whereabouts are now unknown. Despite holding British and Cambodian citizenship alongside passports from China, Cyprus, Vanuatu, and St. Lucia, the man who once moved freely among the region’s political elite has vanished. Some reports suggest he anticipated the international dragnet—in December 2024, he abruptly resigned as chairman of Prince Bank’s board, sparking speculation that he was securing his exit strategy.
The Indictments: A Criminal Empire Exposed
The charges against Chen Zhi read like a Hollywood thriller, except the victims are real and the damage runs into billions.
Unsealed in Brooklyn federal court, the criminal indictment accuses Chen of wire fraud conspiracy and money laundering conspiracy—charges that carry a maximum combined sentence of 40 years in U.S. federal prison. But the numbers tell the real story: prosecutors filed a parallel civil forfeiture action for approximately 127,271 bitcoins valued at over $15 billion, marking the largest forfeiture in Department of Justice history, surpassing all previous seizures of any kind of money, not just cryptocurrency.
U.S. prosecutors allege that Chen directed the construction and operation of at least ten forced-labor scam compounds across Cambodia. These weren’t ordinary offices—they were prison-like detention centers surrounded by walls, armed guards, and barbed wire, disguised as technology parks, hotels, and casinos.
Workers were lured from across Asia through fraudulent job advertisements promising well-paid positions. Once trafficked to Cambodia, they became virtual slaves, forced to perpetrate “pig butchering” scams under threats of torture, beatings, electrocution, and sexual violence. Those who failed to meet daily fraud targets faced severe punishment. Some were sold between compounds or held for ransom.
These forced workers operated sophisticated cryptocurrency investment frauds. The scam unfolds in stages: initial contact through social media or dating apps, weeks or months of building trust and even romantic relationships, introduction of fraudulent cryptocurrency platforms, small initial gains to build confidence, and finally the devastating trap when victims invest their life savings only to find they cannot withdraw funds.
The operations allegedly defrauded victims globally of billions, with Americans alone losing at least $10 billion to Southeast Asia-based scam operations in 2024—a staggering 66% increase from the previous year.
Simultaneously, the U.S. Treasury Department’s Office of Foreign Assets Control designated the Prince Group as a transnational criminal organization and imposed sanctions on 146 targets within the network. The UK sanctioned six entities and six individuals, freezing 19 London properties valued at over £100 million, including a £95-100 million office building at 10 Fenchurch Street in central London.
The Business Empire: Legitimacy as a Mask
Chen Zhi’s story is one of meteoric—and now suspicious—rise. Born in China, he arrived in Cambodia and founded Prince Holding Group in 2015 at age 27. What began as a real estate development company rapidly expanded into one of Cambodia’s largest conglomerates.
By 2025, the Prince Group operated over 100 business entities across more than 30 countries. The empire included Prince Bank (one of Cambodia’s major financial institutions), luxury real estate developments valued at approximately $2 billion, five-star hotels, consumer goods companies, and even airline operations.
Chen’s rapid ascent brought him into Cambodia’s inner circles of power. He served as official adviser to Interior Minister Sar Kheng and later to both former Prime Minister Hun Sen and his son, current Prime Minister Hun Manet. In 2020, Cambodia’s king awarded him the prestigious title of “Neak Oknha” (duke or prominent tycoon), which requires a minimum donation of $500,000 to the government.
This legitimate business facade, prosecutors now allege, was elaborate cover. The indictment reveals that Prince Group evolved “in secret” into a criminal empire, using ostensibly legitimate businesses—cryptocurrency mining operations, online gambling platforms, real estate developments, and banking services—to launder billions in scam proceeds.
Prosecutors say Chen and his associates employed sophisticated laundering techniques including “spraying” (distributing cryptocurrency across numerous wallets to obscure the trail), “funneling” (reconsolidating dispersed cryptocurrency), and integration through the Prince Group’s network of businesses.
The criminal proceeds financed extravagant purchases: Picasso artwork at New York auctions, private jets, luxury yachts, high-end watches, holiday homes, and bribes to government officials.
Singapore’s Credibility at Stake
For Singapore, Chen Zhi’s case represents more than just another international fugitive—it’s a stress test of the city-state’s reputation as a premier wealth management hub.
