Arresting Chen Zhi Is Not Enough: His Cambodian Business Network Demands Investigation

The arrest and extradition of tycoon Chen Zhi has exposed the scale of Cambodia’s cyber scam economy, but observers warn that without a full investigation into his business network and political ties, the system that enabled his rise will remain intact.

An investigation by Voice of Democracy (VOD) has found that Chen Zhi, a 37-year-old Chinese-born tycoon arrested in Cambodia and extradited to China, established nearly 50 companies in the country and cultivated extensive ties with politically influential figures. Observers say Chen Zhi’s arrest and extradition alone are insufficient, urging Cambodian authorities to investigate his business activities and identify officials and business partners connected to his operations.

A central figure in Cambodia’s cyber scam industry

Chen Zhi, a Chinese national who later obtained Cambodian citizenship, has been widely identified as a central figure in Cambodia’s large-scale cyber scam industry. These operations trafficked tens of thousands of people from multiple countries into forced criminality, compelling them to work in online scam compounds.

Before his arrest on January 6, Chen Zhi had already been sanctioned by the United States and the United Kingdom. In 2025, the U.S. Department of Justice charged him with operating cyber scam compounds in Cambodia that allegedly defrauded victims worldwide of billions of dollars. Both governments also sanctioned companies linked to Chen Zhi under the Prince Group, one of Cambodia’s largest conglomerates, citing alleged involvement in online scams and money laundering.

Chinese state media reported that Chen Zhi was arrested on charges of fraud and operating illegal casinos.

According to Cambodia’s Ministry of Commerce records reviewed by VOD, Chen Zhi registered at least 49 companies in Cambodia. Several of these entities, including companies under the Prince Group, were later targeted by international sanctions.

Political access and state patronage

Chen Zhi held advisory roles to former Prime Minister Hun Sen and current Prime Minister Hun Manet. After acquiring Cambodian citizenship in 2014, he rapidly expanded his business empire, becoming one of the country’s most politically connected investors. He donated more than US$18 million to the Cambodian government. According to U.S. prosecutors, Chen Zhi used his political influence to evade accountability for years.

A vast corporate footprint

Ministry of Commerce records show that Chen Zhi’s companies spanned banking, real estate, construction, hospitality, tourism, media, technology, agriculture, retail, and entertainment. Among the most prominent were Prince Group and Prince Bank, which became deeply embedded in Cambodia’s economy. Prince Bank disclosures show Chen Zhi’s interests included real estate investment and development, construction and interior decoration, hotels and property management, marketing and media, internet services, entertainment management, retail supermarkets, landscaping, and private equity investment.

As of January 2026, Prince Bank’s official website and social media accounts appeared to have been deactivated.

Casinos and sanctioned partners

In the gambling sector, Chen Zhi established casinos in Sihanoukville under the Jin Bei brand. One of his key business partners, Guy Chhay, has also been sanctioned by the United States. Prince Bank records list Guy Chhay as a shareholder and vice-chairman, with business interests in marketing, printing, internet services, fast-moving consumer goods distribution, real estate, and investment.

Guy Chhay was appointed an adviser to Heng Samrin during his tenure as president of the National Assembly, according to a royal decree dated June 11, 2020. In 2024, the Phnom Penh Municipal Police referred to him as an “Oknha” and an adviser to Interior Minister Sar Sokha in social media posts. It remains unclear whether Cambodian authorities will investigate Guy Chhay’s role in Chen Zhi’s business network.

Another associate, Ing Dara, a casino tycoon in Cambodia, has also been sanctioned by the United States. According to the Commercial Gambling Management Commission, Ing Dara registered two casinos in Sihanoukville under the names Jin Bei Group and Jin Bei. He is also a business partner of Meas Sopheary, daughter of Meas Sophea, former commander of the Royal Cambodian Army and current senior adviser to the King.

There has been no public clarification on whether Cambodian authorities will take action against Ing Dara.

