The 37-year-old Chinese-born businessman, Chen Qi, faces serious charges as the "mastermind behind a vast cyber fraud empire... a criminal enterprise built on human suffering," according to the U.S. Department of Justice.

Despite his calm demeanor and light beard, which suggest he is younger than his actual age, his wealth has grown at an astonishing rate. The US Treasury Department announced the seizure of approximately $14 billion in Bitcoin linked to Chen, in the largest cryptocurrency seizure ever.

Ironically, his own company, Prince Group, describes him on its official website as a "respected entrepreneur and well-known philanthropist," noting that "his vision and leadership have transformed the group into a leading economic entity in Cambodia that adheres to international standards," according to the BBC.

From a failing gaming company to a real estate and banking empire

Chen grew up in Fujian province in southeastern China, and started his career with a small video game company that achieved little success. He then moved to Cambodia in late 2010 or early 2011, where he became involved in the then-booming real estate sector.

His arrival coincided with a frenzied real estate investment wave, fueled by the availability of vast tracts of land seized by influential figures, along with an influx of Chinese capital, whether through the Belt and Road Initiative or from individual investors seeking cheaper alternatives to China’s bloated real estate market.

With the rise in Chinese tourists, the Cambodian capital Phnom Penh has changed dramatically, while the coastal city of Sihanoukville has transformed from a quiet resort into a bustling center of casinos and luxury hotels, attracting gamblers fleeing China’s laws that prohibit gambling.

Multiple nationalities... and huge projects

In 2014, Chen obtained Cambodian citizenship after renouncing his Chinese citizenship, in exchange for an investment or donation of at least $250,000 to the government. In 2018, he received a banking license to establish Prince Bank and also obtained a Cypriot passport in exchange for an investment of at least $2.5 million. He later acquired a passport from Vanuatu.

He founded Cambodia’s third airline and obtained a license to operate a fourth in 2020. His group also built luxury shopping malls in Phnom Penh, five-star hotels in Sihanoukville, and a massive $16 billion eco-city project called Bay of Lights.

In 2020, Chen was awarded the title of "Nyak Oknha," Cambodia's highest royal honor. He had become an official advisor to Interior Minister Sar Kheng, a business partner of his son Sar Sokha, and an advisor to the country's most powerful prime minister, Hun Sen, and then to his son Hun Manet after he took office in 2023.

Despite his limited media appearances, the local press celebrated him as a philanthropist who funded scholarships for poor students and contributed to efforts to combat the coronavirus pandemic.

Sudden collapse... and international sanctions

In August 2019, under direct pressure from Beijing, Hun Sen issued a decree banning online gambling, which led to the collapse of Sihanoukville's main economic activity and the departure of some 450,000 Chinese residents. Despite this, Chen continued to expand his financial empire, spending lavishly on luxury properties around the world.

According to British authorities, in 2019 he bought a £12 million mansion in north London and a £95 million office building in the financial district. The United States alleges that he and his associates purchased properties in New York, private jets, luxury yachts, and even a Picasso painting.

Washington and London accuse him of sourcing this wealth from the most profitable activities in Asia today: cyber fraud, along with human trafficking and money laundering.

Transnational fraud network

The United States and the United Kingdom imposed sanctions on 128 companies linked to Chen and his group, along with 17 individuals of seven different nationalities. Assets associated with him in both countries were also frozen.

The sanctions statement said the Prince Group profits from a series of transnational crimes, including sex trafficking, money laundering, fraud, corruption, illegal online gambling, and industrial-scale human trafficking, including the torture and extortion of enslaved workers, to operate at least 10 online fraud complexes in Cambodia.

At the heart of these accusations lies the "Golden Fortune Science and Technology Park," which the group established near the border with Vietnam. Although the group denies any connection to the park, US and British investigations confirm clear business links.

Journalist Jack Adamovich Davies, who conducted an in-depth investigation into Chen Che, spoke to residents and workers near the compound, who described scenes of Chinese, Vietnamese, and Malaysian workers being brutally beaten as they tried to escape, while being forced to operate online fraud platforms.

International reactions... and Cambodian silence

Following the announcement of the sanctions, companies began scrambling to distance themselves from the Prince Group. The Cambodian central bank issued a statement to reassure depositors, while South Korean authorities froze $64 million of the group's deposits in their banks.

The governments of Singapore and Thailand have promised to open investigations into the activities of the group’s branches in their countries, especially since three of the individuals targeted by the sanctions hold Singaporean citizenship.

In contrast, the Cambodian government issued only brief statements, calling on the United States and the United Kingdom to ensure there was sufficient evidence before making accusations.

But it will be difficult for Cambodia's ruling elite to distance themselves from Chen Qi after years of close ties and support. This is especially true given that the country is already facing increasing pressure due to its lax approach to fraud, which some estimates suggest may account for nearly half of Cambodia's economy.

As for Chen Qi himself, he has completely disappeared since the sanctions were announced last week. The enigmatic businessman, once one of the most powerful figures in Cambodia, has not been seen or heard from since.