【Epoch Times, October 19, 2025】The United States Department of Justice has uncovered a massive criminal network with the indictment of Chen Zhi, the leader of the Prince Group. While the Prince Group presents itself as a business empire, behind the scenes, it has operated as a crucial agent for the overseas secret operations of the Chinese Communist Party (CCP). Revelations by former Chinese spy Eric further exposed the dark side: under the guise of “doing business,” the Prince Group has been providing covert support for the CCP’s transnational repression and secret activities.
The indictment officially charged Chen Zhi with leading an international criminal network involved in crimes such as human trafficking, forced labor, and cryptocurrency fraud. Shockingly, the network’s Bitcoin assets worth up to $15 billion have been seized, with daily fraudulent income reaching as high as $30 million.
However, this indictment only scratches the surface of the issue. The truth hidden behind the commercial facade of the Prince Group is far more complex than a mere international fraud syndicate – it is a key tool in the CCP’s overseas spy system, providing financial and logistical support for transnational repression and secret operations.
Chen Zhi, at 38, with nationalities from China, Cambodia, and other countries, had a complicated background. Originally from Fujian, he later gained Cambodian citizenship and even was awarded the title of “Duke.” According to U.S. indictment documents, Chen Zhi entered the real estate market in Cambodia at just 24 years old, and the rapid expansion of his business was strongly supported by the Chinese Public Security Ministry and State Security Ministry.
In July 2020, Chen Zhi was awarded the “Neak Oknha” title by the Cambodian government, the highest honor for significant contributors. Subsequently, he was appointed as an official advisor to then-Prime Minister Hun Sen and continued to hold key positions in the new government. These official positions not only provided him with political protection but also served as a perfect cover for his covert identity.
On October 18, former Chinese spy Eric publicly revealed on the X platform the close connections between Chairman Chen Zhi of the Prince Group and high-ranking officials from the Chinese State Security and Public Security systems. He confirmed that the Prince Group, long engaged in telecommunications fraud and exploiting forced labor, was not a target of the CCP crackdown but a deep conspirator partner.
Eric witnessed firsthand political and security officials from Beijing and Chongqing holding secret meetings at Chen Zhi’s private club called “Yunxuange” in Cambodia. These officials there planned to fabricate charges against the exiled cartoonist Wang Liming, known as “Bian tai la jiao” (Li Ming), who was about to be lured and arrested. Throughout the process, the Prince Group provided transportation and hospitality services.
Eric detailed the scene inside the club: golden sofa cushions, high-end tea sets, rectangular fish tanks, and the trusted “Uncle Cai” managing accounts on the first floor. He even saw Chen Zhi humbly pleading with his former superior “Dragon Brother” in hopes that the CCP Public Security Ministry would “accommodate” his affairs.
Furthermore, Eric disclosed a bizarre incident within the Prince Group where employees were involved in internal theft amounting to tens of thousands of Thai baht. The company executives were anxious, begging Eric not to reveal to their superior, “Dragon Brother.” Baffled, Eric questioned: “What’s the connection between this money and the secret police?” Upon reporting this, “Dragon Brother” surprisingly placed high importance on it, promising an immediate investigation, making Eric feel that this matter was “not simple.” This case highlighted the close connection between the Prince Group and the CCP’s State Security system.
Eric stated that the evidence he possessed, including bank transfer receipts, recruitment forms, lease agreements, and more, was reliable, with some already anonymously disclosed. This evidence was sufficient to prove the truth of his revelations.
Meanwhile, the latest indictment from the U.S. Department of Justice has revealed the glamorous facade of the Prince Group. On the surface, the group owns dozens of entities in over thirty countries, engaging in real estate, finance, consumer services, and other sectors. However, according to the indictment, the Prince Group has established at least 10 facilities in multiple locations in Cambodia, detaining hundreds of deceived or trafficked laborers.
These facilities are surrounded by high walls and layers of barbed wire, with victims having their passports confiscated, freedom restricted, and facing violence threats. They are forced to engage in cryptocurrency investment fraud activities, becoming modern-day slaves. Chen Zhi personally oversees the daily operations of these facilities and shows no mercy to workers who resist. According to the indictment, his instruction was, “You can beat, but not beat to death.”
The scale of the criminal activities is staggering. Just two facilities alone possess 1,250 mobile phones, controlling 76,000 social media accounts. Through these fake accounts, the fraud syndicate builds false trust with global victims, persuading them to make huge investments. The fraud syndicate has stolen 120,000 Bitcoins, valuing $15 billion at current prices.
Eric revealed the real relationship between the Prince Group and the CCP’s intelligence system. He told Epoch Times that the Prince Group is one of the most crucial agents for the CCP government to conduct secret activities in Cambodia and even throughout Southeast Asia, with its role far exceeding that of ordinary commercial enterprises.
