Prince Group and Chen Zhi linked to $15 billion US scam and money laundering, Thai firm denies involvement

Thai PBS and BBC Thai reported, citing a draft US law establishing a joint task force to combat transnational crime targeting Americans, that at least US$10 billion (around 320 billion baht) has been lost by US citizens to online scams centred in several Southeast Asian countries.

The draft legislation claims that Chinese criminal organisations in Southeast Asia have used complex digital currency investment scams, often involving forced labour or human trafficking, luring victims with fake job offers, detaining them, and forcing them to meet fraudulent targets under threat of torture or severe punishment.

These scam centres are reportedly concentrated in Myanmar, Laos, and Cambodia, with Chinese criminal networks cooperating with authoritarian governments in the region. The draft law also allows for sanctions to be imposed by the US President, naming foreign individuals and companies involved in online scams or human trafficking.

BBC Thai reported 43 foreign individuals and companies previously mentioned in Thai media as having links to Thailand, either through personal or political/business connections.

Notably, Chen Zhi, also known as Vincent, a Chinese-born Cambodian tycoon, is the Chairman of Prince Group. On October 14, 2025, the US District Attorney for the Eastern District of New York and the DOJ’s National Security Division filed civil proceedings to seize approximately US$15 billion in Bitcoin (around 4.88 trillion baht), believed to have been obtained through Chen Zhi’s fraudulent and money-laundering activities.

US authorities claim that Chen Zhi and senior executives helped Prince Group grow into one of the largest transnational criminal organisations in Asia. Chen Zhi is reportedly close to several senior Cambodian politicians, having served as personal adviser to Heng Samrin, former Cambodian National Assembly President, and Sar Kheng, former Interior Minister, as well as close to Sar Sokha, now Deputy Prime Minister.

Chen Zhi was also reportedly appointed personal adviser to Hun Sen and has undertaken diplomatic missions alongside the Hun family, including humanitarian aid deliveries to Laos. When Hun Manet became Prime Minister, Chen Zhi was listed among 104 advisers to Hun’s eldest son, a role equivalent to a ministerial rank.

However, Prince Group denies all allegations, claiming they are the result of forgery by criminal groups.

Meanwhile, Thai PBS reported that a website bearing the same logo and name as Prince Group, indicated that the group had invested in multiple real estate projects in Thailand through Prince International Company Limited, based in London.

The company reportedly has offices in Taipei, Thailand (Bangkok), London, and Phnom Penh, with an overseas real estate portfolio of over 3.6 million square metres and a development area exceeding 5 million square metres, including condominiums, clubs, shopping centres, offices, hotels, villas, and islands.

The website used the name Taiwan Prince Real Estate Investment, listed a Taiwanese phone number, and claimed investment in some real estate projects in Thailand. However, the website is currently no longer accessible.

It was found that the company is registered in Thailand as Prince International Company Limited, with its registered office at Sino-Thai Tower, Asoke, Bangkok.

The company filed information with the Department of Business Development, confirming its headquarters at 32/28 Sukhumvit 21 (Asoke), Khlong Toei Nuea, Watthana, Bangkok 10110.

Prince International Company Limited was registered on September 1, 2022 with a current registered capital of 2 million baht, operating as a real estate brokerage. Its sole director is Wang Yu Tang, a Taiwanese national. The latest shareholder list submitted on April 30, 2025 shows: Wang Yu Tang holding 49%, Pipop Pratumwan 21%, Pritawat Kulsrisuwan 20%, and Wuttichai Pratumwan 10%.

The company increased its registered capital from 1 million baht in 2022 to 2 million baht on September 8, 2023. Wang Yu Tang became a director on September 5, 2023, and Wuttichai Pratumwan joined as director on April 10, 2024.

According to its latest financial statements for 2024, the company reported total assets of 1,521,851 baht, total liabilities of 5,096,157 baht, total revenue of 858,415 baht, total expenses of 5,072,286 baht, interest expenses of 70,892 baht, and a net loss of 4,284,763 baht.

Most recently, Prince International Company Limited denied any connection to the US-seized Prince Group, Chen Zhi, or any involvement with renting or owning Sino-Thai Tower.

The company stated:

“We confirm that we have no involvement in any illegal business or wrongdoing. Previously, the company marketed real estate projects in Cambodia to Thai clients, but marketing was discontinued and sales completed in 2023 because the Cambodian projects could not be sold in the Thai market.”