Links to senior officials

Interior Minister Sar Sokha was previously listed as a business partner of Chen Zhi in the Jin Bei company before assuming office, replacing his father Sar Kheng. His status was later changed to “former owner,” according to Ministry of Commerce records. In October last year, the Ministry of Interior denied that Sar Sokha had any connection to online casino businesses.

Chen Zhi also served as an adviser to Sar Kheng, the former interior minister. In early January 2026, VOD reporters visited Jin Bei buildings in Sihanoukville and found that the Jin Bei name had been removed. However, other casinos previously linked to Jin Bei, such as Jin Bei 2, continued operating under different names. One casino formerly known as Jin Bei Palace Hotel was renamed after U.S. sanctions were imposed on Prince Group.

Expanding networks across sectors

In founding Prince Group, Chen Zhi partnered with Cambodian businessman Honn Sorachna,chairman of Prince Bank’s board. VOD has not been able to obtain comment from him.

Chen Zhi also had business ties with Bo Chen, former owner of Cambodia Airways, and other ventures across telecommunications, tourism, and entertainment. In telecommunications, he established CITYLINK, partnering with Keo Charya and Keo Prathna, according to Ministry of Commerce records. VOD has been unable to reach them for comment.

In tourism and entertainment, Chen Zhi founded Bay of Lights Entertainment in Ream, Preah Sihanouk. After sanctions were imposed on Prince Group, Bay of Lights was renamed Flame Resort by early January 2026.

Calls for accountability

Human rights advocate Soeng Sen Karuna, now based in Australia, urged Cambodian authorities to investigate company registrations linked to Chen Zhi and identify all individuals connected to his operations.

“Arresting and extraditing him alone is not enough,” he said. “What must follow is a systematic investigation into his network, including officials and multiple oknha who did business with Chen Zhi and committed similar crimes.”

He added that the large number of companies appeared to function primarily as “a mechanism for money laundering.”

Following the arrest, Cambodia’s Real Estate and Mortgage Business Regulator ordered the suspension of sales for residential and condominium projects linked to Prince Group. Authorities also reportedly blocked Prince Bank accounts as part of efforts to secure assets connected to the case.

As pressure from China continues, enforcement actions have extended beyond Chen Zhi’s network. On January 16, Cambodian tycoon Ly Kuong, a land investor and casino owner, was arrested, raising the possibility of a broader crackdown.

Jacob Sims, a visiting fellow at Harvard University’s Asia Center, told VOD that Chen Zhi’s arrest likely resulted from U.S. court charges and China’s desire to prevent Prince Group’s money laundering activities from being fully exposed in U.S. courts.

“Hun Sen and the rest of the CPP patronage network (which Chen Zhi helped buttress with his illicit profits) had to choose between bad options and handing Chen Zhi over to Beijing was the path of least resistance,” he wrote in an email to VOD.

He argued that sustained international pressure is the most effective way to challenge powerful criminal networks.

Cambodian authorities, he added, should immediately charge and arrest other individuals involved in alleged criminal activities, naming figures such as Kok An, Ly Yong Phat, Try Pheap, Sar Sokha, Hun To, and even Hun Sen himself.

International pressure and limited accountability

Organized crime analysts Jason G. Tower and Kristina Amerhauser said Chen Zhi’s arrest underscores China’s influence in Cambodia and its willingness to act when international pressure becomes unavoidable.

In a report published by the Global Initiative Against Transnational Organized Crime in late January 2026, they argued that Beijing moved after realizing that continued inaction risked asset seizures and prosecutions abroad.

Tower and Amerhauser cautioned, however, that Chen Zhi’s arrest should not be viewed as a turning point in itself. While it offers “a glimmer of hope,” many high-profile scam bosses remain untouched. “Without meaningful accountability, scam operations are likely to relocate across borders or to other parts of Cambodia,” they wrote. Still, they concluded, the arrest sends a signal that Cambodia “is no longer a safe haven for cyber scam operators.”