In Profile: Chen Zhi, Cambodian tycoon accused of running scam ring, with close ties to S’porean businessman

SINGAPORE: In October, the United States Department of Justice charged Chen Zhi, the Cambodian owner of the Prince Holding Group, in absentia, as part of its efforts against cybercriminals in Southeast Asia.

In Singapore, meanwhile, local businessman Tan Yew Kiat, who reportedly has close ties to Mr Chen, was arrested last week. Mr Tan owns a car leasing firm, SRS Auto, which the Police raided.

“The police are investigating Chen Zhi and the companies associated with him. One person has been arrested for his suspected involvement in money laundering offences so far. We are not able to comment further as the investigation is ongoing,” the Police said on Sunday (Nov 23).

SRS obtained an “uncommitted revolving loan facility” in 2017 from one of Mr Chen’s companies, Skyline Investment Management. According to the US Treasury Department, this company is part of Mr Chen’s criminal network.

Mr Tan, meanwhile, is listed as a director of TGC Cambodia, a pawnshop in Phnom Penh. Money from Mr Chen’s businesses in Cambodia was reportedly funneled through TGC into the car trade, including in Singapore.

This is hardly Mr Tan’s first dealing with firms under investigation. He was deemed unfit to act as the director of any Singapore-listed company for three years, beginning from January 2024.

Who is Chen Zhi?

Mr Chen has denied any wrongdoing, and he remains at large.

The 37-year-old was raised in Fujian province in south-eastern China, but by 2011, had moved to Cambodia, where he first found work in real estate. Three years later, he gave up his Chinese citizenship.

Around that time, his wealth grew exponentially, but where it came from has remained unknown.

In the years that followed, he founded Prince Group and Prince Bank, as well as acquired citizenships from Cyprus and Vanuatu.

He has also served as adviser to two Cambodian Prime Ministers, Hun Sen and his son Hun Manet.

His wealth has grown over the years. In the United Kingdom, he purchased a mansion worth £12 million (S$20.6 million) as well as an office block worth £95 (S$163 million). In the US, meanwhile, he and his associates have bought a Picasso painting, yachts, and private jets.

The UK and US allege that Mr Chen’s money comes from his scam compounds and have charged him with online fraud, human trafficking, and money laundering. Mr Chen and Prince Group are also under investigation in China, Thailand, and Singapore, where S$150 million in assets linked to Prince Group have been seized by the authorities.

“Chen Zhi, via the Prince Group TCO, comingles illicit revenues with the legitimate Cambodian economy, laundering these ill-gotten gains through a complicated network of over 100 shell and holding companies all around the world.  Under Chen Zhi’s leadership, the criminal revenues generated by the Prince Group TCO’s have been instrumental in supporting its ostensibly legitimate business ventures, most of which operate through entities under the control of Prince Group TCO,” the US Treasury Department said last month. /TISG

Read also: 2 SG men deported from Cambodia; Thailand charged for targeting S’poreans with scams