TechFlow news, October 14 — According to official documents, the U.S. District Court for the Eastern District of New York formally indicted Chen Zhi (also known as "Vincent"), founder and chairman of Cambodia-based conglomerate Prince Holding Group, on October 8, 2025. The indictment alleges that since 2015, Chen Zhi transformed Prince Group—ostensibly engaged in real estate and financial services—into one of Asia’s largest transnational criminal organizations, operating at least 10 forced-labor scam compounds in Cambodia to carry out cryptocurrency investment frauds such as "pig-butchering" schemes, resulting in billions of dollars in losses to victims worldwide.
Prosecutors say Chen Zhi and his associates protected their criminal operations through bribery of foreign officials and use of violence, while laundering illicit proceeds through professional money-laundering networks and businesses under Prince Group, including online gambling and cryptocurrency mining. As of 2020, Chen Zhi personally held approximately 127,271 bitcoins, which the U.S. government will seek to forfeit.
Chen Zhi is charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. The case is currently before Judge Rachel P. Kovner.