The Prince Group provides comprehensive support for the CCP’s overseas operations, encompassing funding, manpower, and transport tools. Chen Zhi’s business has essentially become a treasury and logistical base for the CCP’s intelligence system.
According to Eric, the CCP’s intelligence system has always pursued the principle of “Support emotions through commerce, with mutual benefits” (parts of the CCP’s military guidance for intelligence from the southeastern and southern coastal regions). Using commercial activities to support and cover intelligence work, the existence of the Prince Group is fundamentally to provide financial and manpower support for the CCP’s secret operations.
It is worth noting that the CCP’s overseas operations are not centrally implemented but are decentralized to various provincial-level departments. Provincial-state security agencies overseas have relatively independent operational authority, creating a competitive situation of “who has the conditions, who is responsible.” Successful participants in this distributed power structure receive promotions and rewards, making it challenging for transnational repressive activities to be tracked and stopped by the international community.
The latest sanctions document from the U.S. Department of the Treasury directly connects Chen Zhi to Macau triad leader Yin Guoju (nicknamed “Bengyaju”). Yin Guoju is the head of the modern Hongmen organization, and U.S. officials have explicitly pointed out the organization’s direct link to the CCP’s United Front Work Department.
Yin Guoju is also a major shareholder of the KK Park telecommunications fraud group in Northern Myanmar, with “KK” being the initials of his name – this is not a coincidence but an identity label. The U.S. government had already imposed sanctions on him in 2020 under an executive order for spreading crime and corruption in Southeast Asia.
The shell company “Grand Legend” under the Prince Group cooperated with the organized crime assistant from Palau, Wang Guodan (Rose Wang), to jointly obtain a 99-year lease for Engbeleas Island in Palau. Wang Guodan served as the Vice President of the Palau Chinese Association, and the U.S. side identified the association as an entity for the CCP to conduct informal diplomatic activities.
In 2018, Wang Guodan introduced Yin Guoju to the then-President of Palau, assisting him in applying for a casino license. These operations indicate that the Prince Group, through collaboration with triad leaders and United Front organizations, has established a vast network of power overseas, ultimately directed towards the CCP’s United Front Work Department.
Chen Zhi and his associates employed complex money laundering methods to conceal their criminal proceeds. They laundered illicit funds through online gambling and cryptocurrency mining businesses under the Prince Group, utilizing various techniques to disperse and merge large amounts of cryptocurrency before converting some funds into cash and depositing them into bank accounts.
U.S. law enforcement agencies, through tracking online data, ultimately traced the cryptocurrency wallet of Chen Zhi. As Chen Zhi had used a patterned “pseudorandom number” when generating his password, U.S. authorities successfully gained access to the wallet through “brute force cracking.” In June and July 2024, the U.S. government completed an unprecedented operation transferring all $15 billion worth of Bitcoins from the wallet to government-controlled accounts.
Before the seizure, Chen Zhi had already begun to squander his criminal proceeds. Yachts, private planes, luxury watches, art – including Picasso paintings – had become part of his collection. In the London properties frozen by the British government belonging to the Prince Group, an office building alone was valued at nearly £100 million.
More critically, Chen Zhi had systematically bribed Cambodian officials to ensure his illegal activities remained undisturbed. To prevent illegal activities from being detected by the police, he maintained a precise “bribery ledger,” detailing every payment to public officials. In 2019, his associates purchased items worth over $3 million for a foreign senior official. By 2023, Chen Zhi even directed the Cambodian police to extort other businesses on behalf of the Prince Group.
What is most telling is that Chen Zhi and his associates used their political influence to keep fraudulent activities evading intervention from law enforcement agencies in multiple countries over the long term. Senior leaders of the Prince Group could acquire intelligence in advance, control law enforcement actions against fraudulent facilities and promptly evacuate or conceal evidence. The existence of this early warning mechanism fully demonstrates that their protection network has extended to the highest levels of security apparatus.
Chinese affairs expert Zhang Tianliang, in his program “Tianliang Time,” conducted a detailed analysis after reviewing the indictment documents, indicating that although there is no direct evidence showing a direct link between the Prince Group and Xi Jinping himself, the clear association between Chen Zhi and the Chinese Public Security Ministry and State Security Ministry during his rapid business expansion process is apparent.
Zhang Tianliang pointed out that in an authoritarian system, those who hold power must take responsibility for events within their jurisdiction. The relationship between Chen Zhi and senior CCP officials inevitably corresponds to specific levels of the power structure, and that level should bear the corresponding responsibility for the crimes committed within its domain.
Chen Zhi is currently a fugitive. The United States has frozen his properties in London and imposed sanctions on six individuals and six businesses related to him. If all charges are confirmed, Chen Zhi could face up to 40 years of criminal sentencing.