U.S. prosecutors sanctioned three Singaporean nationals allegedly connected to the Prince Group network. Court filings reveal Chen and his associate Chen Xiuling used Singapore to establish DW Capital Holdings, a single-family office founded in 2018, to claim significant tax incentives from the Monetary Authority of Singapore (MAS). A co-working space on the eighth floor of a Singapore office building allegedly served as a front for approximately a dozen companies involved in laundering money for the organization.
Singapore authorities confirmed they are “investigating potential violations of MAS’s requirements in connection to this case” and are “in contact with authorities in other countries.” But the Prince Group scandal comes at a delicate moment for Singapore’s wealth management industry.
In August 2023, Singapore suffered its largest-ever money laundering scandal when authorities raided luxury properties and seized assets valued at S$3 billion ($2.3 billion), including 94 properties, 50 high-end cars, gold bars, cash, jewelry, and cryptocurrency. Ten criminals of Chinese descent—the “Fujian gang”—were convicted of laundering illicit proceeds.
Most damaging: six single-family offices that received government tax incentives were implicated, exposing vulnerabilities in Singapore’s regulatory system. These firms not only managed illicit funds but benefited from government support designed to attract legitimate wealth.
The scandal forced Singapore into rapid regulatory reform. MAS shortened the waiting time for family office tax incentive approvals from 12 months to just 3 months by July 2025, while simultaneously tightening anti-money laundering (AML) and counter-terrorist financing (CFT) compliance requirements. In July 2025, MAS levied fines totaling S$27.45 million against nine major financial institutions—including Citibank, Julius Baer, and UBS—for failures related to the money laundering case.
MAS now requires all single-family offices to establish relationships with MAS-regulated banks responsible for conducting detailed AML and CFT checks. Each office must submit periodic compliance reports, declare Assets Under Management, and confirm partnerships with regulated banks within 14 days of business commencement.
The message is clear: Singapore will balance its appeal as a wealth hub with uncompromising regulatory standards. As Deputy Prime Minister and MAS Chairman Chee Hong Tat stated, “We aim to maintain high standards, ensuring we remain a reliable financial hub while also streamlining our processes.”
Extradition: A Legal and Political Minefield
So can Chen Zhi be extradited? The answer depends entirely on where he is—and that remains the central mystery.
From Cambodia: Extremely unlikely. Cambodia has no extradition treaty with the United States, and Chen enjoys deep political protection. Cambodia’s Interior Ministry has adopted a cautious stance, emphasizing it has “not yet received solid evidence of Chen Zhi’s illegal activities” and will only “cooperate if there is a formal request backed by evidence.” Given Chen’s status as adviser to the current prime minister and his prestigious royal title, Cambodia appears disinclined to surrender him voluntarily.
From Singapore: Legally possible but complex. Singapore does have a bilateral extradition treaty with the United States, and the charges against Chen—wire fraud and money laundering—meet Singapore’s “dual criminality” requirement. Singapore’s investigation is active, and the city-state has a reputation for strict law enforcement. However, extraditing a high-profile figure with complex regional political connections requires careful diplomatic consideration, sufficient evidence meeting Singapore’s legal standards, and—most critically—actually locating Chen on Singaporean soil.
From other jurisdictions: Taiwan has confirmed Chen traveled there repeatedly and established companies and acquired 11 luxury apartments, with the case now under the Taipei District Prosecutors Office. Hong Kong investigations found Chen controls three Hong Kong-listed companies and owns commercial property. South Korean banks have frozen Prince Group accounts holding approximately $64 million.
Each jurisdiction presents different legal pathways and political considerations. Chen’s network of six citizenships provides potential safe havens, and as one observer noted, as international pressure mounts, he may find that maintaining “safe haven” status becomes increasingly difficult.
Lessons for India—and the World
For India, Chen Zhi’s case offers urgent lessons as its own wealthy citizens increasingly establish offshore wealth structures.
Singapore now hosts nearly 60% of Asia’s family offices, and the number of Indian family offices has grown dramatically—from an estimated 2,800 in 2022 to 3,200 in 2023. According to DBS Bank, approximately $4 trillion in wealth is expected to transfer within the Indian diaspora over the next decade, with Singapore playing a pivotal role.
