Panel suspects Chen Zhi holds assets in Thailand

Pheu Thai MP Danuphorn Punnakanta, who chairs the House Committee on Anti-Money Laundering and Narcotics, said on Wednesday (October 22) that the panel is examining the financial trail of Chen Zhi, chairman of Prince Holding Group, after the United States and the United Kingdom froze his assets.

Danuphorn said the committee believes Chen may have assets in Thailand. Officials from the Anti-Money Laundering Office (AMLO), Office of the Attorney General, and Interpol have been invited to provide information and trace Chen’s financial connections, including potential links to Thai politicians allegedly involved in scam networks.

He added that while the South Korean Embassy has denied media reports citing the country’s prime minister about this, the committee will continue investigating the matter.

Committee seeks to prevent possible asset transfers

“If we find that Chen Zhi holds assets in Thailand, we will urgently inform the government to take action,” Danuphorn said, noting concerns that delays could allow assets to be transferred abroad. “We are trying to locate Chen’s assets because we believe they exist here.”

He said confidential information has been submitted to the committee detailing financial links between Chen and other individuals. The investigation, he stressed, is not politically driven.

Danuphorn revealed that he has coordinated with Rangsiman Rome, People’s Party MP and chairman of the House Committee on National Security, and that members from the People’s Party also joined Wednesday’s session.

Ex-AMLO chief joins as adviser

An ex-secretary-general of AMLO has joined as a committee adviser to help trace Chen’s transactions. “This case affects national security and the public at large,” Danuporn said, adding that the committee aims to follow the money trail to its conclusion.

Coordination with government agencies

Danuporn noted that the government has not yet instructed relevant agencies to investigate Chen’s finances. While the committee cannot intervene in executive affairs, it plans to submit its findings to the government as soon as possible.

He expects that by the end of the week, information from relevant agencies will clarify whether Prince Group’s overseas entities, identified as part of a scam network, are connected to Prince Group’s operations in Thailand.

“AMLO may need to pursue certain leads further,” he said. “Parliament will close next week, so we aim to finalise this issue before then. The US and UK have already acted quickly, why are we slower, even though we’re closer?”

He also said it may not be only Prince International that is involved. “Although the company denied the allegations, it previously admitted to related investments. Some firms at this level have had assets seized abroad, luxury homes in the UK and billions in the US. Thailand could also be a target for their money-laundering operations because of its proximity.”
 
Danuphorn said the panel is closely examining large-scale gold exports through Thailand to Cambodia, which may be linked to grey businesses and financial crime networks.

He said that while some transactions appeared to be legitimate trade, the unusually high volume of gold exports raised suspicions of money conversion and laundering schemes, where illicit funds in baht or US dollars could be transformed into gold and transferred abroad. “We are monitoring this closely, as it could relate to scam operations or criminal groups relocating their financial bases,” he said.

Although no confirmation has yet been made that the gold movements are connected to Prince Holding Group, the committee has summoned representatives from the Gold Traders Association and the AMLO to trace the shipments.

Preliminary findings indicate that Thailand ranked second globally, after Switzerland, for gold transfers, with significant quantities reportedly re-exported to Cambodia. AMLO officials reportedly shared the committee’s concerns that the gold flow could be linked to illegal business activity under the guise of recycling old gold into new products.

Prince Group and Chen Zhi under global scrutiny

Several media outlets and the Prince Holding Group website identify Chen Zhi, also known by his English name Vincent Chen, as the group’s founder and chairman. The 37-year-old businessman, who holds Chinese, Cambodian and British citizenship, founded the conglomerate in 2015 after receiving Cambodian citizenship a year earlier.

The Prince Group operates in more than 30 countries, with interests spanning real estate, finance, and banking. Its Prince Bank, established in 2018, functions as a full commercial bank in Cambodia.

Alleged transnational network

According to a post by CSI LA, a Facebook-based investigative page, Chen Zhi allegedly heads a Chinese-led criminal syndicate using business entities in Cambodia as fronts for money laundering and forced labour operations.

The reported network includes:

• Chen Zhi – Leader (Chairman of Prince Group / Prince Bank)
• Zhou Yun (Sandy Zhou) – Finance Manager
• Sin Huot Alan Yeo – Money Laundering Operations
• Karen Chen, Jack Zhu, Thet Li, Lei Bo, Ing Dara – Core associates
• Affiliate companies in Cambodia, such as Cambodia Heng Xin, Golden Fortune Casino, and Jin Bei Group were cited as conduits for laundering illicit funds.

US authorities, including OFAC and FinCEN, have already imposed Section 311 sanctions under the USA PATRIOT Act, cutting off Prince Group and Huione Group from the US financial system. All related assets in or linked to the United States have been frozen, and any entity providing assistance faces penalties.

The evidence, observers say, suggests that the Prince Group is not merely a business conglomerate, but a transnational criminal network leveraging banking and offshore structures to launder money derived from fraud and human trafficking across Southeast Asia.