Why Singapore? Indian families cite the city-state’s stable political climate, favorable tax regime, robust regulatory framework, credibility, and transparency. Singapore offers tax incentive schemes (Section 13O and 13U) that provide funding exemptions for qualified family offices. The Overseas Direct Investment (ODI) route allows Indian families to legally deploy capital through Singapore-based single-family offices.
Notable Indian families—including the Ambanis (Reliance Industries)—have established Singapore family offices. An estimated 13,200 Indians with net worth exceeding $30 million exist today, a number expected to grow rapidly. In 2024 alone, approximately 4,300 Indian millionaires left India, with many choosing Singapore, UAE, the UK, and the US as destinations.
Yet Chen Zhi’s case reveals the dark side of offshore wealth havens. The same regulatory frameworks that attract legitimate wealth can be exploited by sophisticated criminals. Singapore’s 2023 money laundering scandal—where six family offices received government tax incentives while managing criminal proceeds—demonstrates how easily systems can be compromised.
For India, the lessons are fourfold
First, offshore wealth structuring demands uncompromising compliance and rigorous due diligence. The pursuit of tax efficiency cannot override transparency or regulatory safeguards; the integrity of systems must come before the convenience of wealth planning.
Second, shady investments routed through tax havens — including Mauritius, where the ultimate beneficial owners (UBOs) often remain obscured — require enhanced monitoring by Indian regulators. This vigilance must apply irrespective of the credibility or track record of the recipient Indian company, since reputational stature can no longer be assumed as a proxy for probity.
Third, international cooperation is indispensable. Chen Zhi’s multi-jurisdictional footprint — stretching across Cambodia, Singapore, Hong Kong, Taiwan, the UK, and beyond — underscores how criminals exploit regulatory and enforcement asymmetries between nations. Coordinated intelligence-sharing, reciprocal legal assistance, and aligned AML standards are essential.
Fourth, reputation and credibility remain the cornerstone of sustainable financial ecosystems. Singapore’s swift and transparent response to its 2023 money-laundering scandal — tightening regulations, levying heavy fines on major banks, revoking tax incentives, and simultaneously expediting approvals under stricter oversight — demonstrates how even premier financial hubs must continuously earn trust through enforcement and reform.
Indian regulators watching wealthy families establish offshore structures should take note: regulatory frameworks must evolve as quickly as the methods used to circumvent them. The offshore world offers opportunity, but also risk—and the Chen Zhi case is a stark reminder that both can coexist behind the same polished corporate facade.
India’s Own Parade of Financial Fugitives
India’s experience with high-profile economic offenders—Vijay Mallya, Nirav Modi, and Lalit Modi, the former IPL chief—shows how complex and protracted extradition battles can become once fugitives settle abroad. Despite Interpol notices and sustained diplomatic engagement, Mallya and Nirav Modi continue to exploit procedural delays within the U.K. legal system, highlighting how global financial fugitives weaponize jurisdictional intricacies. The story is not new: during the Bofors scandal of the late 1980s, accused middlemen Win Chadha and Ottavio Quattrocchi evaded Indian prosecution for decades, underscoring that the problem of cross-border financial impunity long predates the cryptocurrency era. Together, these cases illustrate a recurring challenge—India’s struggle to bring home those who manipulate global financial networks and legal loopholes to stay beyond the reach of accountability.
The Vanishing Act Continues
As of late October 2025, Chen Zhi remains at large. International law enforcement agencies continue their search, diplomatic channels remain active, and multiple jurisdictions have frozen assets worth billions.
But for now, the Chinese-Cambodian tech czar who once walked the corridors of power with impunity has pulled off the ultimate disappearing act—leaving behind a trail of devastated victims, frozen assets, diplomatic tensions, and unanswered questions.
Where is Chen Zhi? The answer to that question may determine not only his fate but also set crucial precedents for how the international community confronts transnational cybercrime, holds politically connected criminals accountable, and ensures that wealth havens don’t become criminal sanctuaries.
The chase is on. But in the world of international fugitives, offshore wealth, and geopolitical complexity, the outcome is far from certain.